Yesterday, the U.K.’s Insurance Industry Working Group, which is co-chaired by the Chancellor of the Exchequer Alistair Darling and Aviva's Group Chief Executive Andrew Moss, published its report on the challenges currently facing the insurance industry. The Working Group’s findings are to be reported to the chancellor's High-Level Group on City Competitiveness, which is expected to meet later this year. The major themes of the Working Group’s report included:
- A renewed focus on increasing customer confidence through improvements in financial education and industry transparency, while emphasizing personal responsibility. This may include the appointment of a Financial Education Commissioner who will work with the financial services industry to improve public financial education and literacy;
- A partnership between the U.K. government and the insurance industry to provide a wide range of competitively priced risk management solutions for consumers;
- An emphasis on personal saving and on improving programs for managing consumer financial distress; and
- Encouraging capital flows to the U.K. insurance industry by enhancing its competitive position in the global marketplace.
The industry members of the Working Group plan to meet again in 12 to 18 months to assess progress on the specific recommendations of the report.