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Government announces dedicated insurance sector strategy

Financial Secretary to the Treasury Greg Clark announced on Tuesday 21st May a Government strategy for the insurance sector to enhance its position as a leader in global business.

Launching the strategy at an insurance industry conference, Mr Clark highlighted the insurance sector’s vital contribution to the UK economy and its social fabric through meeting the financial needs of communities and as long-term investors.

The Government’s new insurance sector strategy will work to enhance the industry’s competitive edge and drive growth in overseas markets.

Otto Thoresen, Director General at the Association of British Insurers, said:

"Government’s dedicated strategy for the UK insurance sector highlights the important role our industry plays in driving economic growth, helping people manage risk and making society more financially resilient.

"Government is right to shine a spotlight on our industry and recognise the long-term approach at the heart of our businesses which uniquely positions us to tackle the UK’s major challenges through our long-term investments and helping people to save for the future.

"Insurers are among our country’s major exporters, so we welcome the Government’s drive to enhance our position as global leaders in our sector and strengthen our global competitiveness to enable us to capitalise on opportunities in emerging markets."

Last updated 01/07/2016