The U.K. government announced the creation of two new government industry groups that will focus on ensuring the long-term strength of the U.K.'s insurance and asset management industries.
The groups will be co-chaired by the U.K. Chancellor, Alistair Darling; Andrew Moss, chief executive of Aviva, as well as Robert Jenkins, chairman of the Investment Management Association.
The insurance and asset management working groups will meet regularly to examine challenges and opportunities for these sectors over the next 10 to15 years.
The insurance working group will be represented through the life, general, reinsurance, wholesale, and consultancy and distribution sectors.
The group will cover all aspects of the insurance value chain, analyzing the medium to long-term market challenges and opportunities facing the U.K. insurance industry against the changing domestic and international insurance, reinsurance and regulatory landscape.
It is essential that we consider our longer-term priorities across all areas of financial services, so that as we emerge from the current period of economic turbulence, we are positioned to remain at the forefront of this industry," Darling said in a statement.