About $65 billion in capital has flowed into Bermuda’s insurance sector over the past two to three years, according to Clement Booth, chairman of Allianz’s UK business.Mr Booth made the claim at the Association of British Insurers’ biennial conference on Tuesday as he spoke on the increasing pressure on Britain’s status as a top insurance centre faced from its rivals unless the UK government learns how to make the market more competitive, as reported in the Daily Telegraph.Mr Booth, who was also the keynote speaker at the Insurance Day Summit held in Bermuda last week, said that in addition to the capital flows into Bermuda, no global insurance groups had chosen to redomicile their business to the UK.“In the UK we should try to compete for a bit of that,” he said. “We need to reflect as a community...on the capital that is flowing into Bermuda and Switzerland and even Ireland,” he said. “I would argue that much of this could have ended up in the UK, and specifically in the City of London. It would be nice if political leadership were to be clearer (so that could) happen.”His sentiments were echoed by Dane Douetil, chief executive of Brit Insurance, which is currently domiciled in the Netherlands. He told delegates that his company had experienced some difficulty attracting talent to the UK because of issues such as the 50 percent tax on higher earners.Responding to Mr Booth’s comments, Mark Hoban, Financial Secretary to the Treasury, admitted there was a need to make the UK tax regime more competitive, with reforms already under way.He said corporation tax was being cut, making it the most competitive in the advanced economies, while life insurance tax was also being examined. Further tax policies are also being investigated to help insurers adjust to the industry’s new Solvency II capital rules, due in early 2013.