Nearly four years on from the beginning of the financial crisis, the UK’s insurance leaders are sceptical about UK regulatory changes, very worried about the EU agenda and still very cautious about the overall operating environment. That is the clear message from industry executives as they take stock in mid-2011 at a time of fast-moving regulatory, political, market and economic change.
In fact, if one overarching theme jumps out from the ABI’s Insurance Leadership Survey it is the sheer weight of conflicting pressures industry leaders have to balance to stand a chance of keeping shareholders, customers, politicians and regulators happy, at the very time the market is seeing significant changes in industry leadership and continuing structural change.
Executive Insights is based on the entirely personal and anonymous views of 57 individuals in a position of industry leadership including CEOs, CFOs and CROs from some of the biggest insurers operating in the UK. The respondents were not espousing a company view but their own instincts and judgements on the issues that matter most. They work in companies across the market with nearly half from the larger insurance firms with a GWP income of over £1billion a year with all types of insurer represented; general, health, protection, life, pensions and wealth management, reinsurance, composites and bancassurers. Even though these executives are spread right across the breadth of the market, their views were remarkably similar whatever part of the industry they work in.
What does the publication cover?
- What really matters to UK insurance leaders?
- What do industry leaders perceive to be the strengths and weaknesses of insurance?
- Do the post-crisis regulatory reforms in the UK and EU have any support from insurance leaders?
- How likely are our industry leaders to re-domicile and if so, where would they go?
- Do insurance leaders believe the outlook for the industry is heading in the right direction and are there opportunities for them to work more closely with the Government?