The Association of British Insurers (ABI) has put customers, society and protecting our planet at the heart of a new three year strategy.
As we navigate the many challenges facing the UK, from climate change to the potential ‘mega risks’ of tomorrow, the insurance and long-term savings sector stands ready to work together with Government and regulators to drive change.
To meet these challenges and seize opportunities, the ABI’s new strategy focuses on three societal outcomes:
Trusted by Customers
Building trust with customers is essential. The ABI is committed to delivering initiatives that improve customer outcomes and understanding of products. The ABI’s continued partnership with Plain Numbers and today’s launch of the Fairer Finance toolkit, are just a few of the ways the strategy strives to boost trust with customers and to grow and better serve society in the years ahead.
Invested in People and Planet
By leading an inclusive and responsible sector, the industry will put people and the planet at its core. We will continue to focus on the role the sector has to play in supporting the economic, health and environmental opportunities and challenges facing society. From spearheading the industry’s transition to a Net Zero sustainable future through to Solvency II reform, the work has already begun and the ABI is committed to continue driving it forward.
An Effective Market
Securing a legislative, regulatory and tax framework that unlocks the full potential of our sector to support customers and the economy is key to shaping an effective market. This will help our industry to drive change that matters to customers and wider society.
The ambitious strategy is underpinned by the ABI’s new purpose:
“Together, driving change to protect and build a thriving society.”
Combined, the purpose and the strategy set out the ABI’s ambition to play a leading role on behalf of our members in creating an environment that helps to protect consumers from risk and offer them long term financial security, while tackling the big issues of the day.
Hannah Gurga, ABI Director General, said:
“Our new purpose and strategy set the direction for the ABI, bringing together key stakeholders and partners to drive positive change for our members, customers and wider society. Our industry is uniquely placed to support society, the economy and our planet. We stand ready to forge a new era of partnership between business and the state to tackle the long-term challenges we face, and as we seize the opportunities to protect and build a thriving society.”
Rt. Hon. Baroness Nicky Morgan, Chair of the ABI, commented:
The focus provided by the ABI’s new strategy is key to securing positive outcomes for consumers and wider society, bringing with it the main partners needed to drive change. We are already making progress on the critical issues that will define the years ahead, including supporting the transition to UK becoming the first Net Zero aligned financial centre. I look forward to ensuring the ABI Board supports Hannah and her team as well as ABI members to realise the opportunities for our sector and economy.”
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Notes to editors
The strategy was unveiled to ABI members last night at the ABI’s Annual Dinner. A copy of Hannah Gurga’s speech can be found here and a link to the strategy can be found here.
Further information: ABI Press Office