Daily Insurance Industry News
 
 
Daily Insurance Industry News
Thursday 22nd of February 2018
July 27, 2009

ABI greets IIWG recommendations warmly

by Gill Montia

Story link: ABI greets IIWG recommendations warmly

The Insurance Industry Working Group (IIWG) has today published its report into the medium and long-term challenges facing the UK insurance industry.

The group, which was set up in October 2008 and is co-chaired by the Chancellor of the Exchequer and Andrew Moss, group chief executive of Aviva, has set out a “vision” for the UK insurance industry in 2020 and its report recommends:

Action from the insurance industry, Government and the FSA to increase customer confidence and trust through improving financial education and considering further steps to improve transparency, simplicity and access for consumers.

A partnership between the insurance industry and Government to better manage risk in society and to explore options to increase savings and protection provision – for example Government and industry should consider sharing data and research findings.

Work to help consumers manage financial distress, building on the Government’s financial capability initiatives, such as helping people with the need for a retirement income and help with long-term care.

Encouraging capital flows into the UK insurance industry by ensuring its competitive position in the global marketplace is maintained and enhanced.

The Association of British Insurers has responded enthusiastically to the recommendations, with director general, Stephen Haddrill, calling them “a solid set of ideas for both insurers and policymakers”.

He adds: “Achieving the best results will depend on all the report’s recommendations, which the ABI wholly support, being implemented in full – doing so will create the ‘virtuous circle’ referred to in the report.”

 

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