ABI speaks on UK insurance industry

The ABI has spoken on the opportunities regulation can offer for the industry, which are getting wider – for example, willingness of the industry to see the competition regulator becoming involved in their markets.  A key transformational project has been Flood Re and it has helped insurers to work with the Government. Key current points, in ABI’s view, are:

  • showing the importance of the insurance industry and how it helps Britain to thrive;
  • the fallout from the Ogden discount rate decision and how to fix the problems it has caused; and
  • the election – although ABI must work with the Government of the day, whatever that is.

An ongoing project is to look at data and cyber risk, and pricing risk as accurately as possible. Here, the growing inter-dependence between insurers and InsureTech firms is gaining in importance.

On governance, there remains work to be done on diversity and inclusion on boards and the industry generally.

And, of course, Brexit matters – and insurers are grappling with what to do with contracts that have long-term liabilities beyond any phased Brexit implementation, and how to address the policy issues that the Great Repeal Bill raises.