Insurance industry responds as Boris takes office

Boris Johnson has numerous challenges to address as he takes office today, and EU negotiations are at the forefront. With a limited working parliamentary majority, the PM has already started on unequal footing, but he has pledged to deliver Brexit by 31st October, even if this means leaving without a deal.

Huw Evans, director-general of the Association of British Insurers, says Mr Johnson inherits a huge set of challenges as he enters Downing St. “We should all hope that he will be able to overcome the current impasse and implement Brexit in an orderly fashion, with a transition period in place. The crucial longer-term test is whether our future economic relationship with the European Union avoids the UK’s world-leading insurance and long-term savings sector becoming a rule-taker.

“Beyond Brexit, we want to see the incoming Prime Minister and his new government support our thriving and world-leading industry by improving the competitiveness of our tax and regulatory environment, boosting savings for retirement, keeping the cost of insurance down, improving the safety on our roads, and building a social care system that works for all.”

Chief executive officer at BIBA, Steve White, meanwhile tweeted about the new Tory leader saying he and his colleagues "Look forward to working with the new government on BIBA Manifesto issues." These issues include seven Calls to Action, ranging from trading solutions to motor insurance, as the matter of the UK leaving the EU continues to create uncertainty for both insurance brokers and their customers.

It was only a few weeks ago that Johnson addressed the industry at the British Insurance Brokers’ Association’s annual conference, where he made clear his admiration for the insurance industry, stressing its vital role in underpinning business progress and improving lives.

From the start of his premiership, maintaining and supporting the UK insurance sector needs to be a long-term focus and a top priority for the PM.

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