From: Captive International
The London Market Group has renewed its calls to accelerate the drive to open a captive insurance sector in the United Kingdom.
The call came in the trade organisation’s annual “London Matters” report, which was released today.
The report’s authors said the London market employed 60,000 people and its contribution to the UK economy had increased by 26% to nearly 50 billion pounds between 2020 and 2023.
But it warned that competition was fierce and the market needed to continue to innovate in order to retain its position as the world’s largest specialty insurance market.
Sean McGovern, chair of the London Market Group, said: “To continue to punch above our weight there is an urgent need to create a regulatory environment that facilitates UK domiciled captives, demonstrating both at home and abroad that the market can respond swiftly and effectively”.
He added: “Although the London Market remains the largest hub of direct insurance and reinsurance when compared to other centres, its rate of growth has been slower than some of its key competitors and over the last decade its market share has remained broadly stagnant. So, we cannot take our place in the world for granted.
