Reinsurance News

London market survey finds just 14% want to return to office

27th October 2020 - Author: Matt Sheehan

A London market survey conducted by the Professional Liability Underwriting Society (PLUS) has found that just 14% of staff want to return to the office full time.

The London chapter of PLUS polled 160 of its members during a webinar last week on the evolution of the re/insurance market.

Results showed that while only 16% would prefer to work from home permanently, a large majority (70%) would ideally want to spend about half of their working hours in the office.

If these figures are representative of the views of the broader re/insurance industry, it could have huge ramifications for the way companies operate.

And more than this, it suggests that the City of London and other global financial hubs may never be as busy again after the COVID-19 pandemic.

According to PLUS, 38% of the members its surveyed said they were more productive since the outbreak of the pandemic.

Meanwhile, 44% said their productivity had remained the same and just 18% said they were less productive.

“This debate brought broad consensus that the way we work has permanently changed,” said Max Carter, CEO of New Dawn Risk and Moderator of today’s PLUS webinar.

“For an industry that has not historically been known for thriving with technology, the market was able to adapt quickly and continue trading without missing a beat during 2020, and this has helped acceptance.”

Carter continued: “Relationships have been the hallmark of the success of the London Market in the past. If we are to have continued success in the future, we have to find ways not just of maintaining existing relationships in this new working environment, but of forging new ones.”

“The situation that we are currently facing is unprecedented; there is no established playbook or roadmap for navigating our way through it,” he added.

“That’s why events like this week’s PLUS debate are so important. We might not have all the answers, but reaching consensus on the questions we should be asking is an important step in the right direction.”

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