Huw Evans, Director General, the Association of British Insurers, said:
“We welcome the important recommendations of this independent Taskforce. Having borne the cost and hassle of leaving the EU, we must take advantage of the opportunities while still remaining aligned to international standards. The insurance and long-term savings industry can do so much more to help our economy and society thrive post-Brexit, but only if Solvency II is made fit for purpose for the UK. This is a matter of urgency given the demands of climate change adaptation and post-pandemic economic investment.
“Improvements to the Solvency II regulatory regime for the insurance and long-term savings sector could free up billions for re investment with independent analysis by KPMG highlighting that changes could unlock £95 billion to boost the economy, and help tackle climate change.
“We urge the Prime Minister and Chancellor to act swiftly and decisively so that the UK’s regulatory regime allows the UK’s world leading financial services industry to thrive and takes forward the important recommendations with speed to deliver for the UK economy and in the lives of the industry’s millions of customers.”