Better access to insurance for older customers
by Gill Montia
Story link: Better access to insurance for older customers
Older people should, in future, find it easier to get motor and travel insurance following an agreement between the Association of British Insurers (ABI), the Government and the British Insurance Brokers’ Association (BIBA).
From 6th April, if an insurer or broker is unable to offer cover to an older motorist or traveller, due to upper age limits, they will refer that person to an alternative provider who can meet their needs, or to a dedicated signposting service such as BIBA’s “Find a Broker” service.
All ABI members will adhere to the agreement as a condition of membership and all BIBA brokers will comply, while non ABI and BIBA members will follow the agreement on a voluntary basis.
In addition, the ABI will publish annual aggregate data showing claims costs for motor and travel insurance, broken down by age ranges, and BIBA will publish details of age-related enquiries to its “Find a Broker” service.
ABI director general, Otto Thoresen, comments: “This agreement shows how the industry can work with Government to increase access to insurance, improve transparency, while preserving insurers’ ability to assess and price risk fairly.”