Six months on from the summer riots, the Association of British Insurers (ABI) has issued an update on the progress insurers have made in settling claims. So far, eight in ten claims for damage under household policies have been settled and over seven in ten businesses have seen their claims for property damage settled, or [...]
Responding to Environment Secretary Caroline Spelman’s comments about insurers looking for a subsidy to insure against flooding, the Association of British Insurers’ (ABI) director general, Otto Thoresen, says: “We are not arguing for a subsidy to benefit insurers. “We want a long term solution, negotiated constructively with the Government, that will help the insurance industry [...]
The Association of British Insurers (ABI) has launched a political campaign highlighting the scale of flood risk faced by constituencies across England and Wales. Quoting the latest Environment Agency flood data, the ABI claims that unfulfilled Government pledges to tackle the rising flood threat have left thousands of homes with a greater than 1 in [...]
The Association of British Insurers’ (ABI) director general, Otto Thoresen, has set out the “new normal” for the UK insurance industry. Speaking yesterday at the Insurance Institute of London, Mr Thoresen outlined three core shifts that the industry needs to accept, beginning with globalisation and the “rising star” of the economies of the Far East [...]
The Association of British Insurers (ABI) has announced the appointment of Stephen Gay as its new director of Life, Savings and Protection. In addition, Gay will lead the firm’s efforts to encourage people to save and protect themselves whilst spearheading the new pensions reform agenda. He brings more than a quarter of a century of [...]
The ABI has warned that many people are missing out on better retirement income by not browsing thoroughly for a better annuity. The organisation has launched a consultation aimed at helping the industry to find new ways to support people making the right choices when they retire. In September the ABI launched a compulsory code [...]
The Association of British Insurers (ABI) has responded to a consultation by the Financial Ombudsman Service (FOS) by questioning whether the publication of all ombudsman decisions is the best approach. According to the ABI, a small number of consumer complaints can raise broader industry-wide issues. However, the body argues that the individual and unique nature [...]
The Association of British Insurers (ABI) has dubbed the theft prone festive season the ‘theftive season’, as criminals target easy pickings during Christmas and the New Year. More than 10,000 burglary claims were handled by insurers over last Christmas with payouts totalling £15m. Many such cases involved the homeowners being away, on holiday or visiting [...]
The Association of British Insurers (ABI) is promising a speedy response from its members to policyholders who have suffered damage caused by the high winds hitting Scotland and other parts of the UK. The trade body confirms that storm damage, such as that caused by high winds, will be covered by home and business property [...]
The Office of Fair Trading (OFT) has provisionally decided to refer the UK’s £5 billion private healthcare market to the Competition Commission for further investigation. The watchdog’s key concerns include: A lack of easily comparable information available to patients, GPs or health insurance providers on the quality and costs of private healthcare services. Lack of [...]
Motorists are being advised by the Association of British Insurers (ABI) not to risk leaving their cars unattended. As cold weather once again closes in, many will leave their cars unattended whilst they defrost and warm up, but the ABI is advising motorists to stay with their cars and not run the risk of theft. [...]
Recent demands from the Association of British Insurers that companies in which its members hold a stake should curb excessive executive pay and bonuses may be helped along by government proposals to improve pay transparency at larger banks. Financial Secretary to the Treasury, Mark Hoban, wants 15 banks in the UK to reveal the remuneration [...]
The Association of British Insurers (ABI) has come out against government plans to end life assurance premium tax relief on policies taken out before 1984. The concession was removed for new policies in 1984 but according to the ABI, there are still around 1.5 million policies in existence that benefit from the 12.5% tax relief. [...]
The Association of British Insurers (ABI) has stepped up its efforts to curb excessive remuneration in the City, ahead of this year’s bonus awards. In a letter to the chairmen of the UK’s leading banks, the Association’s chief executive, Otto Thoresen, says: “It is our members’ view that it can no longer be business as [...]
Motorists who fit winter tyres to their cars should not be subject to an extra charge on their insurance, according to the ABI. ABI member insurers make up 90% of the motor insurance market, and will not charge an additional premium if winter tyres are fitted, assuming the tyres are roadworthy, and are fitted in [...]
The Investment Management Association (IMA) and Association of British Insurers (ABI) are adopting the same names for their managed/mixed investment sectors in a move aimed at creating consistency and comparability across insurance and investment funds. Research by the IMA suggest that when presented with sector definitions, investors focus on the percentage exposure to asset classes, [...]
Those affected by flooding following the heavy rain that has afflicted parts of Scotland have been advised to contact their insurer with all haste by the ABI (Association of British Insurers). Director of General Insurance Nick Starling described the flooding as precisely the sort of reason that insurance was designed for. Starling added that insurers [...]
The Association of British Insurers (ABI) has responded to the Autumn Statement delivered today by Chancellor George Osborne. Director General Otto Thoresen said, in regard to the National Infrastructure Plan, that the bond markets were a huge and untapped source of finance that insurers had long sought to utilise to help bolster growth. Thoresen went [...]
The Association of British Insurers (ABI) has released a new health and safety guide for businesses, to provide them with advice on assessing risk without worrying to an excessive degree. The guide features five principles, such as getting a senior management commitment on health and safety matters, and selecting an individual to be responsible for [...]
