New Prime Minister Keir Starmer’s government has gained the support of the insurance industry, with the likes of Lloyd’s and the Association of British Insurers (ABI) looking forward to collaborating on shared goals.
Commenting after the UK General Election, ABI director general Hannah Gurga (pictured left) stated: “We look forward to working closely with the government to deliver on our mutual priorities. Our industry shares many areas of common interest with the new government, including an ambition to drive growth and competitiveness, boost household financial resilience against risks, and tackle climate change.
“By working together, we can find solutions to some of the country’s biggest challenges.”
Starmer ended the Tories’ 14-year rule last week, succeeding Rishi Sunak who was PM from October 2022. In a speech, the Labour leader declared “it is now time for us to deliver” following the people’s vote.
Lloyd’s chair Bruce Carnegie-Brown (pictured centre), meanwhile, expects things to be more stable under the new leadership.
Carnegie-Brown was quoted as saying: “Lloyd’s looks forward to partnering with the new UK government to generate growth and to build resilience into our economy.
“Our role is to provide critical solutions to support disaster resilience, insuring the transition and bringing global investment to the UK. We look to the government to bring a period of greater stability and to enact reforms necessary to improve the economy’s competitiveness.”
Jonathan Jackson (pictured right), chief executive of flood forecasting insurtech Previsico, also expressed support for Labour’s plans.
“Both residential and commercial properties in the UK are subject to increasing flood risk due to climate change, which is already affecting insurers’ risk appetite and making it increasingly challenging for them to provide affordable flood risk insurance,” Jackson noted.
“Now, therefore is time for action, and Previsico welcomes the Shadow Secretary of State for Environment confirmation that Labour would spend the £4 billion on measures to mitigate flooding if they come into power, including building flood defences, digging out drainage systems, and planting trees along riverbanks.”
Additionally, as previously reported, British Insurance Brokers’ Association (BIBA) CEO Graeme Trudgill pointed to the BIBA Manifesto when he talked about the trade body’s engagement with the government.
“Our 2024 Manifesto is all about managing risk, increasing resilience and growth, placing the role of insurance brokers at the heart of this,” Trudgill said. “We will raise the value of insurance brokers and highlight member issues and our priorities.
“Above all else, we look forward to showcasing the skills and expertise of the sector in finding solutions to some of the biggest risks we are facing and will face in years to come.”
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