Mayor Johnson backs importance of Lloyds Insurance

London mayor Boris Johnson has highlighted how important Lloyd’s Insurance is to the UK economy.

Speaking on Monday (June 24th), the Conservative told a crowd of more than 3,000 people that Lloyd’s’ services bring in revenues of around $40 billion (£26 billion).

He also said he thinks the insurer has a bright future and will be at the forefront of activities in the City of London for the foreseeable future.

Lloyd’s chairman John Nelson also took to the stage to speak to the audience and commented that around 80 per cent of all of its activities took place outside of the UK – meaning it was bringing billions in income from other countries.

“The insurance market has performed strongly and robustly, despite the economic slowdown and financial crises of recent years,” he added.

Boris Johnson was speaking at Lloyd’s to mark one year since it launched its Vision 2025 programme, which aims to increase activities in developing countries including Brazil, China and India.

Mr Nelson said forecasts indicate 70 per cent of global gross domestic product will come from emerging economies in 20 to 25 years.

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