Daily Insurance Industry News
 
 
Daily Insurance Industry News
Sunday 21st of January 2018
July 17, 2012

ABI unimpressed with Labour’s pension review

by Richard Kilner

Story link: ABI unimpressed with Labour’s pension review

Otto Thoresen, Director General of the Association of British Insurers (ABI), has responded to Labour’s policy document on pension reform. Thoresen was less than impressed with the document, expressing his view that it had a ‘back of the envelope’ feel to it and describing the document as both disappointing and hugely misleading. He went on […]



July 13, 2012

ABI rejects Miliband pensions claim

by Richard Kilner

Story link: ABI rejects Miliband pensions claim

The Association of British Insurers (ABI) has issued a response following comments made by Ed Miliband, Leader of the Opposition, on pensions. ABI Director General Otto Thoresen said that Miliband’s claim that a 4-5% pension charge was normal was, in fact, absolutely wrong. Thoresen added that pension charges had fallen over the last decade and […]



July 10, 2012

ABI calls for updated Riot Act

by Richard Kilner

Story link: ABI calls for updated Riot Act

The Association of British Insurers (ABI) has warned that whilst insurers reacted rapidly to the rioting that engulfed London last year the riot compensation scheme has failed too many Londoners. The most recent figures show that just over half the 3,487 claims made by Londoners for property damage compensation have been either rejected or discontinued. […]



June 28, 2012

Tidjane Thiam to chair ABI

by Gill Montia

Story link: Tidjane Thiam to chair ABI

Tidjane Thiam has been nominated by the board of the Association of British Insurers (ABI) to become its next chairman with effect from 3rd July. Currently group chief executive of Prudential, he takes over from Tim Breedon of Legal & General who will be stepping down having completed his two-year term of office with the […]



June 27, 2012

ABI nominates Thiam as next chairman

by Richard Kilner

Story link: ABI nominates Thiam as next chairman

The Board of the Association of British Insurers (ABI) has nominated Tidjane Thiam to be its next chairman, with effect from 3 July. Thiam, Prudential plc chief executive, will succeed Legal & General’s Tim Breedon after the completion of his two year term of office. Thiam has been Prudential plc’s executive director since 2008, sits […]



June 19, 2012

ABI calls for compensation culture reform

by Richard Kilner

Story link: ABI calls for compensation culture reform

The Association of British Insurers (ABI) have found that three in four people have received an unsolicited call or text from a claims management company offering claims compensation services. The ABI’s survey, which involved 2,600 respondents, discovered that 78% had been contacted by a Claims Management Company (CMC), with an even higher 82% of Londoners […]



June 11, 2012

ABI: new code of practice for incentivised pension transfers

by Gill Montia

Story link: ABI: new code of practice for incentivised pension transfers

The Association of British Insurers (ABI) has published a code of good practice regarding Incentivised Transfer Exercises (ITEs), whereby employees are offered cash to transfer their company pensions, typically from a defined benefit to a defined contribution scheme. The voluntary code has been developed following a call by the Pensions Minister, Steve Webb, to improve […]



May 30, 2012

ABI welcomes NI driving licence reform

by Richard Kilner

Story link: ABI welcomes NI driving licence reform

Otto Thoresen, the director general of the Association of British Insurers (ABI), has welcomed the proposals to reform how people learn to drive in Northern Ireland. Thoresen congratulated Minister Alex Attwood for proposing long overdue reforms. He went on to say that the risk of crashing for a young driver alone is around a third […]



May 24, 2012

Some progress on flood insurance

by Richard Kilner

Story link: Some progress on flood insurance

Caroline Spelman, the Defra secretary of state, has told the Association of British Insurers (ABI) that the beginning of a solution to flood insurance has been found. In order for flood insurance to remain available and affordable a comprehensive replacement for the Statement of Principles on flood insurance needs to be created, and whilst this […]



