LMG welcomes inquiry into regulation of the London market

The London Market Group has welcomed the recent announcement that The House of Lords Industry and Regulators Committee is launching an inquiry into the regulation of the London insurance market.

The Committee will explore the extent to which regulatory policy is well-designed and proportionately applied and the possibilities for optimising policy following Brexit. It will also examine the appropriateness of regulation relative to the risks posed by the London Market as well as examining the market’s global competitiveness.

Sean McGovern, CEO of UK and Lloyd’s at AXA XL and sponsor of LMG’s government relations work, said: “This is one of the first times that Parliament has looked closely at the regulation of the London insurance market and is an opportunity to highlight the market’s value to the economy. The inquiry will also allow us to work with peers and parliamentarians to show clearly the impact that regulation can, and does, have on the future success of the market.”

The insurers group launched a five-point plan in June 2021 asking for regulatory and legislative changes to help enhance the London market’s competitive position. McGovern said: “The London market serves a sophisticated group of corporate global buyers, and its regulatory needs are different to more consumer-focused businesses.

"We welcome the decision by Parliament to take a deep dive into the issues we’ve raised, via this inquiry. This is a great opportunity to advance the case for more proportionate regulation and a better remit around global competitiveness. Above all, it will help our market to serve its global clients as effectively as possible.”

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