The Association of British Insurers said today that UK insurance companies had evolved more than their European counterparts, so would be well placed to take advantage of a single European market.
The single market has been proposed under the EU Financial Services Action Plan. This recommends moving into a single market by 2005.
Head of European affairs at the ABI Simon Gentry said: "The UK insurance industry is well placed to win in a single open market. In the UK we have a lot of experience in pensions and long-term investment business which is not such big business on the continent."
He added that British insurers were more customer-focused and made greater use of technology.
Despite these positive comments, the ABI also warned that operating in a single market could lead to the introduction of unnecessary legislation.
Hosted by comedian and actor Tom Allen, 34 Gold, 23 Silver and 22 Bronze awards were handed out across an amazing 34 categories recognising brilliance and innovation right across the breadth of UK general insurance.
