John Neal, chief executive of Lloyd’s of London, has suggested that cyclists should consider insurance coverage to protect themselves and others, particularly pedestrians.
Neal’s comments follow a series of high-profile accidents involving cyclists, reigniting discussions around the need for mandatory insurance in the UK.
Neal described the idea of insurance for cyclists as “not such a daft idea,” emphasising the importance of protecting all road users. His remarks come after a drunk cyclist avoided jail despite seriously injuring two women, one of whom required a finger amputation.
Neal, a cyclist himself, shared his own experience of being knocked off his bike over two years ago, stating that cyclists might benefit from added protection. He also underscored the importance of safety precautions, particularly the use of helmets.
Currently, there is no legal requirement for cyclists in the UK to have insurance or register their bicycles, as road regulations primarily apply to mechanically-propelled vehicles. However, calls for change have grown, particularly with the government’s plans to introduce stricter laws aimed at cyclists who cause fatalities or injuries to pedestrians.
These proposals, which had been set forth by the previous Conservative government, were delayed before the general election.
Advocates for mandatory cycling insurance argue that it would promote road safety by holding cyclists accountable and discouraging behaviours such as ignoring traffic signals.
Despite these discussions, Lloyd’s does not currently offer cycle insurance. The firm recently reported a £4.9 billion pre-tax profit for the first half of 2024, reflecting a 25% rise from the same period last year.
In addition to discussing cycling safety, Neal also addressed concerns over potential tax increases under the Labour government. With Chancellor Rachel Reeves expected to raise business taxes in the forthcoming October Budget to address a £22 billion public finance deficit, Neal called for a measured approach.
He emphasised that the UK must remain competitive, noting that while taxes should be paid by individuals and corporations, the regulatory environment must also ensure that financial markets are well-managed without undermining competitiveness.
Neal highlighted the need for the UK to maintain its appeal as a global hub for financial services.
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