Following the recent UK General Election which marked the end of the Conservative Party’s 14-year rule, the insurance industry has signaled optimism and readiness to collaborate with the new Labour government led by Prime Minister Keir Starmer.
Association of British Insurers (ABI) director general Hannah Gurga expressed enthusiasm about the prospects of cooperation with the new administration. “We anticipate a productive partnership with the government to advance our shared priorities,” Gurga stated. Highlighting mutual interests such as fostering economic growth, enhancing financial resilience for households against risks, and addressing climate change, she emphasized the potential for joint efforts to tackle significant national challenges.
Lloyd’s, represented by chair Bruce Carnegie-Brown, echoed these sentiments, foreseeing a more stable environment under the new leadership. “Lloyd’s looks forward to collaborating with the UK government to stimulate growth and bolster economic resilience,” Carnegie-Brown affirmed. Emphasizing Lloyd’s role in supporting disaster resilience and attracting global investment to the UK, he called for governmental stability and reforms to enhance the country’s competitiveness.
Insurtech Perspective
Jonathan Jackson, CEO of flood forecasting insurtech Previsico, expressed support for Labour’s commitments, particularly in addressing climate-related risks like flooding. “The increasing flood risk due to climate change necessitates immediate action,” Jackson remarked. He welcomed Labour’s proposed £4 billion investment in flood mitigation measures, including infrastructure enhancements and environmental initiatives.
British Insurance Brokers’ Association (BIBA) CEO Graeme Trudgill highlighted the industry’s priorities and engagement strategies under the new government. “Our 2024 Manifesto underscores the pivotal role of insurance brokers in managing risks and fostering resilience and growth,” Trudgill explained. He underscored BIBA’s commitment to advocating for member issues and contributing sector expertise to tackle ongoing and future challenges effectively.
Overall, the insurance sector stands poised to collaborate closely with Prime Minister Keir Starmer’s administration, aiming to leverage their expertise in addressing critical national issues and driving economic resilience.
