UK insurance sector can remain world leader, says ABI

www.moneynews.co.uk > Insurance > UK insurance sector can remain world leader, says ABI

UK insurance sector can remain world leader, says ABI

Thu 1st Oct 2009

The Association of British Insurers (ABI) has claimed that the UK can remain market leaders in the industry, unless competition is stifled by regulation.

Director of research and chief economist at the organisation Dr Rebecca Driver pointed out the insurance sector has weathered the storm of the recession, but needs to remain competitive if it is going to continue to growing.

She commented that any regulation in the future must take into consideration both consumer protection and the potential impact on competition in the industry.

Dr Driver explained: "The role of insurers, as major investors and providers of financial security to millions of customers, is vital in building a sustainable economic recovery."

Her comments were made following research by the ABI which showed that UK insurers pay out £296 million every day in pensions, life insurance benefits and general insurance claims.

This week, a spokesperson from the ABI responded to Gordon Brown's speech regarding the National Care Service by saying that the organisation believes a combination of public and private sector support will provide the best care for the elderly.

Click here for more insurance news

Related News : Insurance
	Under-insurance 'a costly mistake for Brits'
	Rodents and pests 'causing havoc for homeowners'
	Brits 'should be aware of home cover details'
	PPI scandal 'has helped tighten financial regulation'
	Location 'can impact home insurance costs for Brits'
	FSA and CC 'failed to tackle PPI issue head-on'
	Pet cover 'important for Brits to get right'
	UK homes are 'falling into disrepair'
	Brits advised on reducing home insurance cost
	UK insurance 'has become more complex'