Advertise
Resources
Member, Beacon International Group, Ltd.
The London Market Group has kicked off a study to help better define the parameters of the London insurance market, the group said Thursday.
In a letter to the chief executives of all of the market’s firms, London Market Group Chairman Steve Hearn, who is also deputy CEO of Willis Group Holdings P.L.C., said the group wanted to “establish some core data about our market and to understand better what our customers think of us.”
The group is commissioning what Mr. Hearn termed “a major piece of research” that will address issues such as “developing a common definition of the totality of activity that constitutes London market business,” as well as determining the contribution of that activity to the U.K. economy, the group said in a statement.
The research is also aimed at compiling more comprehensive data on London’s share of global markets and showing insights into customer purchasing behavior, Mr. Hearn’s letter said.
The project will be conducted by the Boston Consulting Group, and results are expected in November, according to the letter. A six-member industry group has also been appointed to manage the project, Mr. Hearn said in his letter.
The effort’s objective “is to produce an objective piece of work and not at this stage to interpret the findings. The reports will provide the facts upon which our strategic decisions in the future will be based,” Mr. Hearn said in his letter.