The Role of the ABI
Last updated:
07/10/2011 13:38
The ABI is the voice of insurance, representing the general insurance, investment and long-term savings industry.
It was formed in 1985 to represent the whole of the industry and today has over 300 members, accounting for some 90% of premiums in the UK.
The ABI’s role is to:
- Be the voice of the UK insurance industry, leading debate and speaking up for insurers.
- Represent the UK insurance industry to government, regulators and policy makers in the UK, EU and internationally, driving effective public policy and regulation.
- Advocate high standards of customer service within the industry and provide useful information to the public about insurance.
- Promote the benefits of insurance to the government, regulators, policy makers and the public.
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.