GIF 2017 Day1, LONDON : Besides all uncertainties, Brexit may prove also being a progress trigger

"Brexit and the Future London Market: Renaissance or Bust?" is the topic proposed by the Global Insurance Forum's organizers in the beginning of the event's first day. XPRIMM delegates at GIF 2017 have reported:

Mike MORRISSEY, CEO, IIS-International Insurance Society
  • We return to London after 3 years with the GIF-Global Insurance Forum. There are a lot of changes both in the society and in the industry.
  • New ideas are a big theme of this years' GIF. The pace at which environmental concerns, cyber risk manifestations, genomic research and insurtech developments, among other issues, have disrupted our industry is unprecedented.
  • 597 delegates from 50 countries will follow the debates. 71 speakers from 21 countries will contribute.
Benno REISCHEL, Head of Europe, LLOYD's
  • Many British business are now surrounded by uncertainty due to Brexit. To mitigate that a number of insurance companies already announced their contingency plans, including the establishment of subsidiaries in Luxembourg or Dublin.
  • 30 licences will be lost by LLOYD's over night after Brexit if nothing will be done. So we decided to set-up an insurance company in Bruxelles. 5% of LLOYD's revenue will come from this company thus allowing our clients to continue to benefit from our chain of security. 
  • We remain keen to see the Government conclude an agreement with the EU that will insure access to the European market. But we can not wait for the outcome of the negotiations as we need to serve our clients.
  • There is room for commercial insurance penetration within the EEA area. There are a lot of gaps to be filled. 
  • As LLOYD's, we see liability from environmental issues and technological development as opportunities.
Roy WHITE, CEO Specialities, MARSH
  • Advance planning of Brexit brings comfort to the clients.
  • Clients are thinking more about their own challenges that those of the insurance industry.
  • As a marketplace we've made a good, positive start into preparations for the Brexit.
  • Brexit is a catalyst for MARSH. Our UK clients will switch their attention towards emerging markets an we will follow them.
Karen BRIGGS, Partner and UK Head of Brexit, KPMG
  • As a company, we have been trying to focus on the practical steps that businesses can take in preparation for Brexit.
  • Everybody is looking for the regulators to provide early guidance. A pragmatic approach from their behalf is also required in what the costs following Brexit are concerned. This also needs urgent attention.
The 2017 edition of the Global Insurance Forum, an industry benchmark event organized by IIS- the International Insurance Society, has started on 17 July in London and will close on 19 July. XPRIMM supports the Forum as Media Partner.

GIF 2017 presents a rich agenda, reviewing the main trends in the industry as well as the its future opportunities and threats and the new ways in which insurance providers may and will have to engage in increasing society's resilience.

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