The first International Insurance Regulators' and Policymakers' Summit in Cardiff has launched in a bid to improve dialogue between UK insurers and international players.
The Summit will run until 5 September and has been organised by TheCityUK, its members and government, as part of the government's Insurance Growth Action Plan (IGAP.)
IGAP aims to deepen understanding of the UK's insurance market in the international market, and build links to growing markets, bringing together regulators and policymakers from emerging international markets.
A series of sessions will be held at the headquarters of UK insurance companies in London and Cardiff as well as government offices.
The UK's Insurance net exports totalled £11.6bn in 2012 and is already Europe's largest and the third largest worldwide. Its total worth to GDP was almost £11.6bn and formed 1.7% of total GDP in 2012.
Sir Gerry Grimstone, chairman of TheCityUK, said: "The Summit is an important part of the IGAP and a unique opportunity for TheCityUK together with its industry partners to facilitate a two-way dialogue between the UK insurance industry and delegates from international markets where major growth in insurance is expected over the coming years.
"As well as providing a forum to address the global regulatory and policy challenges, we hope to find synergies on how we can work together to improve the global competitiveness of the insurance industry and its related services. The Summit also provides a platform to build an understanding of the UK's approach to insurance regulation and forge stronger relationships with international markets."
