ABI: Report shows importance of insurance to the economy – recommendations must be implemented in full

Responding to publication today of the Insurance Industry Working Group, co-chaired by the Chancellor, Alistair Darling MP, and Andrew Moss, Group Chief Executive of Aviva, the ABI’s Director General, Stephen Haddrill, said:

“This report paints a comprehensive picture of the importance of the insurance industry to the UK economy. Insurance is not banking, and because of this it has been able to weather the storm of the financial crisis. But the industry is not complacent, and the report’s recommendations represent a solid set of ideas for both insurers and policymakers about how best to build on the strength of the sector, improve its competitiveness and support UK plc. Its focus on boosting customer confidence is of particular importance, and the ABI is already engaged in a number of initiatives in this area.”

“A competitive insurance sector, able to provide a wide range of risk management tools, will bring good consumer outcomes. Achieving the best results will depend on all the report’s recommendations, which the ABI wholly support, being implemented in full – doing so will create the ‘virtuous circle’ referred to in the report. We will be working with our members to achieve this, and we urge the Government and FSA to do the same.”