L&G - Insurance can help bring benefit reforms

It also noted that a transfer of less than 1% of risk from the public to the private sector would be enough to achieve the savings Iain Duncan Smith needs to deliver the reforms proposed in today's consultation paper. Responding to the consultation, Tim Breedon, group chief executive at L&G, suggests that insurers and the government are in the same business, so a better partnership between the industry and government to reduce the cost to tax-payers of Britain's insurance bill makes perfect sense. "The proposal of a universal credit offers a simplification of the benefit system, while...