Commercial insurance plays a critical role in powering UK growth,
innovation, and resilience, according to a new report from the
ABI.
Drawing on case studies from ABI members, The Value of Commercial
Insurance: Enabling growth, innovation, and
resilience shows how insurers help businesses and
organisations of all sizes and sectors manage risk, support jobs
and unlock investment across the UK.
The report explores how commercial insurers have made major
infrastructure projects possible, helped businesses recover from
unexpected losses, enabled the transition to net zero, and
protected the UK's most iconic landmarks and events. Examples
include cover for:
- Businesses of all sizes, from SMEs to multinationals, helping
them to withstand and build resilience against a wide range of
risks through public liability, buildings, or cyber insurance
this protects jobs and supply chains and facilitates investment
across the entire economy.
- Sustainability projects in the Teesside and Liverpool Bay
areas, where the industry plays a vital role in the delivery of
projects from planning right through to long-term operations. The
industry supports thousands of local jobs and is building
investor confidence in net zero efforts.
- Festivals, Tower Bridge, and National Trust properties,
offering protection against unique risks associated with large
events and. historical landmarks supporting regional growth and
the wider tourism and entertainment industries.
The report also sets out recommendations for government and
regulators to help commercial insurers play an even greater role
in supporting growth and resilience across the UK. For example,
by engaging insurers earlier in the development of major
infrastructure, government can benefit from the industry's
expertise in risk management and build resilience at the heart of
these projects. In creating a proportionate and internationally
competitive regulatory environment, government and regulators can
also capitalise on commercial insurers' investment
potential.
Chris Bose, Director of General Insurance at the ABI,
said: From helping businesses recover from
disruption, to supporting tech innovation and enabling major
infrastructure, the UK is home to one of the world's leading
commercial insurance markets. As the new government looks to
drive growth and embed resilience across the country, there's a
real opportunity to make greater use of the expertise our sector
has to offer.
Notes to Editors:
Commercial insurance includes a broad category of products
designed to protect businesses against a wide variety of risks,
from employee injuries and public liability lawsuits to stock and
premises damage and business interruption. Commercial insurance
can also protect against niche and novel risks like credit risk
and cyber threats.
