The UK should remain in the European Union (EU) to ensure it remains a "global insurance centre of excellence", the Association of British Insurers (ABI) has said.
The referendum on the UK's continued membership of the EU has been set for 23 June after Prime Minister David Cameron concluded neogitations on a reformed membership package.
ABI director general Huw Evans said the issue was of vital importance to the future of the country and financial services.
He said: "The ABI welcomes the reform package and, in particular, the safeguards the PM has negotiated to protect the interests of non-eurozone countries. This deal is valuable for the financial services sector.
"Whether to remain in a reformed EU is a vital issue for this country and as the largest insurance and long-term savings market in the EU and a major employer and tax provider, it is important the industry contributes to the debate."
He added the UK economy benefits from membership of the EU single market and being part of the world's largest trading block.
"Membership guarantees the right to do business in 27 other countries on an equal footing.
"The UK gains from this arrangement; we sell £21bn more in insurance and long-term savings products to the rest of the EU than they sell to us.
"As a global insurance centre of excellence, the UK has a major influence in shaping the rules of the EU.
"And as the undisputed financial services centre of the EU, the whole of the UK is able to benefit from the jobs, tax revenue and economic prosperity this position brings."
