New Aon report looks into the future of UK insurance

Aon has released a new report that explores the “growth prospects and future opportunities” of the London insurance market, with support from the City of London Corporation.

Entitled “The London Insurance Market: Beyond 2021,” the report is comprised of seven short essays from both political and industry leaders on areas of focus for the London insurance market. In particular, it looks into the market’s future opportunities with regards to London’s international standing. Key topics discussed in the report include the need for innovation, the role of public and private sector collaboration, and the need to close the protection gap by preparing for future systemic risks.

In addition to taking an in-depth look at the London market and its prospects, the report also addresses the required evolution of professional skills, by discussing topics such as the importance of fostering greater inclusion and diversity, attracting more professionals with technology and IT backgrounds, and ensuring a strong supply of talent post-Brexit.

Contributors to the report include:

• HM Treasury: Foreword.
• William Russell, Lord Mayor of the City of London: Foreword.
• Catherine McGuinness, Policy Chair, City of London Corporation and Caroline Wagstaff, CEO of the London Market Group: London as a global insurance hub.
• John Neal, CEO, Lloyd’s of London: Collaboration is key to tackling the protection gap and creating a sustainable future.
• Sean McGovern, AXA XL:  Building resilience to climate change: the London insurance market’s role.
• Richard Blewitt, Executive Director of International, British Red Cross and Maarten van Aalst, Director of Red Cross Red Crescent Climate Centre: Addressing the human impact of climate change together.
• Julie Page, CEO, Aon UK: Unlocking insurance industry innovation through collaboration.
• Sian Fisher, CEO, Chartered Insurance Institute: Meeting the professional skills needs of the future.
• Craig Tracey MP, Conservative Member of Parliament for North Warwickshire and Chair of the Insurance & Financial Services All-Party Parliamentary Group: The future of insurance - a view from Parliament.

“Our report, supported by the City of London Corporation and with insights from a diverse selection of senior leaders working across the insurance sector, is focused on the essential questions we all need to be asking ourselves as we look beyond 2021,” said Aon UK CEO Julie Page.

Page added that the insurance market is currently at a turning point – the COVID-19 pandemic not only proved to be one of the most challenging events in insurance’s history, but it also came at a time when the sector badly needed cultural and technological evolution. But while many challenges lie ahead, Page noted that the industry remains “very positive” about the future of London as a global financial centre.

“We also have significant growth opportunities, with our sector pivotal in helping businesses, individuals and governments in managing the many new and changing risks they are facing,” the CEO stated. “Our report reflects on these challenges and opportunities, outlining an optimistic vision for sector in 2021 and beyond, with London remaining at the heart of the global commercial (re)insurance market.”