Financial services

Consumer agenda for insurance

Consumer issues are central for the insurance industry. Current initiatives and proposals include:

The Government’s commitment to removing the requirement to purchase an annuity by age 75. The removal of this rule underlines the Government’s determination to encourage greater flexibility and innovation in the market in order to support pensions savings;
Cross-Government work to ensure the ongoing provision of flood insurance. There is currently an agreement between the Government and insurance industry – known as the Statement of Principles – to ensure that flood insurance is widely available. This agreement expires in July 2013. The Treasury is working with Defra, the Department for Communities and Local Government and the insurance industry to ensure that flood risk is managed in the most appropriate way and that flood insurance remains widely available.

Separately, in its Vision for 2020 report (July 2009), the practitioners that formed the previous Government’s Insurance Industry Working Group identified creating a deeper relationship with customers as a central requirement for future growth.

The following related information is available to download as follows:

Consumer agenda for insurance

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