London is the birthplace of Lloyd's, the site of the famous Fenchurch Street, and is the city houses office bases. The city provides office space for almost every major insurance company and broker in the world.
London is the birthplace of Lloyd's, the site of the famous Fenchurch Street, and is the city houses office bases. The city provides office space for almost every major insurance company and broker in the world. According to a new report, London Matters 2020, the London market is still in good shape - it remains the largest and most important insurance market in the world. To further emphasise its leading position in the insurance industry, London's share of the global commercial reinsurance market has remained stable. It increased by 0.1 percentage points from the 2010 average to 7.6 per cent (Insurance Business, 2020).
However, the insurance industry is facing massive change: demanding clients, new competitors and evolving challenges are transforming the industry. Through candid conversations with more than 200 senior executive insurance brokers across Europe, the Middle East and Africa, Deloitte collaborated with The Financial Times to identify and analyse four key insurance trends that will reshape the outlook and opportunities for the insurance industry (Deloitte, 2020):
- “New world, new customers, new solutions”: over the past decade, customer needs, knowledge and expectations have grown exponentially. How can insurance companies adapt to their needs;
- “A different roadmap for growth”: How will service-based strategies and innovative products change the insurance industry? The study suggests that growth in the insurance industry will come from sound preventive and protective measures, as well as a range of new services and products;
- “The negotiating table beckons”: in a highly competitive environment, a large number of insurance executives admit that organic growth is not enough. How will the industry use M&A, equity cooperation and alliances to drive growth;
- “Digital disruption – practical, not theoretical”: technological change is inevitable. But understanding it and acting on it is a very different proposition. How can insurers leverage their strengths in analytics, blockchain, and cloud technology?
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Deloitte (2020). A demanding future: The four trends that define insurance in 2020 https://www2.deloitte.com/content/campaigns/uk/insurancetrends/insurancetrends/insurancetrends.html
Insurance Business (2020). London market "in good shape" – insurance industry reacts to latest report https://www.insurancebusinessmag.com/uk/news/breaking-news/london-market-in-good-shape--insurance-industry-reacts-to-latest-report-222768.aspx
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