The Role of the ABI
Last updated:
10/08/2010 10:33
The ABI is the voice of the UK’s insurance, investment and long-term savings industry. It has over 300 members, which together account for around 90% of premiums in the UK domestic market.
The UK insurance industry is the third largest in the world and the largest in Europe, helping individuals and businesses protect themselves against the everyday risks they face. It pays out over £230 million per day in pension and life insurance benefits and over £50 million per day in general insurance claims. The industry is an important contributor to the UK’s economy: it manages investments of £1.5 trillion, over 20% of the UK’s total net worth; employs more than 300,000 people in the UK alone; is the fourth highest contributor of corporation tax; and is a major exporter, with one-fifth of its net premium income coming from overseas business.
The ABI’s policy work is organised around four main policy departments: General Insurance; Life and Pensions; Financial Regulation and Taxation and Investment Affairs. In addition, the ABI has an expert Research and Statistics Department, and represents the insurance industry to external audiences through its Media and Political Affairs and European and International teams.
The ABI organises a large number of conferences, seminars and other events for the insurance industry. It also publishes research reports and policy documents.
The Association was formed in 1985 when a number of existing industry bodies joined together, notably the British Insurance Association, the Life Offices’ Association, the Fire Offices Committee and the Accident Offices Association.Previously, the UK insurance industry was represented only by these specialist associations. The creation of the ABI meant that all sectors of the insurance company market could now speak through a single organisation.
The ABI is funded by the subscriptions of member companies. The ABI’s Board, chaired by Tim Breedon, Group Chief Executive, Legal and General governs the organisation. The ABI Board approved a business plan for 2009-2011 and this continues to provide the framework within which the organisation is run. Inevitably political and market changes as well as the changing policy agenda require that the business plan is refreshed every year.
The work of the major policy departments is overseen by the General Insurance Management Committee, the Life and Pensions Management Committee and the Investment Committee.
The ABI is based at 51 Gresham Street in the City of London and currently employs around 100 staff.