- Anthony Baldwin
Welcome to the Insurance Institute of London.
I feel privileged and honoured to have been appointed as the IIL’s President at such an important time for the industry. The external environment has never been more complex and the work of the IIL to build on the industry’s professional standards is absolutely central to the industry’s resilience when facing the future.
Our renowned lecture programme has now gone digital, with great success. Face to face lectures have transformed into webinars with more than 4,000 members participating in over 30 webinars, exceeding participation numbers for the face to face lectures. We have also introduced a new stream of lecture topics, including ‘wellbeing’ webinars to help support members through these tough times.
This year, I’ll be focusing on London’s role as a global centre for insurance and a hub for insurance talent. It feels more relevant than ever for us to take the opportunity to underline the strengths of the London Market and reinforce the importance of London’s role as a truly global market. London has been the epicentre of the insurance industry for centuries. It is the historical, spiritual and physical home of an industry that is itself the lifeblood of a thriving global economy.
The London insurance market remains the world’s largest centre for commercial and specialty risk. The opportunity to deepen this expertise and global standing is clear and the onus is on the industry to ensure that it reinforces its relevance, competitiveness and sustainability for its clients. We make a substantial contribution to the UK and global economies, contributing £37bn to UK GDP in 2018, employing 47,000 people and paying many billions of claims. And we will play a vital role in the UK and global recovery ahead.
The world is clearly facing new challenges and new emerging risks. To ensure that we continue to evolve and remain resilient, we need to continue to attract, develop and retain the best talent including developing and equipping our teams with the future skills they need to tackle tomorrow’s risks. Updating the talent mix is an opportunity to promote much-needed diversity, evolving our workforce to reflect our diverse client base. We know that increasing diversity within insurance companies is an urgent priority. A more diverse workforce attracts new talent and creates a more dynamic culture that incorporates broader perspectives, generates greater creativity and facilitates collaboration. This means working on creating an inclusive workplace culture which allows people to be themselves and encourages different perspectives. The London Market has been working hard to build a more inclusive working environment. Here at the IIL, we play a central role in ensuring our workforce has the right skills to face the future with confidence, so that we can enable our clients to do likewise.
I’m very much looking forward to the year ahead as the IIL’s President as we celebrate all that the London Market has to offer. London’s ecosystem is unrivalled. The world is facing unprecedented challenge and opportunity and progress goes hand in hand with risk. We need to develop and nurture the dynamic eco-system in London and the UK, which has been built over time on talent, history, and expertise, so that we can continue to help our clients face the future.