If change isn’t radical and doesn’t represent a root and branch overhaul of antiquated practices by all of the London market, then the market may have an uncertain future, according to Lloyd’s CEO Richard Ward.

“I’m not just talking about individual businesses – there are whole pockets of the London market that are letting the rest of us down,” Mr Ward said at last week’s Insurance Day Summit in London.

He says there are three reasons why the market needs to modernise: efficiency, an increase in customer expectations, and competition.

He says London’s role as the centre of international insurance business has been challenged by a number of jurisdictions – the current challengers being Bermuda, Dublin, Dubai and Continental Europe.