Talent crunch fears also apply to London Market
Posted by Carl Phillips | Market Operations on Wednesday 18 January 2012, 3:52PM Share
Carl examines how the corporate risk priorities highlighted in the recent Lloyd's Risk Index are relevant to the London Insurance Market.
I read with interest the recent publication of the Lloyd’s Risk Index and noted in particular the number two risk as perceived by business leaders. The aptly titled move in risk perception from “credit crunch to talent crunch” as the second highest priority resonates within our market.
I have blogged before about capacity and the scarce resource of brokers and underwriters. If market speculation turns out to be true, we could see the market grow next year as it has been doing steadily over the last few years (although currency fluctuation has had a part to play in this growth).
The scarcity of brokers and underwriters at the level necessary to place complex risk may make real growth more difficult to achieve in future years.
A question to ask is, can the same brokers and underwriters handle a greater volume of risk placements by making the process more efficient whilst retaining the market’s unique selling point: face-to-face trading? Given the early feedback from the e-endorsements initiative – it looks like we can.
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