Up to and including 23 December: ABI press office open as usual
24 - 25 December: Malcolm Tarling - 07776 147667
26 - 27 December: Sarah Bailey - 07725 372636
28 – 29 December: Office open. Malcolm Tarling
07776 147667
30 December: Office open. Sarah Bailey
07725 372636
31 December - 2 January: Sarah Bailey
07725 372636
3 January 2012: ABI press office open as usual
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At the height of the abnormally cold spell last winter, insurers dealt with 3,500 claims for burst pipe damage every day. The typical cost of household damage caused by burst pipes last winter averaged up to £7,000, but costs can be much more.
If you are planning to leave your property empty - even just overnight - during winter:
· Leave your heating on for at least an hour a day while you are away from home. In severe weather, or if severe weather is forecast, you should leave your heating on day and night at your usual temperature setting.
· If it is very cold, leave the access to your loft open. This allows warm air from other parts of the house to circulate in the loft and will help prevent pipes freezing. Check that loft insulation is laid over, and not under, pipes in the loft
· Make sure that you know where your stopcock is, and that it works so that you can turn off the water supply if needed.
· Ask a friend or relative to visit your home every day while you are away. This will mean that, if you do suffer a burst pipe, it will be detected as soon as possible. Make sure that you tell them where the stopcock is located.
If a pipe freezes: · Thaw out the pipe using gentle heat like a hairdryer or towels soaked in warm water.
· Move furniture and carpet (where practical) away from the frozen pipe to minimise damage if the pipe bursts.
If a pipe bursts: · Turn off the water at the stopcock.
· Switch off the central heating to avoid further damage.
· If you have a water tank, drain the system by turning on all your taps.
· Contact your home insurance provider for help and advice. Most home insurers provide 24 hour emergency helplines that can arrange for repairs to be carried out as soon as possible.
Nick Starling, Director of General Insurance, ABI, said: “When freezing weather arrives so do frozen and burst pipes. Yet taking a few simple precautions, especially if you plan to be away during the winter, will greatly reduce the risk of returning home to problems. “Home insurance will pay for the often considerable damage caused by burst pipes, but it cannot compensate for the misery and inconvenience that they bring.” - ENDS -
Commenting on today’s report by the Office of Fair Trading (OFT) following its call for evidence into the UK private motor insurance market, Nick Starling, ABI’s Director of General Insurance, said:
"The OFT and insurers both want the best possible deal for consumers so we welcome today’s report. We are particularly encouraged that the OFT recognise the highly competitive nature of the market and the scale of the personal injury problem facing motor insurers – something we have been arguing needs to be rectified for years – and we look forward to continuing to work with the Government to improve the personal injury compensation system.
"The industry has long said that there are unnecessary costs in the system and that there are inefficiencies that need to be addressed - from personal injury to credit hire to credit repair - and we are pleased that the OFT have recognised this in their report.
"As an industry we are absolutely committed to taking action to improve the market for the benefit of consumers and are already working proactively to develop market practices to remove unnecessary costs that drive up car insurance premiums. We look forward to continuing to engage with the OFT as they undertake their market study and we hope that this will lead to improvements in the industry and lower premiums for our customers"
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The ABI warned that the Eurozone crisis would not hold up Solvency II, but the new rules for how insurers hold capital should recognise the need for investment in long term projects needed for economic growth, such as the UK Government's drive to secure funds for infrastructure projects.
Speaking at the fifth annual ABI Solvency II conference today, Tim Breedon, Chairman, Association of British Insurers will say:
“Solvency II is no mere technical exercise. It is one that comes with heavy social, political and economic responsibility. Solvency 2 must not unnecessarily drive up consumer prices or limit long-term investment. Getting this right is important not just to the insurance industry, but for many millions of our present and future customers, for financial stability in general, and for welfare systems and the broader economic health of member states across the EU. It seems to me that these responsibilities are even heavier today than they were a year ago. The environment is now more uncertain and more challenging than it was then, as the Eurozone crisis continues to unfold and economic growth forecasts are further reduced.
“We want the Government’s plan to drive investment in infrastructure projects to work. This requires a Solvency II regime which enables us to invest for the long-term. It would be a technical and political failure for the UK and Europe more broadly, if we allow regulation to tie our hands and prevent us from playing our part tackling the recession.”
Otto Thoresen, Director General, Association of British Insurers said:
“The volatility and outlook for the Eurozone, high levels of the UK’s structural deficit and rising inflation all make for a toxic combination. Added to this, we have to tackle the implementation of the biggest capital requirements change to the insurance industry in our history, in the form of the Solvency II regime.
“Dealing with Europe’s financial crisis is as much about investing for growth as it is austerity and cost reduction. As we have seen in the UK, a focus on growth is likely to be a major part of government policy across Europe in the years to come.
“While Solvency II absolutely must achieve its primary objective, of enhanced consumer protection, it cannot detract from the agenda to reinvigorate growth in our fragile economy. As we tackle the remaining policy and technical issues during the next twelve months, I hope that assisting growth, will remain at the forefront of both the European Commission and regulators minds.”
Thoresen reiterated that insurers are committed to the implementation of Solvency II but he highlighted that there are wider implications for the financial markets that need to be thought through, as well as a need to ensure that Solvency II will deliver a better deal for pensioners and long term investors.
“We are seeking a balanced outcome to deliver an improved capital model for insurers. One which does not damage long term investment, or the UK’s distinct annuity market. And one which allows the UK industry to deliver valued solutions to consumers.”
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