The importance of the insurance sector to UK companies has been outlined by the head of an industry body.
British Insurance Brokers Association (BIBA) chief executive Eric Galbraith stated that financial protection is part of the "DNA of business".
He was speaking at the annual BIBA conference that was held recently in Manchester.
"We, as an insurance sector, have one of the most innovative and competitive environments in which we work," he told attendees at the gathering.
Mr Galbraith added: "We are the lowest risk area," calling on the government to avoid imposing extra regulation on the sector in the future.
Increased costs and requirements could be damaging to the insurance industry, he suggested.
This comes after the Chartered Institute of Insurance announced it was launching a drive to raise the level of professionalism in the marketplace.
A new taskforce is being created by the organisation, made up of senior industry figures.
Financial protection 'important to UK business'
