Employment in the London insurance market has rebounded post-pandemic, reaching the highest level in the past decade. In 2023, the number of employees in commercial insurance and reinsurance companies in London rose to 59,000, a significant increase from the 41,000 employees recorded in 2021 amid the pandemic’s impact. As London strengthens its position as a key hub for negotiating complex policies, its share in the global insurance and reinsurance market has risen to 8.3%. Despite the costs and disruptions brought by Brexit and the pandemic, the London market achieved a business volume of $159 billion in 2022. The insurance sector contributes to approximately one-third of the city’s economic output, and efforts to attract young talent are underway to prepare for future growth.
Source and Details: Financial Times