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 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 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: 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 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 [...]
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 [...]
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. [...]
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 [...]
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 [...]
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 [...]
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 [...]
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, [...]
Insurers broadly welcome Budget measures
by Richard Kilner
Story link: Insurers broadly welcome Budget measures
Alun Sweeney, UK & Ireland Director of leading trade credit insurer Atradius, welcomed the measures designed to support business that were announced in yesterday’s Budget. Sweeney particularly praised the cut in corporation tax and the additional investment in energy, pharmaceuticals and technology. He also welcomed the two major changes to income tax: the rise in [...]
