Working with government to build competitiveness

We want to create a business environment in which the market can flourish, so that London is able to respond to new client demands and existing and emerging risks.

To help us achieve that the LMG will:

Proactively engage with the UK government, parliamentary parties and the civil service to ensure they better understand the position of the London Market and its place in the UK economy
Develop an agenda for government to enhance the international competitive position of the market
Ensure that the regulation of the market is appropriate and is proportional to the risks we pose, recognising the market competes globally for business, investment and people.

London should be the fulcrum of insurance invention, the place where new solutions that meet changing customer demands are developed and nurtured.

Progress

Significant headway has been made in securing the key goals that we originally set out in 2021 to improve the business environment in which the insurance market operates. These include:

Amendments to the Financial Services and Markets Act 2023;
Changes to the UK Solvency regime post Brexit; and
Development of insurance products so that the market can contribute to the country’s economic growth.

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