Like banking, most people know a bit about insurance but it’s not just motors and meerkats. If something worth millions (or billions) is at risk in any way (loss, damage, theft, fire etc.) it’ll need to be covered by insurance. Insurance is a form of risk management, it helps to protect the owner against the risk of potential loss. ANYTHING can be insured; footballers’ legs, satellites in space, even Ant and Dec. Insurance was actually invented in London with Lloyd’s, the global insurance market, being at the forefront of the industry. The London Market is a distinct part of the UK insurance and reinsurance industry which has its centre in the City of London.
- £60 billion – the overall size of the London Market.
- 48,000 – the number of people who work for London Market companies.
- 21% – the proportion the London Market contributes to The City’s GDP.
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