The Insurance Industry Working Group (IIWG) has published its report into the medium and long-term challenges facing the insurance industry.
The group was set up in October 2008 and is co-chaired by Chancellor of the Exchequer, Alistair Darling and Andrew Moss, Group Chief Executive of Aviva. It also includes leading figures from across the insurance sector.
The report sets out a vision for the UK insurance industry in 2020 as the leading global insurance centre. The 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 that can help efforts to reduce the likely impact of different risks, such as flood risk and crime.
- Work to help consumers manage financial distress, building on the Government’s financial capability initiatives. The insurance industry should work with Government to assess the scope for a greater industry role, where it is commercially viable, 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.
View Report of Insurance Industry Working Group - press release, 27 July 2009