UK insurers pay out £6.7m a day on protection policies
by Gill Montia
Story link: UK insurers pay out £6.7m a day on protection policies
Latest figures from the Association of British Insurers (ABI) show that every day in 2011 insurers paid out £6.7 million to individuals and families who had made claims on life, critical illness and income protection policies. In 2011: • The average pay-out on a life insurance policy was £46,000, two and a half times the [...]
UK boards making progress in diversity
by Gill Montia
Story link: UK boards making progress in diversity
UK boardrooms are making clear progress on diversity and the use of external evaluation, according to the Association of British Insurers (ABI). In a new study based on an analysis of FTSE 350 annual reports, the ABI found that: Board diversity is improving: 26% of FTSE 100 and 31% of FTSE 250 board appointments were [...]
ABI welcomes Government moves on whiplash fraud
by Richard Kilner
Story link: ABI welcomes Government moves on whiplash fraud
The Association of British Insurers (ABI) has said that the Government is on the right track to respond to rising whiplash claims. ABI Head of Motor and Liability James Dalton responded to the publication of a Government consultation to tackle rising whiplash claims by saying the organisation was pleased the Government recognised the need for [...]
ABI responds to the Autumn Statement
by Richard Kilner
Story link: ABI responds to the Autumn Statement
Otto Thoresen, Director General of the Association of British Insurers (ABI), has responded to the reduction in pensions tax relief contained within yesterday’s Autumn Statement. Thoresen said that whilst the organisation recognised the economic pressures the Government faced a second change in pensions tax allowance in three years was frustrating. He called on the Coalition [...]
ABI speaks out on flood insurance
by Gill Montia
Story link: ABI speaks out on flood insurance
With over 300 flood warnings in place across the UK, the Association of British Insurers (ABI) is calling on the Government to commit to a joint solution to ensure long-term affordable flood insurance for high-risk households. The ABI describes the current state of talks with ministers as at an “impasse” following the Government’s refusal to [...]
ABI issues flood advice
by Richard Kilner
Story link: ABI issues flood advice
The Association of British Insurers (ABI) has issued advice to people who have been affected by the recent flooding. Those who have suffered damage to property or contents should contact their home insurer as soon as possible, most of which have 24 hour hotlines. Policyholders should also effect temporary repairs, if necessary to present the [...]
Gender directive will not make insurance uncompetitive
by Richard Kilner
Story link: Gender directive will not make insurance uncompetitive
The Association of British Insurers (ABI) has predicted that the insurance market will remain competitive after the coming into effect of the new gender ruling which will mean that gender cannot be used as a risk category to price insurance. ABI spokesperson Adeola Ajayi said that the organisation had lobbied against the change for almost [...]
ABI launches Campaign for Safe Young Drivers
by Richard Kilner
Story link: ABI launches Campaign for Safe Young Drivers
The Association of British Insurers (ABI) has launched the Campaign for Safe Young Drivers to help reduce the number of accidents and casualties involving young drivers. The single biggest cause of accidental death for 15-24 year olds is dying in a car, and last year 5,419 people suffered death or serious injury in accidents involving [...]
ABI impatient over whiplash consultation
by Gill Montia
Story link: ABI impatient over whiplash consultation
The Association of British Insurers (ABI) is calling on the Government to get on and publish its consultation on the UK’s whiplash epidemic. Earlier this year, ministers agreed to consult on proposals to increase the small claims track limit for personal injury claims and introduce more independent medical experts to assess whiplash claims. According to [...]
ABI consults on annuity rate transparency
by Gill Montia
Story link: ABI consults on annuity rate transparency
The Association of British Insurers (ABI) has launched a consultation on annuity rates transparency, following up on its commitment to help people approaching retirement get the best pension deal. In brief, the ABI is proposing to: 1. Conduct a regular survey of all ABI members offering annuities, setting out a number of typical customer profiles [...]
