Financial Services Regulation Committee
24 June 2026
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Financial Services Regulation Committee House of Lords
00:04 - 00:35
Speaker 1
Welcome to today's meeting, which is the fourth oral evidence session as part of the committee's inquiry into the regulation of the consumer insurance market. And thank you very much, Mr. Bose, for attending. This session is open to the public, it's broadcast live and is subsequently accessible via the parliamentary website. A verbatim transcript will be taken of the evidence and will be put on the parliamentary website. Could you please introduce yourself for the record, Mr. Bose, and then I believe you'll be making a brief opening statement.
00:35 - 02:19
Speaker 3
Yeah, thank you very much. I'm Chris Bose, I'm Director of General Insurance and International for the Association of British Insurers. We are the trade body for the insurance industry. Thank you for inviting us to give evidence to this inquiry. We are very pleased to help you understand the challenges of consumer understanding in the insurance market.
What I would say up top is insurance at its heart is about providing security and resilience in volatile and uncertain times, whether that be to consumers, to organizations, or to businesses. I would argue that the ever more volatile world that we live in means that the sector is absolutely crucial. It's essential to economic growth and innovation as well. I think it's worth also just taking a step back and understanding the scale of the industry. You know, this is an organization, this is an industry which operates at scale.
So if we take motor insurance, then insurers paid out close to 12 billion pounds in claims last year. When we look at property insurance, it's 6.1 billion, and in travel insurance, it's half a billion. I think it's easy to just see the numbers. Behind those numbers are countless examples of very difficult situations for people and businesses. What we are also seeing is that a number of the risks which insurance protect people against are becoming more severe and they're becoming more frequent, whether that be climate change and adverse weather events or cyber risks and digital risks as well.
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