Soft market, Brexit and regulatory compliance rated top three challenges for London market
The top three challenges facing London market are the ongoing soft market conditions, Brexit and regulatory compliance, according to an International Underwriting Association survey.
Furthermore, the IT/cyber revolution, the challenge of innovating new products and the recent change in the UK discount rates were cited as key business issues.
Around 150 professionals across the 48 IUA member companies took part in the survey.
Representing member views to government and regulators was ranked as the association’s most important service, followed by the provision of market intelligence and supporting modernisation of business process technology.
In terms of Brexit, respondents saw mutual market access - enabling businesses in the UK and other 27 EU member states to trade freely - as the most important objective.
Dave Matcham, chief executive of the IUA, said: “The results from our member survey clearly illustrate the business priorities of the London company market. I am pleased that our services are well regarded and our strategic objectives align closely with member concerns.
“Since our last survey in 2014, both overall satisfaction levels and the importance of the IUA to members’ business operations have increased. Our questionnaire also showed 96% of respondents stating that IUA membership is good value.
“The results have given us new areas of potential focus as members outlined the most important emerging risks for insurance coverage. Cyber and artificial intelligence, as expected, were prominent, but many other issues were also listed, for example climate change, e-cigarettes and 3D printing. Perhaps the most pertinent answer to this question was from the respondent who simply stated ‘so many’.”
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