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UK InsurTech Unveils Plan for Global Domination
A new report by InsurTech UK outlines how the UK government can support the booming InsurTech industry and solidify the UK’s position as a global leader in insurance innovation.
UK’s InsurTech Powerhouse Status
The recommendations focus on three key areas: creating a welcoming regulatory environment for new startups, fostering a strong investment climate, and helping established InsurTech companies grow internationally. The UK is already a major player in InsurTech, boasting the world’s second-largest cluster with an estimated value of over $20 billion. This industry generates roughly £5 billion for the UK economy and employs 60,000 people.
The report proposes financial incentives such as extending tax relief programs for investors (SEIS and EIS) to all InsurTech categories to fuel further growth. Additionally, it suggests expanding eligibility for employee share ownership schemes (EMI) to attract top talent.
Other recommendations include simplifying the process for claiming research and development tax credits, establishing a fairer tax regime for InsurTechs, and launching a government-backed initiative to promote UK InsurTech internationally. The report also highlights the potential of government-backed reinsurance schemes to address emerging societal risks and make insurance more affordable, promoting financial inclusion.
By implementing these recommendations, the UK can solidify its advantage in the InsurTech sector and ensure continued innovation in the insurance industry.
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