Boris Johnson made a speech in which he identified the industry as “crucial” to the U.K. economy.
The Mayor of London, Boris Johnson, spoke in front of an audience primarily made up of Lloyd’s market participants and made insurance news by underscoring the critical role that is played by the market in the economy of London.
He also pointed out that there is a need to boost international investment in the city.
Johnson spoke within the historic Underwriting Room alongside John Nelson, the chairman of Lloyd’s. Together, the insurance news they shared was in front of more than 3,000 people. The mayor stated that “The Lloyd’s insurance market plays a vital role in both the public and private sector. Responsible for revenues of $40bn, Lloyd’s contribution to the success of the City of London is huge.”
He went on to point out that this has essentially been the insurance news for 325 years in the city.
He said that the insurance news of the first opening of the maritime venture coverage by Edward Lloyd has made the market a vital part of the commercial developments in London. He also added that even though there have been some challenges as of late on a financial level, the city continues to be “the most innovative, fertile place for development because the risks can be insured.”
The mayor also added to his insurance news statement by highlighting the importance of the Underwriting Room in the Lloyd’s building, itself, calling it the “engine of capitalism.” The predictions that he gave regarding the future of the market were “glorious” and he stated that he is hopeful that the market will continue to expand its reach worldwide to provide coverage for insurable risks throughout the international market.
Throughout his insurance news speech, Nelson spoke about the contribution that the market has made to the London economy and the vision that it had for growing internationally. He explained that there has been a strong and robust performance by the market, even though the financial crises and economic slowdowns have occurred over recent years. This helps to demonstrate the importance of the contribution that this market makes.