A growing number of brokers could offshore to emerging insurance markets in the next six years.
Douglas Young, director at search and selection consultancy, JCL Hansen Young, said brokers could choose to move outside the UK if their role evolved into a multi-service provider.
Locations such as Cyprus, Dublin, Gibraltar and Bermuda provide the UK insurance industry with offshore opportunities, according to Young.
He said: “What we are seeing in Dubai, for example, is the movement of London-based firms setting up branches out there. It is an area that will develop and grow over the next six years and they are making western money very welcome.”
Young added that the move of the Bermudan market into international retail would also offer offshoring opportunities.
