Updated February 27th, 2024 at 16:01 IST

Investing in Britain is safest option, minister tell insurers

Addressing the Association of British Insurers' conference, Afolami acknowledged the insurance sector's cautious stance on risk.

Reported by: Business Desk
Insurance | Image:Unsplash
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Invest in Britain: Financial Services Minister Bim Afolami urged Britain's insurers to seize the opportunity and deploy their newly liberated capital into ventures that fuel growth and infrastructure development. 

In the wake of Brexit, the UK has relaxed capital regulations for insurers, presenting a crucial post-Brexit advantage for the financial industry. Afolami stressed upon the importance of channelling substantial funds into investments for expansion, aiming to invigorate the economy.

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Addressing the Association of British Insurers' conference, Afolami acknowledged the insurance sector's cautious stance on risk. 

Nonetheless, he underscored the transformative potential of the regulatory reforms, stressing that investing in the UK represents the most secure option available. 

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He urged insurers to embrace this momentous opportunity and move forward in partnership to capitalise on the country's prospects for growth.

(With Reuters Inputs)

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Published February 27th, 2024 at 16:00 IST