The government must create the “right regulatory environment” to allow insurers and brokers to innovate

The UK Treasury’s new Economic Secretary Andrew Griffith said he embraced “risk as part of the lifeblood of the enterprising economy that we seek” as he congratulated insurance brokers for their vital role.

Speaking at trade body Biba’s 2023 manifesto launch event at the Houses of Parliament on 24 January 2023, the Conservative MP showered praise on the broking community and wider insurance industry.

Vital economic role of insurance

“I want to, as somebody who I hope understands risk and embraces risk as part of the lifeblood of the enterprising economy that we seek, congratulate you on your absolutely vital role in managing, in pricing and coming up with solutions that help people manage that risk.

“It is through the magic of the insurance industry that we are able to transfer and manage risks and unlock so many of the benefits that advanced economies and advanced societies rely upon and that we will continue to rely upon, so never be ashamed of your core purpose in underlying the society that we live in.”

“It’s something we should never take for granted as we try and strive and create the right regulatory environment in which you can do that valuable work,” he continued.

“We should never take for granted the underlying value of that management of risk function you perform.”

Griffith was appointed Economic Secretary on 27 October 2022. He replaced John Glen, who is now Chief Secretary to the Treasury after resigning as Economic Secretary in July 2022.