UK capital rises to fourth place
London has improved its ranking as an insurance hub, according to the latest Global Financial Centres Index.
The index of 75 world financial centres, carried out by the thinktank z/Yen, shows London in fourth place in the insurance rankings, up one position compared to last year, swapping positions with Singapore.
The top three rated centres for insurance, according to the index are in rank order Hong Kong, Shanghai and New York.
Overall, London holds onto its position as the world’s top rated centre for all financial services with New York and Hong Kong exchanging second and third places. Frankfurt continues its slide down the table from sixth place two years ago, falling to 14th position this year. The only other two European cities in the index’s overall top ten are Geneva and Zurich with the only other UK city - Edinburgh – up two places at 29. London owed its continued position at the top of the overall rankings to its continued top ranking in asset and wealth management, professional and regulatory services.
Commenting on the index’s findings, the UK government’s Professional and Business Services Group chairman Sir Michael Snyder said: “The research clearly indicates that uncertainty over tax and regulation is a major concern to financial institutions based in London or indeed those contemplating being here.
“We must have effective and proportionate regulation, but without discouraging international businesses from basing or expanding their operations in the UK.
“There has been much more ‘heat’ than ‘light’ on the need for ‘more regulation’ in the wake of the economic crisis, but I believe it is more important to have regulations and supervisors that focus on macro systemic integrity rather than excessive ‘conduct of trade’ detail that reduces competitiveness and actually hinders transparent and effective regulation.”
The findings were based on a survey of 1,930 respondants, of which 431 were drawn from insurance.
