Chief executive John Hurrel said the reforms address ‘serious shortcomings in the legal framework’

Airmic has welcomed the proposed Insurance Bill announced by government yesterday, saying it will bring ‘clarity’ to an outdated system.

The proposed bill will replace the Marine Insurance Act 1906 and provide the new framework for all commercial insurance purchased in the UK.

Airmic chief executive John Hurrell said the reforms would address the shortcomings that had hindered the market in recent years and help consumer confidence in the UK insurance industry.