Which is better for your health?
The UK government is looking to boost its role in driving innovation by opening up the reinsurance market to foreign firms.
The move will bring the total number of reinsurance firms in the UK to more than 30, up from less than five last year.
The government’s decision comes as the US and other countries tighten rules on foreign reinsurers.
Insurers are also being asked to increase the amount of capital they invest in their products and technologies.
But the move could also make the UK more competitive in an increasingly competitive global marketplace.
“If you look at the world as a whole, there are more foreign reinsurance companies than there are UK companies,” said Andrew O’Neil, chief executive of Insured.
“They have more of a presence, they’re larger and they have a better quality of capital than we do.”
They can be better managed and have better quality capital, and they can take on a more robust regulatory environment.
“But there are certain things that UK companies can do differently.
They can make better capital allocation decisions.
They could be more efficient in their investment strategies, and so on.”
Insured, which was founded in the US in 2006, said it was “extremely excited” about the government’s plan to open up reinsurance markets in Britain.
“Insured is very much looking forward to working with the government to build on this successful, global experience and deliver innovative, low-cost, low risk solutions to the needs of people with disabilities, including those with cancer,” the company said.
The move comes as regulators around the world tighten rules over the use of foreign reinsurer. “
This is about delivering a level playing field for all companies that invest in cancer research and treatment.”
The move comes as regulators around the world tighten rules over the use of foreign reinsurer.
In the US, the Federal Trade Commission (FTC) has asked the reinsurers to reveal how they manage the capital they are giving to the firms.
In Germany, the European Medicines Agency (EMA) is looking at ways to curb the foreign ownership of cancer drug companies.
In the US the SEC is investigating the possible misuse of reinsurer capital.
However, the UK has no national regulatory framework for reinsurer firms, and Insured is not looking to enter one.
The company said the government would need to “proactively” develop a plan that “makes sense for UK-based companies”.
“If the government really wants to make sure that we have a strong regulatory framework, then they need to get in front of that,” said Ms O’Neill.
The government said the move would make the government a “greater player” in the reinsurer market.
The change comes as some major global companies are moving into the insurance market, such as US giant General Motors, and as the cost of insuring people with health problems has been cut by more than half in the last five years.
Mr O’Brien, who previously worked for GSK, said: “If the UK really wants the reinsure market to become more competitive, then it will need to have a regulatory framework in place which makes sense for our industry.”