Rob Stavrou, director of consultancy at Northdoor, the IT consultancy specialising in the insurance sector, comments on the news that Prudential is considering moving its HQ to Hong Kong:
“It is indeed cause for concern that Prudential, one of the UK’s largest insurers, is considering to relocate its headquarters out of London. However, this cannot be viewed purely as a direct impact of Solvency II. This trend is not unique to the insurance sector and can be seen in banking and other industries. Companies relocating is a wider business ecosystem issue that the Government and regulators have been trying to address.
London does remain an attractive location for many companies, particularly for insurers, given the London Market’s key role in the global insurance industry and its rich heritage and experience in this particular sector. The City still retains its leading position as a hub for the European and international financial services industries, with many key talents still clustered in the London area.
Take, for example, the London Market. Lloyd’s of London has been a driver for technological changes and adoption in the industry and the principal reason for this drive is to make London more competitive on the world stage. However, emerging trading locations, such as Hong Kong, Shanghai and Singapore, have been much more receptive and quicker to adapt to using new technologies to advance their market position. London and the UK needs to recognise this challenge and put technology at the helm for driving the business forward if we are to maintain our leading role in global insurance.”
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