Boris Johnson, London’s Mayor, has highlighted the important role of the Lloyd’s insurance market in London’s economy.
Speaking to a crowd of over 3,000 people in the historic Underwriting Room yesterday, the Mayor said: ‘This room is the engine of capitalism.’
‘Lloyd’s has a glorious future and I hope the market will go on to make this leap across the world in its quest to pursue international markets for insurable risks.’
Lloyd’s Chairman, John Nelson, said: ‘The insurance market has performed strongly and robustly, despite the economic slowdown and financial crises of recent years. There is recognition now of the huge contribution that insurance – and particularly specialist insurance – plays in economic growth and most importantly, economic security.
‘Lloyd’s is the epicentre of the London and global specialist (re)insurance market. 80% of our business is written outside the UK but by far the majority of this is written in the developed world, with the US being our largest market counting for 40% of our total business.
‘However, we are acutely aware that the global economy is changing and in 20 to 25 years’ time, 70% of global GDP will be in the emerging economies, a total reverse from today where 70% is in the developed economies.’
He added: ‘This market has extraordinary prospects for truly global growth and it is the intention of this market to ensure that Lloyd’s footprint extends into those emerging territories; this is at the heart of our Vision 2025.’