The London Market must continue to innovate and improve if it is to remain a prominent global insurance market, a senior industry figure has warned.
Dan Glaser, managing director of AIG Europe, said he was optimistic that in 2012 all roads in insurance would lead to London, but he warned that if the market rested on its laurels it would deteriorate.
Glaser said the main areas the market needed to focus on were maintaining the drive towards achieving contract certainty as well as the continued work in developing electronic repositories.
But, the managing director also warned that in the market's bid to improve processes and efficiency it must be weary of a broad market reform agenda.
Few, he said, that were so broad and encompassed everything were embraced by all constituents.
Glaser said the key reason the London Market would continue to be the most attractive market to participate in was its rich talent pool of insurance talent and he reassured marketers that the emergence of Bermuda was not a threat to its future.
“In the long run I would say the best thing to happen to the London Market was the emergence of Bermuda,” he said. “[The market] built up sloppy practices and complacency because it did not have any competition.”
