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Business Environment

Business Environment

Overview

We want to create an environment for innovation, so that the London Market is able to respond to new client demands and existing and emerging risks. To do this we need to ensure that we have the right business environment.

The workstream will help us achieve this through:

  • Proactive engagement with the UK government, parliamentary parties and the civil service to ensure they better understand the position of the London Market and its place in the UK economy
  • Developing an agenda for government to enhance the international competitive position of the market
  • Ensuring that the regulation of the market is appropriate and is proportional to the risks we pose, recognising the market competes worldwide

London should be the fulcrum of insurance invention, the place where new solutions that meet new customer demand are developed and nurtured.

  • Malcolm Newman

    Managing Director

Governance

The LMG Board sponsor is Malcolm Newman.

Workstream members are:

– Adam Thomas, Luther Pendragon
– Cameron Murray, Lloyd’s
– Ashley Prebble, Clifford Chance
– Suzy Awford, AIG
– Christoper Croft, LIIBA
– Clare Lebecq, LMG
– Dave Matcham, IUA
– James Walmsley, Lloyd’s
– Paul Davenport, LMA
– Scott Farley, IUA
– Simon Whale, Luther Pendragon
– William Gray, Luther Pendragon

Progress

April 4, 2019 – the London Market Group (LMG) unveiled the next stage of its work to take advantage of new trading opportunities that may emerge in post-Brexit world. These fall broadly in two categories: working with the UK government on formal trade negotiations and dialogues as well as activity to promote the market.

The London Market can play a critical role in supporting the economic development of countries across the world, growing trade in existing markets and opening new ones.

The LMG has identified a number of priority markets that it will seek to work on with the Treasury and the Department of International Trade. Some of this will clearly depend on the Brexit discussions which are currently ongoing, but we feel we can make progress now using many of the existing trade fora. Our target markets include the US, Switzerland, ASEAN, Latin America and the MENA countries. We would like the UK Government to develop an approach to third countries that seeks to liberalise access to such markets. Using its embassies, consulates, and the many trade discussions and dialogues it is having, the UK Government can also help London to promote insurance and support the message that it helps foster sustainable economic and social development.”

Brexit

With a new UK government in place, the LMG will be once again reaching out to ministers and officials to ensure they understand the implications of a “no deal” to the London insurance market – as well as highlighting the features the market would look for in any trade agreement.

We have built up a strong relationships with Westminster and Whitehall in the last few years, and many of them now understand the importance of the London insurance market to UK plc. We are still seizing the opportunity to reach out to new Ministers so they know what the market is looking for in our future relationship with the EU in each possible scenario. We will continue to ensure that the market’s voice is heard on Brexit

Plans:

  • We have brought the industry together to build a consensus regarding the requirements for the London Market in a potential new trading arrangement with Switzerland. These have been fed into the Government’s Swiss Global Financial Partnership. This is looking at our future trading relationship with Switzerland. We will continue to advise them in 2020.
  • Continue to feed into the Government’s advisory boards on future FTAs including the US via the FS Expert Trade Advisory Group.
  • Promoting the value of the London Market in key ASEAN economies such as Indonesia and Malaysia highlighting how the market can help them deliver their ambitious economic development goals.
  • Continue to support the work of the Islamic Insurance Association of London to promote London’s (re)takaful offer.
  • Continue to represent the London Market’s asks in relation to our future trading relationship with the EU.To view our views on Trading Opportunities Download “Seeking New Trade Opportunities” from Key Documents.
  • To view the latest LMG Brexit update document visit Key Documents and download “A new Relationship with the European Union” and “LMG Brexit Briefing March 2020 – Equivalence”.

 

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