2nd December 2020
The importance of trade bodies to the insurance industry
Owen Thomas, Chief Sales Officer, tells us about the 3 ‘R’s that make trade bodies so valuable to the insurance industry. The UK insurance sector is the world’s leading exporter of insurance and long-term savings, selling £13 billion more to the rest of the world than we buy from them. The sector is also one of the UK’s most productive, adding more than £40 billion a year to the economy and helping Britain thrive. Lloyd’s, the accepted birthplace of insurance, has become the world’s leading market for specialist insurance and is technically the only insurance marketplace. Central to its long and colourful history, its agreed motto Fidentia, Latin for "confidence" which is closely related to the Latin phrase uberrima fides, or "utmost good faith"- representing the relationship between underwriters and brokers.