Mark Hoban promised to support UK insurers in their attempt to capitalise on growth in emerging economies in an address to the Lloyd’s Old Library, during which he called on the industry not to lose sight of some of the long-term issues it faces.
The financial secretary to the treasury, who is a keynote speaker at the Insurance Day Summit London in May, said insurers faced a number of tough challenges including changing customer behaviour and new ways to access products. But he voiced support for both the insurance industry and financial services as a whole, saying attempts to rebalance the UK economy would not be to the detriment of the sector.
“We do not want to put the UK financial services sector at risk. Its not just about London – the proportion of people employed in financial services is higher in Bristol than in London,” he said.
“The challenge is how we grow other sectors, and how we work with the financial services sector to allow it to help create other global winners,” he said.
“Within the UK economy the insurance industry has a vital role as an investment intermediary, managing a quarter of the UK’s net worth and 13% of the London Stock Exchange.”
Hoban said the final version of the financial services bill will be introduced to parliament shortly.
“We are grateful for the engagement of the insurance industry – this has been an open and collaborative process,” he said.
“The challenges ahead will require long term engagement by the industry with customers, regulators and governments too,” Hoban added.
Hoban will be one of more than 50 high-profile figures, including chief executives and other senior management in the London market, to address this year’s Insurance Day Summit London, which takes place on May 15 and 16.
