City of London leaders make the case for risk, resilience and reinvention
In a candid fireside chat between the Lady Mayor of the City of London, Dame Susan Langley and Lucy Rigby MP, Economic Secretary to the Treasury, the unanimous message from City Hall and the Treasury was clear: volatility is no longer episodic – it is structural.
Framing the discussion, Dame Susan pointed to a world shaped by persistent geopolitical shocks, from Ukraine to the Middle East, and the cascading effects on global trade and supply chains. Losses now regularly reach hundreds of billions of pounds, she noted, with a striking proportion still uninsured. She said that gap underscores the enduring importance of London’s risk-transfer machinery.
Rigby agreed, describing the current moment as an “age of insecurity” – a term increasingly used within government to capture the convergence of geopolitical instability, economic fragility and domestic cost-of-living pressures. These forces, she argued, are no longer abstract but feed directly into household finances, energy bills and present long-term growth challenges.
Their tone was not purely pessimistic. Both speakers repeatedly returned to resilience – not as a slogan, but as a policy and market imperative. Rigby highlighted recent Treasury efforts to strengthen economic stability, while stressing the importance of coordinated international action to de-escalate crises and restore confidence.
Against such a backdrop, insurance is the quiet enabler. Langley described the sector as “invisible infrastructure” – a foundation that allows businesses to take risks, invest and grow. Rigby echoed the point more bluntly: insurance is “core economic infrastructure”. In effect insurance’s function is transformative, turning an uncertain world into something that can be understood, priced and managed.
Both argued that process is one of London’s defining strengths, but cautioned against complacency.
Rigby emphasised that the UK’s leadership in financial services has been built on continuous innovation, not legacy. From historic roots in maritime risk to modern challenges such as cyber threats and AI, the sector’s success has depended on its ability to adapt. Maintaining that edge, she said, will require active government support, proportionate regulation and a relentless focus on competitiveness.
Langley reinforced the point, warning against the slow accumulation of regulatory complexity. Simplification, not deregulation, should be the goal, she argued, alongside the “bravery and urgency” needed to keep pace with rival financial centres.
The conversation also turned to emerging areas of opportunity. New risk structures such as captives and insurance-linked securities (ILS) are gaining traction globally, and Rigby confirmed that the government is actively reforming frameworks to support their growth in London. A consultation on captives, expected this summer, signals intent to keep the UK at the forefront of innovation.
AI also loomed large. Rigby pointed to the government’s ambition for the UK to become the fastest adopter in the G7 – while balancing that ambition with a clear focus on safety and risk management.
Closing the session, both speakers struck a note of quiet confidence. London, Rigby argued, remains one of the world’s most open and globally connected financial centres, underpinned by deep pools of capital, legal stability and unmatched expertise. The challenge now is not to defend that position passively, but actively to build on it.
In an age defined by uncertainty, the City’s proposition is simple: resilience is far more than a safeguard, it is a competitive advantage.
Did you get value from this story? Sign up to our free daily newsletters and get stories like this sent straight to your inbox.
