Biba 09: Galbraith: Insurance industry is 'crucial to rebuilding UK economy'

Biba chief executive, Eric Galbraith, has called on the Government to recognise the value of the insurance industry and to help it respond to the global challenges it faces.

Speaking at the annual Biba conference in Manchester, Galbraith argued out that a healthy insurance sector was crucial to rebuilding the health of the UK economy.

Galbraith, also urged the FSA not to lose sight of the low risk that insurance brokers present to consumers and the economy. He warned that any further costly regulation will ultimately reduce customer choice and access to advice at a time when it is needed most.

He argued that the response to the events of the last year from the industry, the government and the regulator would shape much of the next decade for the insurance industry.

Addressing the representation of the insurance industry, Galbraith urged the industry to work more closely together and to speak with a single voice.

Galbraith said: “BIBA has three key messages over the coming year: To Government – you have a winner in the insurance sector; value it. We have the X Factor you need. To the regulator – stop using a sledgehammer to crack a nut. Proportionate, cost-effective regulation is what the insurance sector needs, and soon. To the insurance sector – we must speak with one voice in order to protect our sector, and better serve customers.”