The London market has underinvested in developing the next generation of leaders, according to a new survey.

The report, compiled by Deloitte for the London Market Group (LMG), says since risks were first traded in Edward Lloyd’s coffee house in 1688, the market has attracted the world’s best underwriters and brokers.

But it cannot afford to rest on its reputation as “sweeping global changes” in demographics and technology bring unprecedented levels of disruption.

Leadership capability is identified as a future skills gap by 22% of survey participants, while 60% rank technology as an important future disruptor.

Operations (25%), wordings (24%) and underwriting (23%) are identified as the most urgent longer-term skills gaps that need addressing.

Just 8% of respondents consider the market a role model for diversity.

The report says a co-ordinated London market talent strategy should be developed, along with a leadership program.

Non-traditional talent should be attracted, and external talent pools identified.

Bob Stuchbery, LMG board sponsor of the talent and diversity work stream, says ensuring talent is in place to compete in global markets is crucial.

“This report is a vital piece of work in helping us to achieve that,” he said.

“It raises critical questions around where we look for talent, how we attract it, and how we retain and enthuse Millennials.”