Government to unveil a strategy to 'drive growth' in UK insurance sector

Financial Secretary to the Treasury Greg Clark made the announcement at an industry announcement on Tuesday, according to a report by Post Online.

Insurance trade body the Association of British Insurers said a new strategy would be welcome.

"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," Otto Thoresen, director general of the ABI, said in a statement.

"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," Thoresen said.

Clark said that the Government had been engaging with industry on how to enhance the UK's position as a centre for insurance business, according to the Post Online report.

"We welcome a continuing dialogue with industry, and we want to hear your thoughts on specific ideas to drive growth in the sector," Clark said, according to the report.