Govt aims to attract more reinsurance business to UK

clock

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."

 

More on Regulation

CII to reduce headcount by eight to 'deliver better outcomes'

CII to reduce headcount by eight to 'deliver better outcomes'

Forming plans to streamline processes and services

Isabel Baxter
clock 26 March 2024 • 1 min read
BIBA names Julie Comer as head of compliance

BIBA names Julie Comer as head of compliance

Helping members with compliance queries and concerns

Jaskeet Briah
clock 20 March 2024 • 1 min read
FCA unveils measures for more transparent enforcement cases

FCA unveils measures for more transparent enforcement cases

Consultation process initiated

Sahar Nazir
clock 27 February 2024 • 2 min read

Highlights

COVER Survey: Advisers damning of protection insurer service levels

COVER Survey: Advisers damning of protection insurer service levels

"It takes longer than ever to get underwriting terms"

John Brazier
clock 12 October 2023 • 5 min read
Online reviews trump price for young people selecting life and health cover

Online reviews trump price for young people selecting life and health cover

According to latest ReMark report

John Brazier
clock 11 October 2023 • 2 min read
ABI members with staff neurodiversity policy nearly doubles

ABI members with staff neurodiversity policy nearly doubles

Women within executive teams have grown to 32%

Jaskeet Briah
clock 10 October 2023 • 3 min read