Hoban calls on insurance industry to face long term challenges

Mark Hoban MP has warned that the insurance industry must be careful to avoid becoming “absorbed by the short term challenges” it faces and be more aware of the long term difficulties.

Mr Hoban, financial secretary to the Treasury, cited changes in consumer behaviour, particularly increased movement towards the internet, and the banking crisis, as particular problems the industry must deal with in a speech delivered to the Insurance Institute of London.

He said that consumer confidence in the industry had been affected by the banking crisis because “consumers don’t discriminate between banks and insurers”.

According to Mr Hoban, part of the process of changing this attitude