The government is to report on progress in attracting more reinsurance business to the UK at Budget 2015, according to yesterday's Autumn Statement.
The statement was announced by Chancellor of the Exchequer George Osborne.
According to the statement document, the government wants to build on the UK's position as a world leader in the global insurance market.
"The government will explore options to ensure that the UK's regulatory and tax regime is as competitive as possible to attract more reinsurance business to the UK," it said.
The Association of British Insurers responded: "We welcome the government's commitment to look at how the UK's regulatory and tax regimes can help maintain the UK reinsurance market as a world leader, and attract more reinsurance business to the UK."
Colin Graham, PWC UK insurance tax leader, added: "This is an exciting development coming so shortly after the issue of the report by the London Market Group in November on London's competitive positioning."
