City minister Andrew Griffith and risk management participants attended a roundtable to consider the potential benefits of introducing a UK captive insurance regime.
The roundtable was organised by Griffith and the London Market Group (LMG), the UK capital’s trade body for commercial (re)insurers.
The event was attended by captive owners, brokers, insurers and the wider risk management community.
This is the first time the UK government has convened market experts to listen to the benefits that a captive regime could bring to the country.
The creation of a UK captive framework is a key pillar of the LMG’s roadmap to improve the business environment for risk transfer in the UK as well as a part of its latest ‘Plan for the Future' which launched today (18 September).
Caroline Wagstaff, CEO of the LMG, comments: “Despite being the global hub for risk transfer, the UK’s regulatory regime is not conducive to businesses setting up captive insurers here.”
She adds: “This is a rapidly growing global industry; with captive premiums estimated to reach US$161 billion by 2030, and other jurisdictions — including France and more recently Italy, are opening their doors.”
