A recently commissioned study by the London Market Group found increasing concern that the UK shipping insurance market had been unable to react to the newly emerging risks that now are a threat to clients. London is still the home of speciality insurance, which includes maritime and energy classes, but the UK's capital is losing its foothold in the vital emerging markets of Asia and Latin America, where clients are placing more business locally, the report concluded. To drive product innovation, underwriters need to get closer to their clients, the report has recommended.
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