Brokers active in the London market talked about opportunities and risks to its leadership position, at a roundtable event hosted by RSA.

Discussion focused on the role of innovation in risk management, as new insurance markets grow up around the world and customers start to explore alternative forms of protection.

Technology is driving big changes in insurance risks

A white paper released after the event noted that insurable risks have changed dramatically in recent years, particularly as a result of technological developments. This is leading customers to demand that insurers get to know them better, focusing on understanding their business and advising on risk management and mitigation, as well as demonstrating technical underwriting acumen. Attendees noted that this will require the development of new skills as well as a change in attitude.

Speaking at the event, Stephen Hester, roup Chief Executive of RSA, said:

“As technology develops, location becomes less relevant and proximity to the client in many circumstances is less relevant. People work remotely more than ever before and, similarly, clients need 24-hour access regardless of an organisation’s location.

Therefore, to remain successful, the London insurance market (LIM) needs to understand and be able to predict the jobs of the future and support the development of those jobs as well as the infrastructure to make it happen. I believe the LIM has time to find its voice although the industry and the people working in it should not be complacent.”

Hayley Robinson (pictured), Managing Director of RSA Global Risk Solutions, noted that collaborating with newer markets around the world would be an important part of the LIM’s future.

“London’s speciality lines and wholesale insurance market is at the heart of GRS’s growth opportunities. It is in the interests of all the insurers, underwriters and brokers within this market to develop the skills and the systems that will ensure customers recognise the value of our technical and service propositions. This means working with local markets to support our mutual customers, while ensuring the specific strengths of London are retained and recognised.”