Aviva and Legal and General are among the six insurers that have agreed to collectively invest £25bn in UK infrastructure over the next five years.
Scottish Widows, Standard Life, Prudential and Friends Life complete the group of investors, according to a notice from Parliament Today.
The announcement coincides today with the publication of the UK government's National Infrastructure Plan which includes more than £375bn of planned public and private sector energy, transport, flood defence, waste, water and communications infrastructure up to 2030 and beyond.
Danny Alexander, chief secretary to the Treasury, said: "The announcement today that six major insurers will invest £25bn over the next five years is a massive vote of confidence in the UK economy. It supports the wider £100bn public investment to rebuild Britain over the next seven years that I announced at the Spending Round 2013. Underground, overground, on shore, offshore, wired or wireless, tarmac or train track. You name it, we're building it right now."
"This is great news for the people of the UK because after years of neglect, the UK's energy, road, rail, flood defence, communications and water infrastructure needs renewal. It will boost the UK economy creating jobs and making it easier to do business. It will also make the UK a better place to live for everyone who calls it their home," Alexander said.
Otto Thoresen, Association of British Insurers director general, added: "Insurers have a key role to play in contributing to the UK's economic growth, as providers of long-term capital investment. Providing capital for infrastructure projects will help drive a competitive, healthy and resilient UK economy."
Included in the government announcements today are: a further £50m for a full redevelopment of the railway station at Gatwick Airport, confirmation of a UK guarantee for the £1bn northern line extension to Battersea, the opening of a £10m competitive fund in early 2014 to test innovative solutions to deliver superfast broadband services to the most difficult to reach areas of the UK.
Lord Deighton said: "The 4th National Infrastructure Plan shows that the government is delivering on infrastructure, with a long term strategy to make sure the UK tackles decades of underinvestment and gives us the infrastructure we need to compete in the global race."
"Investment is increasing to around £375bn over the coming years, with 45% of our prospective infrastructure already under construction. We've set out government priorities with clear delivery milestones and reformed planning rules to drive forward the most important projects, making sure we are building the strong, modern economy of the future," Deighton said.
