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 [...]
ABI welcomes referral fees ban
by Richard Kilner
Story link: ABI welcomes referral fees ban
The Association of British Insurers (ABI) has welcomed the decision by the Ministry of Justice to ban referral fees relating to personal injury claims. ABI Director General Otto Thoresen has said that the organisation is very pleased that the campaign by the insurance sector for such a measure has been heard and acted upon. Thoresen [...]
ABI opposes proposed RDR delay
by Gill Montia
Story link: ABI opposes proposed RDR delay
The Association of British Insurers (ABI) has come out against delaying the implementation of the Retail Distribution Review (RDR) until 2014. The RDR requires advisors to have qualifications equivalent to a Certificate in Higher Education and will remove the system of commission paid to advisors, replacing it with Consumer Agreed Remuneration. However, in a new [...]
ABI welcomes Dilnot report recommendations
by Gill Montia
Story link: ABI welcomes Dilnot report recommendations
The Association of British Insurers (ABI) has welcomed the launch of the Dilnot report on long-term care, supporting its proposed partnership between the state and the individual. The ABI’s chairman, Tim Breedon, says the report offers hope of a “clear, stable framework” in which the insurance market can develop a range of products that can [...]
ABI publishes Solvency II internal model approval advice
by Gill Montia
Story link: ABI publishes Solvency II internal model approval advice
The Association of British Insurers (ABI) has published advice on the Solvency II internal model approval process in the first of a series of papers aimed at helping insurance companies implement the new regime. Final Solvency II rules are incomplete but the ABI’s “sensible” approach to the model approval process forms the basis for the [...]
UK insurers face “large-scale adjustments” over ECJ gender ruling
by Gill Montia
Story link: UK insurers face “large-scale adjustments” over ECJ gender ruling
The decision by the European Court of Justice (ECJ) to ban the use of gender in insurance policies from December 2012 has been described as “disappointing” by the Association of British Insurers (ABI). According to the ABI, over the next 20 months insurers will have to make large-scale changes including amending all affected policy documentation; [...]
Boozy, cocky uninsured Brits head for the ski slopes
by Gill Montia
Story link: Boozy, cocky uninsured Brits head for the ski slopes
The Association of British Insurers (ABI) is warning that the thousands of British skiers hitting the slopes this winter could be risking “mountainous” medical bills, as many will fall into the following categories: No travel insurance – nearly a third of people questioned in a recent government survey admitted that they did not take out [...]
Good practice guidance adopted by 80% of insurance aggregators
by Gill Montia
Story link: Good practice guidance adopted by 80% of insurance aggregators
The Association of British Insurers (ABI) has reported that its good practice guidance has been adopted by price comparison websites representing 80% of the insurance price comparison website market. The guide was launched at the beginning of the year with the aim of making it easier and clearer for consumers to compare and buy general [...]
ABI advice for Cornwall’s flood victims
by Gill Montia
Story link: ABI advice for Cornwall’s flood victims
Following heavy rainfall in Cornwall, the Association of British Insurers (ABI) has issued the following advice for people who have been flooded: Household, business and comprehensive motor insurance policies cover flood damage. Most home insurance policies will cover the cost of alternative accommodation (up to a specified limit) if you need to move out of [...]
Personal injury legal fees add £40 to motor premiums
by Gill Montia
Story link: Personal injury legal fees add £40 to motor premiums
The impact on Britain’s motorists of legal costs in personal injury claims following a road accident has been revealed by the Association of British Insurers (ABI). Lawyers fees now add an extra £40 a year to the average motor insurance premium, according to the ABI’s analysis of over 50,000 low-value road accident personal injury claims. [...]
Insurers expose 2,300 fraudulent claims a week
by Gill Montia
Story link: Insurers expose 2,300 fraudulent claims a week
Insurers are currently exposing over 2,300 fraudulent claims every week, according to new data from the Association of British Insurers (ABI). The figure has risen from a weekly total of 2,000 dishonest claims in 2009, worth over £16 million. Last year, 122,000 fraudulent insurance claims were uncovered, up 14% on a year earlier. By value, [...]
Travel insurers pay out £5.3m a week
by Gill Montia
Story link: Travel insurers pay out £5.3m a week
Travel insurers have been spending £5.3 million a week helping Britons who fall ill abroad. According to the Association of British Insurers (ABI), the cost of becoming ill overseas hit a record high last year, with medical expenses claims having leapt by over 270%, compared with five years ago. In all 366,000 claims were settled [...]
Commission ban on investment advice in 2012
by Gill Montia
Story link: Commission ban on investment advice in 2012
The payment of commission to financial advisers who recommend specific investment products is to be banned in 2012. New rules published by the Financial Services Authority (FSA) mean that from the end of 2012, firms will have to be upfront about how much they charge for their services. The changes also mean firms offering independent [...]
ABI appoints new director general
by Richard Kilner
Story link: ABI appoints new director general
Kerrie Kelly has been named by the ABI (Association of British Insurers) as its new director general. Kelly is presently executive director and CEO of the Insurance Council of Australia, and will assume her new position in February of next year. She brings with her extensive experience and has held senior posts within both the [...]
ABI: UK insurance resilient in recession
by Richard Kilner
Story link: ABI: UK insurance resilient in recession
The British insurance sector is holding up well, despite the recession, according to the Association of British Insurers (ABI). Insurance accounts for approximately one-third of those employed in financial services, and 2008 saw a moderate rise of 1.3% to 313,000 individuals working in the sector. Net premium income from general insurance rose by 3% to [...]
Credit insurance claims decreasing
by David Masters
Story link: Credit insurance claims decreasing
Trade credit insurance claims dropped for the first time in a year during the second quarter, according to figures from the Association of British Insurers (ABI). The total number of claims fell by 39% to 5,661. The ABI said its members believe claims peaked in the first quarter of 2009 and are likely to continue [...]
ABI calls for improved competitiveness in the UK
by Richard Kilner
Story link: ABI calls for improved competitiveness in the UK
The Association of British Insurers (ABI) has called upon the Government to take action in order to bolster the competitiveness of the United Kingdom. Four out of five insurers believe that unless UK competitiveness is enhanced the country will see a decline in insurance firms based here, and almost two in three senior managers are [...]
Internet shopping for burglars on social networks
by Richard Kilner
Story link: Internet shopping for burglars on social networks
Legal & General, in collaboration with reformed burglar Michael Fraser, has released a report entitled The Digital Criminal regarding the use of social media by the public and criminals. According to the report many give away too much personal information over the internet, particularly on social network sites, which is then utilised by burglars to [...]
Bupa reports 1% rise in pre-tax profits
by Richard Kilner
Story link: Bupa reports 1% rise in pre-tax profits
Bupa has announced its unaudited financial results for the first six months of the year, which show the firm saw revenue rise by 26% to £3.38bn. Pre-tax profits increased marginally, up 1% to £163.8m. Cash flow from operating activities surged by 74% to £328.2m, and the number of customers remained broadly the same at 10.3m. [...]
ABI issues holiday burglary reminder
by Gill Montia
Story link: ABI issues holiday burglary reminder
The Association of British Insurers (ABI) is urging Britons to take extra care protecting unoccupied homes during the holiday season. While reported cases of burglary have fallen 57% since 1997, there are signs of an increase during the current economic downturn. According to the ABI, burglary claims topped £100 million in the first three months [...]
