PriyaPatel
TLDR:
Insurtech UK has released a roadmap with key recommendations for policymakers to strengthen the UK’s global insurance status. The plan aims to support the growth and internationalization of UK InsurTech firms by creating a regulatory regime for new entrants, facilitating funding, and unlocking opportunities for scaling up. The roadmap also suggests extending tax incentives, introducing fairer VAT/IPT regimes, and promoting international promotion of UK insurtech.
Key Recommendations:
- Establish regulatory regime for new entrants
- Create investment environment for funding
- Unlock opportunities for scaling up
- Extend tax incentives such as SEIS and EIS
- Introduce fairer VAT/IPT regimes
- Promote international promotion of UK insurtech
Article:
Insurtech UK has published its Roadmap of recommendations for policy-makers to retain and strengthen the UK’s leading global status in insurance innovation. The plan, released at the end of June, outlines how the next government can create a supportive environment for UK InsurTech to flourish. Key recommendations include establishing a regulatory regime for new entrants, creating an investment environment for funding, and unlocking opportunities for scaling up. The UK’s InsurTech industry is already valued at over $20bn, supporting 60,000 jobs and contributing nearly £5bn to the economy.
The Roadmap suggests extending tax incentives like SEIS and EIS to incentivize investment, as well as introducing a fairer VAT/IPT regime for InsurTechs. It also calls for government-backed reinsurance schemes to enable coverage of new societal risks and support affordable insurance policies for greater financial inclusion. By implementing these recommendations, UK InsurTech can reach its full potential and remain a global leader in insurance innovation.
