Insurance industry is critical to economic success

The insurance industry is the key to future proofing the world. That is the view of the Lord Mayor of London, Fiona Woolf.

Speaking at the International Insurance Society (IIS) Seminar yesterday (Monday June 23), Woolf said that the insurance industry is providing an “excellent” service and that regulation in the UK is perceived as correct by other continents, something which the industry must work hard to continue to develop.

“The insurance industry is key to future proofing the world and has done so much for businesses and society for so long,” she said. “The UK is perceived as getting regulation right, so it’s important that we do get it right and continue to strive for cohesion.”

Woolf also spoke of the industry’s need to continue to innovate and secure its position as a world leader.

“The industry needs to continue to turn new risks into new products and manage long term risks such as climate change and population growth,” she said.

Mike Morrissey president of the IIS agreed and said that as the industry evolves, data is a key factor.

“Those that are best at collecting and analysing this data have the power today, and science and technology can make this happen,” he said.