Brighton & Hove Albion

Insurance coverage progress plan launches as Aviva broadcasts £500 million for UK infrastructure

 

On the day the government unveils the UK Insurance Growth Plan to industry leaders, leading life insurer Aviva announced that it has earmarked $ 500 million for investments in UK infrastructure.

This follows on from Avivas’ pledge, along with five other major insurers, to invest at least 25 billion in major UK projects two weeks ago, along with the publication of the 2013 National Infrastructure Plan (December 4th).

Aviva has now announced that it has set aside its first $ 500 million as part of this commitment, made possible by the successful negotiations by governments on the Solvency II Directive and wider efforts to make the UK the most attractive place to invest in infrastructure.

The government is committed to helping institutional investors, such as insurers, get involved in building Britain.

The UK Insurance Growth Action Plan sets out where government and industry, in partnership with other partners, will take action to strengthen the sector’s contribution to economic growth and strengthen the UK’s position as a world leader in a global industry.

In addition to long-term investments in infrastructure, the plan highlights several priority areas for action: developing a more coordinated and targeted approach to promoting UK industry in key overseas markets; Strengthening the UK as a location for overseas insurers and insurance capital; Serving UK insurance clients; and promoting skills and diversity in the insurance workforce.

The insurance industry is an important asset for the UK and an important economic driver. It employs over 300,000 people across the country, attracts global capital, serves consumer needs and is a major UK exporter.

Treasury Secretary of the Treasury Sajid Javid MP said:

The insurance sector is a leading example of the UK’s position as a center for global finance and we intend to keep it that way. That is why today we are presenting a UK Insurance Growth Action Plan to further strengthen the sector’s contribution to economic growth and how we will work with industry to strengthen the UK’s position as a world leader in a truly global industry .

This is already bearing fruit, just two weeks ago six major insurers announced their intention to invest at least 25 billion in infrastructure projects and I am delighted that Aviva has already committed 500 million to growth-enhancing projects in the UK and I look forward to working with them to work together to support this investment.

Huw Evans, Associate Director General of the Association of British Insurers, said:

The Insurance Growth Action Plan shows the importance of the UK insurance industry to the economy and society at large, and how working in partnership with the government can be beneficial for both. We welcome the government’s commitment to help UK insurers expand into overseas markets, as well as encourage companies to locate in the UK.

The increased security around Solvency II has already paid off as insurers have pledged to invest 25 billion in UK infrastructure projects over the next five years, again showing the importance of a thriving insurance market to the UK’s economic health .

John Nelson, Chairman of Lloyds, said:

I am delighted that Lloyds hosted the Government’s Action Plan for Insurance Industry Growth. It fits well with Lloyd’s own strategy of expanding into high-growth markets and I am delighted that the government has reaffirmed its support for it. The action plan is a clear recognition of the importance of the insurance industry to the UK economy in terms of job creation and investment

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