ABI opposes changes to holiday protection scheme
by Gill Montia
Story link: ABI opposes changes to holiday protection scheme
The Association of British Insurers (ABI) has expressed dismay at the government’s plans to replace the Air Travel Organisers’ Licensing (ATOL) protection scheme with a £1 levy on holidays.
ATOL is a scheme set up to protect consumers in the event of their tour operator ceasing to trade.
It is administered by the Civil Aviation Authority (CAA) […]
Sharp rise in general insurance fraud
by Gill Montia
Story link: Sharp rise in general insurance fraud
The Association of British Insurers (ABI) has published its latest research into general insurance fraud, showing a sharp increase in the number of cases.
According to the ABI, one in 11 claims submitted is false, a figure threefold that of 2003.
Household insurance claims account for over half of this kind of fraud with incidents such as […]
Insurers back Lords ruling on pleural plaques
by Richard Kilner
Story link: Insurers back Lords ruling on pleural plaques
Both Zurich and ABI have responded positively by the recent Lords ruling to end any further compensation for individuals with pleural plaques.
Zurich’s technical claims manager, Steve Thomas, explained that in 2004 the firm decided to bring a test case as recent medical advances have shown that pleural plaques neither have any symptoms nor are a […]
ABI Will Withdraw Cover For Flooding
by Stewart Douglas
Story link: ABI Will Withdraw Cover For Flooding
The Association of British Insurers has today announced that its members will be unable to provide insurance cover to properties within high risk flood areas if the government sticks to its £800 million per year investment in flood defence mechanisms.
Following the government announcement that it would step up flood defence investment to £800 million on […]
ABI campaign accelerates flood defence review
by Gill Montia
Story link: ABI campaign accelerates flood defence review
The Association of British Insurers (ABI) has been successful in persuading the government to review its investment in Britain’s flood defences, ahead of schedule.
The review was to have taken place 2008 but will now be completed before the end of the year.
The decision follows a campaign by the ABI and threats from leading insurance providers […]
ABI acts on annuities
by Gill Montia
Story link: ABI acts on annuities
The Association of British Insurers (ABI) has played a prominent role in the Government’s Open Market Option Review, details of which were published earlier this week.
The review sets out recommendations to reform the way in which people buy annuities and according to Maggie Craig, the ABI’s Director of Life and Savings, “not enough people are […]
ABI Further Warning About Flood Defence
by Stewart Douglas
Story link: ABI Further Warning About Flood Defence
The Association of British Insurers has again criticised the government for its lack of investment in flood defences, despite numerous warnings and recommendations to suggest the situation is still less than adeqaute.
The Association, which represents a large majority of UK insurance providers, today commented that the government has yet to do anything about the risk […]
ABI Aim To Increase Financial Inclusion
by Richard Kilner
Story link: ABI Aim To Increase Financial Inclusion
The ABI is to work with insurers to try and develop products for the less well off and will seek to increase the takeup of insurance with “insurance with rent” products for social housing tenants.
The institute has been working in partnership with the governmental financial inclusion task force to develop the programme, which was announced […]
ABI revises PMI guidelines
by Gill Montia
Story link: ABI revises PMI guidelines
The Association of British Insurers (ABI) has published new medical insurance guidelines, aimed at giving consumers a better understanding of products.
The changes should ensure that PMI customers can understand what policies do and do not cover. They will also help consumers compare the products offered by different companies.
Definitions of medical terms used in all Private […]
ABI revises life and pensions classification system
by Gill Montia
Story link: ABI revises life and pensions classification system
The Association of British Insurers (ABI) has published important changes to its classification system for life and pension funds.
The system comprises sectors that allow investors and advisers to make like-for-like comparisons of unit-linked life and pension funds, based on the asset allocation of a fund.
The ABI has undertaken an extensive review of its existing sectors, […]
ABI reviews summer floods with Ministers
by Gill Montia
Story link: ABI reviews summer floods with Ministers
Yesterday, The Association of British Insurers (ABI) met with Government ministers to discuss the aftermath of this summer’s flooding.
It has been one hundred days since Hull, Sheffield, Doncaster and the surrounding areas suffered severe weather condition that resulted in over 130,000 claims for homes, businesses and motor vehicles, and the ABI expects the cost of […]
ABI warns of market distortion as FSCS guarantee extended
by Gill Montia
Story link: ABI warns of market distortion as FSCS guarantee extended
The Association of British Insurers (ABI) has responded to the Government’s extension of the Financial Services Compensation Scheme (FSCS) with a warning that a more generous guarantee scheme could distort the savings market.
The FSCS originally gave savers with UK banks and building societies a 100% guarantee for the first £2,000 of their savings, followed by […]
ABI advice to tornado victims
by Gill Montia
Story link: ABI advice to tornado victims
The Association of British Insurers (ABI) has responded to the violent storms and tornadoes that have swept across the country today with the following advice to those who have sustained property damage:
Damage caused to homes and businesses will be covered by buildings insurance.
Household policies will cover the cost of alternative accommodation (up to a […]
ABI In Agreement With Rescue Services To Increase Emergency Responsiveness
by Stewart Douglas
Story link: ABI In Agreement With Rescue Services To Increase Emergency Responsiveness
The insurance industry will now be more responsive to emergency incidents after a cooperative agreement with recuse services and local authorities was announced today, allowing more rapid response to claims management.
Under the agreement announced today, the Association of British Insurers will be informed as to the extent of damage at any emergency scene by rescue […]
Flood Claim Could Exceed £1bn
by Gill Montia
Story link: Flood Claim Could Exceed £1bn
The recent flooding across the UK is expected to leave the insurance industry facing claims in excess of £1bn.
The Association of British Insurers (ABI) estimates that 27,000 homes and 5,000 businesses have sustained damage, and with further heavy rainfall occurring, the numbers could yet rise.
Some insurers are redeploying staff and increasing staffing levels in call […]
