The Role of the ABI
Last updated:
12/02/2010 18:06
The ABI (Association of British Insurers) represents the collective interests of the UK’s insurance industry. The Association speaks out on issues of common interest; helps 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.The Association has around 400 companies in membership. Between them, they provide around 90% of domestic insurance services sold in the UK. ABI member companies account for almost 15 per cent of investments in the London stock market.
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 Archie Kane, Chairman, Group Executive Director of Insurance, Lloyds Banking Group, 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.