The Association of British Insurers or ABI is a
trade association made up of
insurance companies
Insurance is a means of protection from financial loss in which, in exchange for a fee, a party agrees to compensate another party in the event of a certain loss, damage, or injury. It is a form of risk management, primarily used to hedge ...
in the
United Kingdom
The United Kingdom of Great Britain and Northern Ireland, commonly known as the United Kingdom (UK) or Britain, is a country in Europe, off the north-western coast of the continental mainland. It comprises England, Scotland, Wales and No ...
.
History
The ABI began in 1985 after several specialised insurance industry trade associations joined to form one
trade association for the UK insurance industry (excluding
Lloyd's of London
Lloyd's of London, generally known simply as Lloyd's, is an insurance and reinsurance market located in London, England. Unlike most of its competitors in the industry, it is not an insurance company; rather, Lloyd's is a corporate body gov ...
), including the British Insurance Association, the Life Offices’ Association, the Fire Offices Committee, the Accident Offices Association, the Industrial Life Offices Association and the Accident Offices Association (Overseas).
The
UK insurance industry is the largest in Europe and the third largest in the world.
In 2014, there was a "shock" announcement that
Legal & General
Legal & General Group plc, commonly known as Legal & General, is a British multinational financial services and asset management company headquartered in London, England. Its products and services include investment management, lifetime mortg ...
was leaving as one of ABI's around 300 corporate members, due to ABI's "decision to transfer its investment business to the
Investment Management Association."
[Guardian](_blank)
/ref> ABI, says the ''Insurance Journal'', warned about modern building materials like external cladding
Cladding is an outer layer of material covering another. It may refer to the following:
* Cladding (boiler), the layer of insulation and outer wrapping around a boiler shell
*Cladding (construction), materials applied to the exterior of buildings ...
posing a fire risk before the Grenfell Tower Fire
On 14 June 2017, a high-rise fire broke out in the 24-storey Grenfell Tower block of flats in North Kensington, West London, at 00:54 BST and burned for 60 hours. 72 people died, two later in hospital, with more than 70 injured and 223 esc ...
.[https://www.insurancejournal.com/news/international/2017/06/27/455827.htm ''Insurance Journal''] In July 2019 Amanda Blanc stepped down as ABI chair. It still had Huw Evans as director general of ABI.Coronavirus
Coronaviruses are a group of related RNA viruses that cause diseases in mammals and birds. In humans and birds, they cause respiratory tract infections that can range from mild to lethal. Mild illnesses in humans include some cases of the c ...
.Nicola Sturgeon
Nicola Ferguson Sturgeon (born 19 July 1970) is a Scottish politician serving as First Minister of Scotland and Leader of the Scottish National Party (SNP) since 2014. She is the first woman to hold either position. She has been a member ...
argued publicly that insurance companies should do more to help with Coronavirus in Scotland and the UK.[Scotland Herald](_blank)
/ref>
Structure
According to the association, it has around 250 companies in membership, which between them provide 90% of domestic insurance services sold in the UK. ABI member companies account for almost 20% of investments in London's stock market. Its members are major tax contributors, paying £10.4 billion in the 2010 / 2011 tax year. The organisation is funded by members' subscriptions.
Its offices are at One America Square, 17 Crosswall
Crosswall is a street in the City of London.
At its western end, the street begins at a junction with Crutched Friars and Cooper's Row. At its eastern end, the street is a turn off Minories. It is home to America Square, the City of London Medic ...
, City of London, EC3N 2LB. The ABI employed around 100 people in 2009.Insurance Europe
Insurance Europe (known as Comité Européen des Assurances until March 2012) is the European insurance and reinsurance federation.Website: https://www.insuranceeurope.eu/
Through its 37 member bodies — the national insurance associations — ...
.
Function
The ABI represents the collective interests of the UK's insurance industry. The association speaks out on issues of common interest, works to inform and participate in debates on public policy issues, and also acts as an advocate for high standards of customer service in the insurance industry.
See also
* Insurance Fraud Enforcement Department The Insurance Fraud Enforcement Department or IFED for short, is a task force formed by the City of London Police that tracks criminals who commit insurance fraud. The task force was founded in 2012 and is funded by a consortium of British and Euro ...
, funded by Association of British Insurers[https://www.cityoflondon.police.uk/advice-and-support/fraud-and-economic-crime/ifed/Pages/About-IFED.aspx]
* Trade groups in the United Kingdom
* International Underwriting Association The International Underwriting Association (IUA) of London, better known as the IUA, represents companies that trade in the London insurance market outside Lloyd's. They include branches or subsidiaries of nearly all the world's largest internationa ...
* Lloyd's of London
Lloyd's of London, generally known simply as Lloyd's, is an insurance and reinsurance market located in London, England. Unlike most of its competitors in the industry, it is not an insurance company; rather, Lloyd's is a corporate body gov ...
References
External links
ABI main website
British Insurance Brokers Association
{{Authority control
Trade associations based in the United Kingdom
Organizations established in 1985
Organisations based in the City of London
Insurance industry organizations
1985 establishments in the United Kingdom