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Industry draws up blueprint to boost British resilience  

The Association of British Insurers has published a manifesto detailing ways the government can work with industry to address challenges such as climate change resilience and cybercrime. 

The document supports a long-term strategy to transition to net zero greenhouse gas emissions and stresses the need for action to improve resilience to climate risks. 

“We must all recognise the importance of mitigating against hotter summers, more frequent flooding, increasing extreme weather events and problems caused by older infrastructure and housing that was designed for cooler temperatures,” the manifesto says.  

“The sector is a crucial partner of government as we work to adapt to a changing climate.” 

The association calls for a further planning policy review to ensure stronger restrictions against developments that increase flood risk, and it seeks a long-term flood defence investment of at least £1 billion ($1.5 billion) a year in the next spending review. 

Action is also urged on new and emerging systemic risks including cybercrime. 

A government and industry forum to share expertise should be established as part of the national resilience strategy, it says. Continued close engagement is also sought on a regulatory framework for artificial intelligence.

The document proposes cutting the insurance premium tax under measures to build a more resilient workforce and calls for a regulatory and tax framework that is “proportionate and fair”, to drive growth and competitiveness. 

The association represents more than 300 companies across the insurance and long-term savings industry and says the sector contributed £36 billion ($54 billion) to the economy in 2021. 

“From boosting the nation’s savings and investments to enabling the transition to clean energy and improving our nation’s resilience in the face of new and emerging risks, the ABI and our members stand ready to work with government to unlock growth and opportunities across the UK,” director-general Hannah Gurga said on LinkedIn. 

The document is available here.