“We have a genuine opportunity to maintain and grow an innovative and vibrant insurance sector while protecting policyholders and making it easier for insurance firms to use long-term capital to unlock growth.”
Charlotte Clark, Director of Regulation at the ABI, said the announcement was “a positive step that sees us well on the way to ensuring that we have a package that provides additional investment in the UK, without undermining the high standards of policy holder protection we have.”
It has also been welcomed by many major insurers with Penny James, CEO of Direct Line Group, and Claudio Gienal, CEO of AXA UK and Ireland, both commenting on the greater ability it would give for insurers to invest in infrastructure.
Ms Blackwell said she welcomed John Glen’s announcement, adding: “These changes once implemented should help channel billions of Pounds into areas like social housing and urban regeneration from long-term investors like Pension Insurance Corporation, whilst securing the pensions of our policyholders for decades to come.”
