ABI: Insurers stifled by red tape

The ABI has warned the government to cut red tape, claiming that insurers plans to expand into Europe have been stifled by regulation.

The ABI said UK firms were well-placed to take advantage of the single market. ABI director general Mary Francis said insurance firms view Europe as "the most attractive market to expand in."

However Francis added: "But much recent regulation from Brussels has increased the burden of regulation in the UK and across the EU, without creating genuine new commercial opportunities."

She highlighted excessive bureaucracy as an obstacle to this expansion. 22% of respondents cited EU regulation as an obstacle to continental expansion.

Francis added: "We want to see smarter regulation to make it easier to do business in all parts of the European Union."