Leaders in the insurance industry are worried about London’s continued position as a global financial hub post-Brexit after a report raised questions about the city’s ability to attract capital after the UK exits the European Union.
A recent survey of FTSE 100 leaders by international law firm DWF found that 81% of respondents believed that attracting capital to London would become more difficult, according to a Reinsurance News report. Seventy-five per cent worried that attracting talent would also be more difficult.
Those views were shared by insurance leaders surveyed, Reinsurance News reported.
“Insurers have a considerable presence in the FTSE 100, and their concerns about technology and access to capital should be strongly noted,” said Caroline Coates, head of DWF’s insurance sector. “A reduction in the supply of these key elements will limit their ability to operate and may, in turn, reduce London’s role and influence in the global insurance market.”
While London is still the main financial centre of Europe, other cities are a real threat to that title, Reinsurance News reported. Insurers surveyed mentioned Amsterdam, Singapore and New York as the greatest competitive threat to London. Insurance industry leaders also pointed out that global reinsurers are increasingly cutting into London’s market share in the reinsurance space.
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