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TheCityUK welcomes the announcement from the Treasury today (4 December 2013) of its Insurance Growth Action Plan. The Action Plan announces a range of key measures to drive growth in the insurance sector, strengthen its contribution to the UK economy and equip it to compete effectively across the globe.
Commenting on the announcement, Chris Cummings, Chief Executive of TheCityUK, said: “The insurance industry is a global asset for the UK economy, creating jobs across the country. We have been working with Government to identify new and innovative ways of attracting further foreign investment into the UK and creating jobs by helping financial services firms expand their operations around the world. This Action Plan is a big step forward.”
The Action Plan is designed to work as a catalyst to spur increased investment by the insurance sector in infrastructure in the UK. It also sets out an ambitious programme of international work to help the sector export into the fast growth markets of Brazil, China, India, Indonesia and Turkey.
Given the importance of rigorous regulation in creating the right conditions for business growth and customer confidence, TheCityUK has been invited by Government to support the growth plan by staging an annual ‘summit’ drawing together regulators and policymakers from around the world to address insurance regulation. This will build on the training programme that TheCityUK will make available to all diplomats to help them better understand the sector and the export opportunities.
Chris Cummings said: “TheCityUK developed the Next Generation Vision programme to show that financial services prizes young people from diverse backgrounds. I am delighted that Government has recognised the importance of initiatives such as these. It can only help make the sector more professional and more internationally competitive.”
TheCityUK will work with its members to help in delivering the Action Plan by:
- Identifying further areas of improvement in the regulatory process, including streamlining of authorisations to help new firms set up operations, thereby increasing customer choice.
- Taking the lead on regulatory coherence and understanding. This includes hosting an annual summit for visiting regulators and policymakers to increase their understanding of the UK’s approach to the insurance sector and the need for open markets.
- Promoting free trade and investment negotiations including free trade agreements in relation to the Transatlantic Trade and Investment Partnership (TTIP) and the Trade in Services Agreement (TISA), in support of securing the sector’s competitive advantage.
- Providing information and expertise to those UK officials charged with promoting the insurance industry overseas.
- Working to support high value initiatives in key priority growth markets, including coordinated support for Ministerial visits.
- Supporting work to increase skills and diversity in insurance, working with the ABI and other bodies.