ABI issues advice to avoid burst pipes
by Richard Kilner
Story link: ABI issues advice to avoid burst pipes
The Association of British Insurers (ABI) has urged homeowners to take pre-emptive action to reduce the risk of burst and frozen pipes. Two years ago the especially savage winter led to insurers being swamped with 3,500 claims a day for burst pipes. The problem can be very expensive, disruptive and stressful, but taking simple steps [...]
ABI welcomes outcome of civil litigation damages appeal
by Gill Montia
Story link: ABI welcomes outcome of civil litigation damages appeal
A decision by the Court of Appeal to revise its original decision in the case of Simmons v Castle has been welcomed by the Association of British Insurers (ABI). The ABI applied to re-open the judgment on the grounds that it would upset the package of Government reforms to the civil litigation system by introducing [...]
ABI tackles young driver crash excess
by Gill Montia
Story link: ABI tackles young driver crash excess
The Association of British Insurers (ABI) is calling for an overhaul of the way in which young people learn to drive. In a new report, radical measures such as a minimum one-year learning period, restrictions on night-time driving and a lower blood alcohol limit are proposed, with the aim of reducing the risks young drivers [...]
ABI: insurers paying out £200m a day
by Richard Kilner
Story link: ABI: insurers paying out £200m a day
The Association of British Insurers (ABI) has revealed that UK insurers are paying out almost £200m a day. The figures include daily payouts of £19m for motor insurance policies, and £9m relating to home insurance coverage. Damage to business premises has a daily cost of £4m, with travel and medical insurance costing £1m and £7m [...]
ABI calls for partnership with FCA
by Richard Kilner
Story link: ABI calls for partnership with FCA
The Association of British Insurers (ABI) has indicated that the insurance industry wishes to work in partnership with the new Financial Conduct Authority (FCA). ABI Director General Otto Thoresen, speaking at the ABI’s ‘The Way ahead for conduct regulation’ conference, will warn against the possibility of a predator-prey relationship between the regulator and industry. Thoresen [...]
One in 14 car insurance claims are fraudulent
by Richard Kilner
Story link: One in 14 car insurance claims are fraudulent
The record rise in motor insurance fraud is due to phantom passengers and fake injuries, according to the Association of British Insurers (ABI). Each week 865 dishonest motor insurance claims worth £10.4m are being found by insurers. The figures have been released a week after the ABI launched a new national database to help combat [...]
Fraudsters add £50 to honest policyholders’ bills
by Richard Kilner
Story link: Fraudsters add £50 to honest policyholders’ bills
The Association of British Insurers (ABI) has revealed that each week 2,670 fraudulent insurance claims worth £19m are being discovered. In the continuing fight against fraud, the insurance industry has launched the Insurance Fraud Register which will contain details of known fraudsters. The ABI report found that 139,000 fraudulent claims were made last year, a [...]
ABI urges pensions transparency
by Richard Kilner
Story link: ABI urges pensions transparency
The Association of British Insurers (ABI) has sent a letter to regulators in which it sets out its plan to make pension charges and costs clearer. The measures are intended to enhance pensions transparency and boost confidence amongst the public prior to the introduction of auto-enrolment in the autumn. The letter to the Pensions Regulator [...]
ABI demands changes to Riot Damages Act
by Gill Montia
Story link: ABI demands changes to Riot Damages Act
As the first anniversary of last summer’s riots approaches, the insurance industry is calling on the Government to urgently reform The Riot Damages Act (1886). According to data from the Association of British Insurers (ABI), its members experienced 3,000 riot claims and policyholders will receive around £200 million in compensation. However, while insurers have settled [...]
ABI appoints director of investment affairs
by Gill Montia
Story link: ABI appoints director of investment affairs
The Association of British Insurers (ABI) has appointed Robert Hingley as its director of investment affairs. Mr Hingley is a former director general of the Takeover Panel, which administers the City code on takeovers and mergers, and has 30 years’ experience of working in the City as an investment banker and lawyer. Commenting on Mr [...]
