The ABI (Association of British Insurers) is the authoritative voice of the world-leading long-term savings and insurance industry in the UK. Here we discuss everything you should know about the Association of British Insurers.
The ABI represents the shared interests of the insurance industry in the UK. The organisation speaks out on behalf of the sector when participating in debates of public policy, issues of collective interest, and when providing information.
The organisation was launched in 1985 after several specialist trade associations that focussed on insurance joined together to create one association for the whole insurance industry. It is not-for-profit and is funded by the subscription fees of its members.
The ABI is also an advocate for maintaining high standards in customer service within the insurance sector.
The role of the ABI
The ABI has more than 250 members from across the industry, including specialist insurance providers, such as those that provide motor trade insurance, and household names. Between these organisations, approximately 90 per cent of the domestic insurance services sold within the UK are provided.
The organisation aims to gather individuals together to engage politicians, regulators and policymakers in the UK and abroad and to inform in public policy debates. Its aim is to power the growth of regional and local economies by enabling innovation, investment, risk-taking and trade.
The insurance industry in the UK is the largest in Europe, contributing approximately £12bn in taxes to the government each year.
All members of the ABI agree to the compulsory code of conduct set in place by the organisation.
If you are in the motor trade and are looking for insurance, there are sites online that provide motor trade insurance quotes.
How the ABI helps Britain’s insurance market
An inclusive, thriving and productive sector, the insurance industry provides reassurance and peace of mind for many businesses and households across the UK.
The insurance sector, which is responsible for over 303,500 jobs in the UK, is a global and highly-skilled industry. The organisation aims to support the sector in investing in and exporting new technology that will secure the UK’s prosperity.
One of the aims of the ABI is to enable the UK to thrive in a global insurance role, which adds approximately £29.5bn each year to the British economy.