May 23, 2012

ABI calls for overhaul of Riot Damages Act

by Gill Montia

Story link: ABI calls for overhaul of Riot Damages Act

The Association of British Insurers (ABI) is calling for an overhaul in the Riot (Damages) Act 1886, which allows compensation to be paid by police authorities to victims who suffer loss or damage following a riot. According to the ABI, the intention of the 126 year-old legislation remains relevant but current arrangements have led to […]



May 21, 2012

ABI reports on rising cost of metal theft

by Richard Kilner

Story link: ABI reports on rising cost of metal theft

The Association of British Insurers (ABI) has reported that over £1m per week is being paid out by insurers due to metal theft. The annual cost of the rising metal crime for the UK economy has been estimated at £770m, with an estimated 1,000 incidents every week. The weekly incidence rate has doubled from 2007, […]



April 20, 2012

Trustworthy neighbours top for home security

by Gill Montia

Story link: Trustworthy neighbours top for home security

One in four homeowners believe that trustworthy neighbours are the key to feeling secure at home, according to the latest consumer survey from the Association of British Insurers (ABI). However, the research also suggest that many are putting themselves at risk needlessly, with nearly three in ten respondents admitting to leaving doors unlocked and windows […]



April 5, 2012

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 […]



April 3, 2012

ABI publishes Jubilee street party guide

by Gill Montia

Story link: ABI publishes Jubilee street party guide

With over 3,500 applications already made to local authorities for street parties to celebrate the Queen’s Diamond Jubilee, the Association of British Insurers (ABI) has produced a guide to help party organisers. Whether on public or private land or in a private home, key things organisers need to know or consider include: Whether the venue […]



March 27, 2012

ABI speaks out on IORP Directive

by Gill Montia

Story link: ABI speaks out on IORP Directive

Giving evidence to the House of Commons Work and Pensions Select Committee yesterday, the Association of British Insurers (ABI) cautioned against making changes at a European level that could impact UK pension reform. Maggie Craig, the Association’s director of financial conduct regulation, said: “The ABI is a strong supporter of the pension reforms in the […]



March 15, 2012

ABI petitions for business in compensation culture

by Gill Montia

Story link: ABI petitions for business in compensation culture

The Association of British Insurers (ABI) is calling for action to free businesses from the fear of the UK’s compensation culture and overzealous interpretations of health and safety rules. ABI data reveals that for every £1 paid out to settle “slip and trip” style liability claims, an additional 93p is paid out in legal fees. […]



March 12, 2012

ABI offers subsidence advice

by Richard Kilner

Story link: ABI offers subsidence advice

As parts of the UK become gripped by drought the Association of British Insurers (ABI) is advising homeowners not to worry unnecessarily about the risk of subsidence. Trees, especially ones that are large or especially near a home, can increase the risk of subsidence due to the substantial quantity of water they absorb, which dries […]



March 9, 2012

ABI: new motor and travel agreement for older customers

by Gill Montia

Story link: ABI: new motor and travel agreement for older customers

The Association of British Insurers (ABI) has announced a new agreement to improve access to motor and travel insurance for older customers. In a speech to the Age UK conference yesterday, ABI director general, Otto Thoresen, announced that ABI members that don’t provide insurance because they apply age restrictions will have to “signpost” customers to […]



March 5, 2012

ABI launches annuity code of conduct

by Gill Montia

Story link: ABI launches annuity code of conduct

Working Britons approaching retirement should in future receive more support in securing the best retirement income, under a new code of conduct launched by the Association of British Insurers (ABI). ABI figures show that around one-third of people don’t shop around for an annuity and, as a result, may lose thousands of pounds in income […]



March 2, 2012

ABI: EU solvency rules threaten UK economy

by Gill Montia

Story link: ABI: EU solvency rules threaten UK economy

The Association of British Insurers (ABI) has warned that new EU solvency rules must not be allowed to deter the industry’s long-term growth, and its investment in the UK economy. In a speech yesterday to the Economist Insurance Summit, ABI director general, Otto Thoresen, highlighted challenges posed by draft Solvency II rules to the UK […]