(KFOR NEWS August 23, 2022) LONDON, UNITED KINGDOM – On Monday, Governor Pete Ricketts and leaders from Nebraska’s insurance industry met with the Association of British Insurers (ABI) at its London headquarters. The roundtable meeting provided a forum to discuss strengthening ties between Nebraska’s thriving insurance market and insurance companies in the United Kingdom.
“States across America look to Nebraska for guidance when developing regulatory frameworks,” said Gov. Ricketts. “Our reputation for fair, consistent, and transparent regulation has drawn investment from domestic and international insurers alike. The United Kingdom’s insurance industry is the largest in Europe, with a track record of innovation. The ABI’s advocacy has played a significant role in its success. Our team greatly enjoyed and benefited from our conversations with ABI leadership. Thank you to the ABI for your enthusiasm to grow relationships between the state of Nebraska and the UK’s dynamic insurance sector.”
“Collaboration is key to encourage growth and innovation, and the US insurance market is well-developed and one we have a strong bilateral relationship with,” said Charlotte Clark, the ABI’s Director of Regulation. “Nebraska is a key part of that market. We are always looking for ways to learn from, and share our own knowledge with, other markets and are delighted to meet with Governor Ricketts and his team. This discussion is key to continuing to build a mutually beneficial relationship between the UK and Nebraska, where we can understand more about each other’s processes, develop new ways of thinking, and ultimately ensure the industry remains competitive and the best-in-class for consumers.”
This year, Gov. Ricketts signed Legislative Bill (LB) 863 into law to make it even more attractive for insurance companies to do business in the Good Life. Prior to the legislation, insurers in Nebraska doing business in the UK may have been subject to double regulation—both from the State of Nebraska and the United Kingdom. LB 863 enables insurance companies to be covered by a single regulatory system, making it easier for them to serve customers.
Nebraska has more than 120 domestic insurers and ranks first nationally in total capital and surplus with $395 billion. These insurers represent more than $949 billion in total assets, ranking Nebraska third nationally. Domestic insurers in the Cornhusker State employ 16,000 Nebraskans.
The Association of British Insurers represents over 200 member companies. Collectively, its members manage investments of nearly £1.7 trillion.