ABI Report Calls For Growth in Commercial Sector

The latest from the ABI who see growth potential in the Commercial insurance sector;

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.”