Introducing insurance education to the National Curriculum and engaging in steps to boost the real economy top the market wish list as the government prepares to unveil a plan to drive growth in the insurance industry.
Post can reveal representatives from the Association of British Insurers, the British Insurance Brokers’ Association and Lloyd’s have been engaged in talks with the government for several months to determine how action from Westminster can fuel growth in the sector, with the institutions hopeful details of the Insurance Growth Action Plan will be included in Chancellor George Osborne’s autumn statement today.
In the build up to the expected announcement, Post asked industry players for their recommendations for initiatives they hope will top the growth agenda and whether they thought the government could fulfill them.
Mark Winlow, pictured, chairman and non-executive director of Ageas and Lloyd’s broker RFIB, echoed Hancock’s sentiments: “You can make people more aware of the need for insurance and the benefit it brings. We don’t necessarily want the government to pump up insurance premiums – we want it to make the UK a more risk-safe country.”
However, Winlow questioned whether a broad growth objective would pay dividends. “The risk is that [this initiative] is too broad compared with the discussions we have had in recent years around personal injury in the motor space and around flood defences. They have been very specific [issues] where the government can help more particularly.”
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