The Financial Services Authority (FSA) announced last month that the insurance industry has met the challenge laid down to find a solution to contract certainty in the United Kingdom.

The Authority states that this has led to a more efficient market for buyers, brokers and insurers and brought competitive benefits to the UK market. The FSA's decision follows a meeting with insurance industry leaders. The industry reported that 90 percent of contracts in the subscription market and 88 percent in the non-subscription market are now achieving contract certainty.

John Tiner, the FSA's chief executive said: “This is a major achievement by the UK insurance industry. Through their concerted hard work they have addressed an issue here in the UK that affects insurance globally. It will serve as a catalyst for the ongoing wider reform of the industry and will further raise the competitiveness of the UK industry.”