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As UK Floods Continue, ABI Urges Progress on Stalled Insurance Talks

Mon, 26 Nov 2012 11:40:09 +0000

The UK is currently experiencing a protracted series of floods, which have swept up the west coast of the country through Wales and into the Midlands. Two deaths have been reported, and over 800 homes and businesses have been flooded …

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ABI Analyzes Effect of Upcoming Gender-Neutral Insurance Pricing

Wed, 21 Nov 2012 10:57:35 +0000

With one month to go until gender-neutral pricing becomes mandatory in the UK, the Association of British Insurers (ABI) stressed that “the insurance market will remain competitive despite the ruling and has published key consideration points for consumers set to …

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ABI Calls for New Restrictions on Younger Drivers

Thu, 04 Oct 2012 10:24:01 +0000

The Association of British Insurers is urging a review of the regulations for younger (17 to 24 year-old) drivers, including some new strictures that would require “a minimum one year learning period, restrictions on night time driving and lowering the …

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UK Competition Comm. to Investigate Auto Insurance; ABI Welcomes Move

Fri, 28 Sep 2012 10:41:06 +0000

The UK’s insurance market for auto insurance has been referred to the Competition Commission for investigation. The Office of Fair Trading (OFT), which made the referral, expressed concerns that the structure of the market resulted in excessive costs and that …

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ABI Issues Guidance for Impending ‘Gender-neutral’ Insurance Pricing

Tue, 25 Sep 2012 10:13:19 +0000

With three months to go until the European Court of Justice ban on insurers taking a person’s gender into account when calculating premiums and benefits, the Association of British Insurers (ABI) has published guidance for consumers. “Gender has always been …

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UK Insurers Paying $26.6 Million a Day for June Floods ABI Reports

Thu, 19 Jul 2012 10:08:46 +0000

Insurers are set to pay up to £500 million [$782.3 million] or £17 million [$26.6 million] every day – to customers who have suffered flood and storm damage during the wettest June on record, according to latest estimates from the …

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ABI Chides UK’s Riot Compensation Scheme for Shortchanging Londoners

Wed, 11 Jul 2012 10:40:01 +0000

A bulletin from the Association of British Insurers (ABI) indicates that “while insurers reacted quickly to help customers hit by last August’s riots, the riot compensation scheme has failed too many Londoners.” