It is important that alongside work on delivering Brexit and the Budget, we also identify and act on opportunities for the UK to secure new and growing areas of business.
So I was in Parliament this week as the Minister for Financial Services to introduce new legislation to enable the UK to benefit from the growing global specialist reinsurance market known as insurance linked securities, which is already worth $90 billion. This insures against major events like floods and hurricanes and is available to large institutional investors. Currently most of this business is done offshore, in countries like Bermuda, rather than in London. Bringing the business onshore will also enable UK regulators to have better oversight and control.
We have worked closely with the insurance industry to bring forward these changes, which will deliver more jobs and tax receipts from the specialist reinsurance sector where the UK is a global leader.