On the 10th May, Queen Elizabeth II addressed both Houses of Parliament. Her speech began by highlighting the need to “grow and strengthen the economy and help ease the cost of living for families,” before addressing several bills including the Transport Bill, Levelling Up Bill, Energy Security Bill, UK Infrastructure Bank Bill, and the Financial Services Bill.
In response to the Queen’s speech, The Association of British Insurers (ABI) vocalised its support, welcoming the opportunity to work with the Government across the range of issues set out in The Queen’s speech, including regulatory reform which ABI believes are of interest to the sector and “millions of customers.”
Commenting on the Transport Bill, James Dalton, ABI director of general insurance policy, said that although regulations in areas such as e-scooters need to strike the right balance between ensuring public safety and encouraging innovative approaches to transport, the insurance industry “supports the development of a greener, more efficient transport network.”
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ABI also commented on the Levelling Up Bill/ Levelling Up and Regeneration Bill with James Dalton noting that “by helping ensure many of the most vulnerable are more financially resilient, the insurance and long-term savings industry has an important role to play in helping the Government deliver its Levelling Up agenda.”
Dalton continued that it’s vital “we protect our flood-risk communities from the rising flood risk, through a commitment to adequate and sustained investment in flood defences, and a planning system that reduces the number of new developments built in inappropriate areas.”
The British Insurance Brokers' Association (BIBA) also noted the importance of protecting flood-risk communities, detailing the importance of better planning and regulation during property development to mitigate flood risks in its 2022 manifesto.
The general insurance intermediary organisation recognises that the principle of insurance is to cover the unexpected, therefore housing development in high flood risk areas will always be a concern.
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Although the Financial Services and Markets Bill recently came under fire from green campaigners and activists following its second reading last Wednesday, Charlotte Clark, ABI director of regulation, welcomed the introduction of the Financial Services Bill and the “ambition to maintain and enhance the UK’s position as a global leader in financial services.”
“We support the focus on growth and international competitiveness and look forward to seeing further detail in particular on the objectives for regulators to ensure there is meaningful change,” added Clark.
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Finally, commenting on the introduction of the Energy Security Bill, Clark said this was an “important step towards accelerating our transition to Net Zero and to having more secure and independent energy supplies.”
Clark claimed that “as investors, the insurance and long-term savings sector has a key role to play in supporting the transition and subject to meaningful reform of the Solvency II regime,” and that there is more the sector can do to provide investment in green infrastructure.
This sentiment was shared in Clark’s welcome of the UK Infrastructure Bank Bill which she believes is a further commitment to reaching the UK’s Net Zero targets.”
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Following the announcement of Queen Elizabeth II’s passing, both ABI and BIBA released statements of condolence.
Hannah Gurpa, ABI director general, has said, “On behalf of the insurance and long-term savings industry, we send our deepest condolences to the Royal Family on the passing of HM The Queen. At this very sad time, we pay tribute to the service and dedication that her Majesty has given to the United Kingdom throughout her life and reign.”
BIBA has it is “deeply saddened by the news that Her Majesty The Queen has passed away. Our thoughts are with the royal family at this sad time as we join our friends and colleagues in national mourning.”
The general insurance intermediary organisation has also said, as a mark of respect to the late Sovereign, it will be only posting urgent updates and will no longer be holding its Golf Day in Leeds on the 13th September, or the London and South East Tour of the Regions event at Lloyds of London on the 15th September.
