Following a dramatic vote for Brexit, FT Future of Insurance addressed the implications of the referendum result for the UK's insurance industry. FT's Financial Editor, Patrick Jenkins, Insurance Correspondent, Oliver Ralph, and leading insurance speakers were together for an assessment of what it all means for insurance and predictions on the shape of things to come.
The landscape of the insurance industry is changing fast and it is up to industry leaders to evolve and adapt. Challenges to the sector in the UK can be broadly divided into two: firstly external influences, such as the continued imposition of stringent EU legislation on capital holdings, continued employment of expansionary monetary policy and the ever changing demographic makeup of the UK. Secondly, internal factors affecting the business of insurance such as big data, fast-paced technological development, the evolution of business models, and the influx of new entrants to the market. For a traditionally slow moving sector, how can the insurance industry adapt to these challenges and continue to grow, developing new markets and new customers?
FT Future of Insurance will brought together thought leaders and senior figures from within the industry in the UK, assessed these challenges and discussed the best strategies to thrive in what has become the world’s most regulated insurance market.