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The year in review: reflections on 2013

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It is traditional at this time of year to look back at the progress made and reflect on the events of the previous 12 months. 2013 has had its fair share of challenges and highlights for the insurance industry.

We saw the agreement on Solvency II - a really significant step – the benefits of which are already being felt in the pledge from the insurance industry to invest £25bn in UK infrastructure projects.

From the Flood Re agreement reached with Government to the launch of the Retirement Choices Code the industry demonstrated its capacity for change which will benefit customers. Reform of the civil litigation system has already started to drive down the cost of motor insurance and the industry continues to campaign for changes to make young drivers safer on our roads.

But I don’t want to end the year looking backwards when 2014 will bring a whole raft of challenges and opportunities of its own.

The work the industry has done to help people shop around for an annuity – the Retirement Choices Code – is only one part of the puzzle of how we can support people in getting good outcomes in retirement.

The General Election in 2015 will see us shaping our agenda next year ahead of that significant moment for the UK. We will be clarifying policy positions for the insurance industry whether that’s dealing with the impact of an ageing population, continuing to deliver affordable access to buildings and motor insurance, investing in the UK economy, or combatting fraud.

We kicked off a review of the ‘at retirement’ space – A New Retirement – which we will continue to shape in the opening months of the year, before publishing a report of recommendations for change in the Spring.

The work the industry has done to help people shop around for an annuity – the Retirement Choices Code – is only one part of the puzzle of how we can support people in getting good outcomes in retirement. We know that. And that is why we are continuing to develop ideas for improvement and consulting widely for input to our thinking.

We’ve made a good start in reducing motor insurance costs through sensible, effective reform of the civil litigation system. But more needs to be done to tackle whiplash, and we want to see a green paper from Government to allow our proposals to make young drivers safer on the roads a reality.

We will also continue to tackle fraud, which drives up costs for honest customers across many different market segments.

We have big areas of policy delivery to push through. Particularly the system to pay compensation to victims of mesothelioma who otherwise would have had nowhere to turn for help and making the Flood Re scheme a reality.

2014 will bring a packed agenda, that’s already clear! I look forward to working with many of you to deliver that agenda on behalf of our industry and its customers.


Last updated 29/06/2016