UK government urged to fight Lloyds corner in Brexit process
The new UK government must fight to protect London's primacy in the global insurance market after Brexit, according to Lloyd's of London CEO Inga Beale. “We ask for reassurance from the government that access to talent and expansive trade deals, particularly with the fastest-growing economies in the world, will be top priorities," Beale said. Her comments came after Boston Consulting and trade body London Market Group published a report that said London's share of the global reinsurance market has shrunk to 12.3% from 13.4% as business from Asia and South America slowed. 
L loyd’s of London chief Inga Beale today urged the next government to fight the City’s corner in Brexit negotiations after alarming figures showed London’s crown as a global insurance hub was under threat.

Beale, who is setting up an EU subsidiary in Brussels for Lloyd’s to get around Brexit, called on the next prime minister to put “expansive” trade deals at the top of the agenda to reverse a “concerning” slump in business from emerging markets.

“If City firms are to continue to grow and support our economy it is critical the UK improves its access to international markets,” she said. “We ask for reassurance from the government that access to talent and expansive trade deals, particularly with the fastest-growing economies in the world, will be top priorities.”

She added the government should do more to halt “worrying” levels of protectionism overseas which are impeding London’s ability to trade abroad.

The stark call comes after fresh figures showed that the London market’s share of insurance growth from emerging markets in Asia and Latin America was drying up despite booming growth.

The figures, included in a landmark study from the Boston Consulting Group and trade body London Market Group today, showed premiums from emerging markets declined to $9.3 billion (£7.2 billion) in 2015 from $10.5 billion in 2013.

London’s share of the global reinsurance market fell to 12.3% from 13.4%.

The move will put further pressure on the next government, due to be elected on June 8, to come up with a trade policy to help London’s $90 billion insurance market make better foreign links.

As Lloyd’s is trying to boost business abroad — it recently opened an office in Mumbai — BCG partner Paul Clark said the slump showed London’s long-term competitiveness was “under threat”.

“The market must redefine its relationship with emerging markets and work with regulators,” he said. “Brexit could be an opportunity to deliver both.”

Beale, the 329-year-old institution’s first female chief executive, added that the London market had to do more on diversity after the study found the number of women in the market had fallen to 41% from 43%.

Of those, just 5% were in executive positions compared with a FTSE 100 average of 21%.

“We need to do much better,” she said. “Change is long overdue.”