Lloyd’s CEO Inga Beale has assured London it can retain its status as the global heart of specialist insurance and reinsurance in the wake of a UK exit from the European Union.
In an open letter in the Financial Times, Beale said Lloyd’s and the London market would adapt to the new environment.
“The challenge for Lloyd’s, and the industry as a whole, is to ensure our platform remains attractive and to demonstrate that we are best placed to provide businesses with the risk transfer products they need,” she said.
Whether the UK can retain access to the single market is the most important question for chief executives right now, Beale wrote.
“It is important to note that, until the formal negotiations to leave the EU are concluded, Lloyd’s and the London market will retain all current access to EU markets for the next two years,” Beale said.
“No existing Lloyd’s policies will be affected by this result and business continues as usual through into 2017.”
However, the London insurance market must ensure it can continue to attract the best talent from across Europe and the globe to preserve its international status, she said.
“Cutting off or restricting access to the diverse, multilingual, multi-ethnic talent pool in the EU is unthinkable and will make it that much harder to remain competitive in a rapidly evolving insurance market.”
Beale concluded by issuing a call to politicians to show leadership and bring negotiations to a swift and satisfactory conclusion.
“Uncertainty will slow down investment and stifle economic growth. The government must start the withdrawal negotiations now, and with authority. MPs are elected into public office to lead. Now, they must do so.”
