Setting the agenda after the election

We have had a Labour government for eight years so we all know what to expect, and it would be wise not to expect much in the way of change for the insurance industry. The big policy initiatives that affect the insurance and retail financial services sectors have already been seen through: creation of the Financial Services Authority, sorting out the pensions selling debacle and introducing affordable savings products.

Talk of a wholesale assault on financial exclusion back in 1997 has been replaced by a weary acceptance that it is 'all too difficult'. The aggressive stance on the emergence of a compensation culture that was being adopted by ministers just a few months ago finds no echo in the pages of Labour's manifesto. Even on crime the focus is on the headline-grabbing policies to tackle street crime, binge drinking and anti-social behaviour at one end of the spectrum, and global terrorism on the other with not a mention of anything in between, such as financial fraud.

Should the insurance industry, therefore, just turn its back on the political process for the next four years and not bother with lobbying in the corridors of power? I am sure many are asking themselves a similar question right now. However, there is an opportunity to create a political agenda for the industry. If the government doesn't have one, then give it one.

It would be extremely naive to expect to go through the next four years without the insurance industry having issues that find their way onto the political agenda. For instance, another bad spell of intense autumn rainfall and flooding will soon put property insurers back in the political firing line, so why not get in first, as the Association of British Insurers is trying to do, and focus attention on the need for better flood defences?

The Labour manifesto is rather limp on the dangers of overregulation inspired by the EU, so why not highlight the Brussels-inspired threats to the insurance industry and give Labour ministers the opportunity to present evidence that they have been careful to ensure EU directives remain proportionate and sensitive to UK interests. If the insurance industry does not offer them this opportunity, then other industries will.

This is a rare chance to write an agenda for government, to be pro-active rather than reactive.