ABI urges government to harness commercial insurers to drive growth

The government should make greater use of the commercial insurance sector’s expertise and investment capacity to support economic growth and resilience across the UK, according to the ABI.

A new report from the trade body highlighted the role commercial insurers play in helping businesses manage risk, protect jobs and supply chains and unlock investment.

Called The Value of Commercial Insurance: Enabling growth, innovation, and resilience,  the report draws on case studies from ABI members to demonstrate the industry’s contribution to the UK economy.

Chris Bose, director of general insurance at the ABI, said: “From helping businesses recover from disruption, to supporting tech innovation and enabling major infrastructure, the UK is home to one of the world’s leading commercial insurance markets

“There’s a real opportunity to make greater use of the expertise our sector has to offer.”

Earlier engagement

The report pointed to insurers’ involvement in major infrastructure and sustainability projects, including developments in Teesside and Liverpool Bay, as well as cover supporting festivals, Tower Bridge and National Trust properties.

It also highlighted the role of commercial insurance in helping businesses recover from unexpected losses and supporting the transition to net zero.

The ABI called for the government to engage insurers earlier when developing major infrastructure projects, allowing the industry to contribute its risk management expertise and help build resilience into projects from the outset.

It also called for a proportionate and internationally competitive regulatory environment to enable insurers to contribute further through their investment capacity.