ACE European Group’s Chairman, Andrew Kendrick, today set out a five-point approach for European success as he addressed delegates in a keynote speech to the Insurance Day Summit in London.
Andrew Kendrick, ACE European Group Chairman (Photo: Business Wire)
Speaking to more than 100 chief executives and senior management from the London insurance market, Andrew Kendrick advised that European insurers and brokers need to think differently about the EMEA (Europe, Middle East and Africa) region in today’s low-growth economy if they are to unlock future opportunities. Andrew Kendrick said that the five key ways in which ACE is thinking differently about the region are:
“The experts believe that growth in world trade will continue to outpace growth in GDP in the years ahead. So global trade growth is a megatrend that’s here to stay, and therein lies the first opportunity for Europe’s insurance industry.”
“As European clients continue to focus on financial counterparty risk, I believe that financially strong insurers will be able to claim real competitive advantage… I predict that balance sheet strength will become a driver of differentiated pricing in Europe in the not too distant future.”
“Europe is a region with an ageing population, and considerable personal wealth. At the same time, it has massive unfunded pension liabilities and costly healthcare systems…As a result of all this, I believe that some of Europe’s best opportunities lie outside the P&C sector right now.”
“The good news for our industry is that insurance is becoming an increasingly understood aspect of social and economic well-being across the region’s emerging markets, from Poland to the Gulf…And as a close neighbour, Europe’s insurance industry is well placed to take advantage.”
“In the wake of all the economic turmoil and the hubris at the banks, London has steadily reasserted itself as the capital of global insurance.”
Andrew concluded by predicting that for those insurers and brokers prepared to “think differently, and to look beyond the obvious”, Europe still offers a “world of opportunity”. Industry participants based in London should be particularly well placed to take advantage of the most important macro trends, such as the growth of trade and emerging markets, he said.
A full transcript of the speech is available on the ACE European Group website at www.acegroup.com/eu
The ACE Group is one of the world’s largest multiline property and casualty insurers. With operations in 53 countries, ACE provides commercial and personal property and casualty insurance, personal accident and supplemental health insurance, reinsurance and life insurance to a diverse group of clients.
ACE Limited, the parent company of the ACE Group, is listed on the New York Stock Exchange (NYSE: ACE) and is a component of the S&P 500 index.
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