UK insurance industry strengthens global regulatory relationships

TheCityUK, in partnership with Government and the insurance industry, is bringing together a delegation of senior insurance regulators and policymakers from international emerging markets to participate in the inaugural International Insurance Regulators’ and Policymakers’ Summit.

The Summit, taking place from 1st – 5th September, is a key deliverable under the Government’s Insurance Growth Action Plan (IGAP) and aims to champion the UK’s expertise in insurance, deepen understanding of the UK insurance market in international markets and facilitate the sharing of insights and experience between those countries interested in growing their insurance market.

TheCityUK, its members, the Association of British Insurers, the Chartered Insurance Institute, the Institute and Faculty of Actuaries and the UK Government have worked closely to deliver the week-long event.  Delegates will attend a series of sessions hosted at the headquarters of UK-based insurance companies and Government offices in London and also spend a day in Cardiff – a centre for the UK insurance industry.

Sir Gerry Grimstone, Chairman of TheCityUK, said,

The Summit is an important part of the IGAP and a unique opportunity for TheCityUK together with its industry partners to facilitate a two-way dialogue between the UK insurance industry and delegates from international markets where major growth in insurance is expected over the coming years.  

As well as providing a forum to address the global regulatory and policy challenges, we hope to find synergies on how we can work together to improve the global competitiveness of the insurance industry and its related services.  The Summit also provides a platform to build an understanding of the UK’s approach to insurance regulation and forge stronger relationships with international markets.

Key facts about the UK insurance industry

  • The UK insurance market is the largest in Europe and the third largest in the world generating premium income of $311bn in 2012
  • It consists of life and general insurance companies, the Lloyd’s market, intermediaries and various specialist support professions and services
  • The sector makes a significant contribution to the UK economy – in 2012 its contribution to GDP was almost £24bn – 1.7% of total UK GDP
  • Close to 320,000 people across the country are employed in the sector and an estimated 90 per cent of UK households hold at least one insurance product
  • The UK insurance industry is a major exporter – approximately 26% of its net premium income comes from overseas business
  • Insurance net exports totalled £11.6bn in 2012