2025-10-08 · Source: Reinsurance News
Summary in 3 Points • Specialty brokers key to closing innovation gap • Constraints without regulatory and market support • LIIBA report highlights growing protection gap --- A report by the **London & International Insurance Brokers’ Association (LIIBA)** emphasizes the crucial role of specialty brokers in addressing the widening **protection gap** by fostering innovation. However, the report warns that these brokers face significant constraints in their ability to innovate without increased support from **regulators**, governments, and the broader market. The growing protection gap is a pressing concern, as it highlights the need for innovative solutions to meet evolving risk landscapes. For the **London Market**, this development underscores the importance of collaborative efforts to support specialty brokers in their innovation endeavors. The constraints identified by LIIBA could hinder the market's ability to effectively manage emerging risks, which are increasingly complex due to factors like **artificial intelligence** and other technological advancements. By addressing these constraints, the market can better position itself to close the protection gap, ensuring that insurance products remain relevant and comprehensive in the face of new challenges. This is particularly critical for underwriters, brokers, and risk managers who rely on innovative solutions to maintain competitive advantage and meet client needs.
For the London Market, this development underscores the importance of collaborative efforts to support specialty brokers in their innovation endeavors. The constraints identified by LIIBA could hinder the market's ability to effectively manage emerging risks, which are increasingly complex due to factors like artificial intelligence and other technological advancements. By addressing these constraints, the market can better position itself to close the protection gap, ensuring that insurance products remain relevant and comprehensive in the face of new challenges.