In a speech to the Age UK conference today, Otto Thoresen announced that the Association of British Insurers (ABI) has led an agreement, with the British Insurance Brokers Association and the Government, which will require all ABI members, who do not provide insurance because they apply age restrictions, to ‘signpost’ customers to an alternative appropriate provider, who will offer a product regardless of age. This agreement will come into force in April 2012.
Otto Thoresen, Director General, ABI said
“With an ageing population, it is crucial that we make it easier for older people to access financial services. This agreement will make it easier for older customers to access motor and travel insurance. It means all ABI members commit to signposting and helping older customers find another provider if they cannot help provide them with coverage. We are committed to making sure that all people who need insurance find it as easy as possible to get it.”
Otto Thoresen also announced that the ABI will be increasing transparency by publishing aggregated claims data each year, so that consumers can be confident that age is relevant to the assessment of risk, for both motor and travel insurance.
The Age Agreement will reflect that people get insurance in many different ways. ABI research shows that while 41% of drivers in their late 60s would prefer to use a website, this drops to 25% for those aged 75 and over, with the remaining 75% of over 75s preferring to use the phone. The ABI will work with its members to find the best way to communicate with older people, particularly where there are specific communication needs related to hearing or sight.
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Otto Thoresen said:
“The draft rules pose a challenge to the UK pension annuity market and to insurers’ ability to make long term investments and generate growth in the economy.
“There is still an urgent need to clarify and expand the wording on the Matching Premium. Achieving this would enable insurers to play a major role in infrastructure investing as outlined in the Chancellor’s autumn statement last year.”
He said the insurance industry was an important contributor to the UK economy with a key part to play in a return to growth, and that it was therefore vital that insurers, whether from the UK or other European countries, were able to do business across the globe on a broadly level playing field.
He explained that, if the EU insurance sector were to remain a global market leader, third country equivalence would need to be higher up the political agenda, and it would be imperative that EU companies were not placed at a competitive disadvantage against local players in international markets.
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Up to and including 23 December: ABI press office open as usual
24 - 25 December: Malcolm Tarling - 07776 147667
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28 – 29 December: Office open. Malcolm Tarling
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30 December: Office open. Sarah Bailey
07725 372636
31 December - 2 January: Sarah Bailey
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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 -