Market Insights

Lloyd's CEO John Neal says its market must evolve or risk irrelevance

He also mentioned that the insurance industry was facing a talent crisis amid the increasing dominance of the tech sector.

Lloyd's CEO John Neal envisions an ecosystem that is "altruistic by design" with an open architecture of interconnected platforms and services. (Photo: Luke MacGregor/Bloomberg)

Marsh & McLennan Companies, Inc.’s Rising Professionals’ Global Forum 2019 opened in London, with approximately 700 delegates attending the two-day event to hear from speakers on the central theme for the forum: adaption or extinction.

Lloyd’s of London, the 330-year-old insurance market, faces a similar quandary in terms of its future. Addressing delegates at the forum, Lloyd’s CEO John Neal warned that the market must evolve and evolve fast or risk driving itself into irrelevance.

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Denny Jacob

Denny Jacob is an associate editor for NU PropertyCasualty360. Contact him at [email protected].

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