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FEATURE: London market comes out fighting
12 July 2010
The London market likes a scrap – which is just as well. It has plenty to fight over, such as Solvency II, the new UK coalition government and tax concerns.
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london market
solvency ii
iua
david matcham
The London market remains the most eclectic and cosmopolitan insurance market in the world. But recently it has been challenged on all fronts, from competing foreign domiciles to its own government. Fortunately, it is well placed to tackle these challenges and there is considerable confidence in the market going forward.The London market is not alone in facing challenges – the financial crisis has meant the global financial service industry as a whole faces difficult times. But the UK’s insurance industry and the London market were not as badly affected by the crisis as the banks and other industries. As Alistair Darling, former Chancellor of the Exchequer, pointed out in the foreword to last year’s report from the Insurance Industry Working Group entitled Vision for the insurance industry in 2020: “I am glad that, while this report has been prepared against a background of financial instability, the Group have been able...
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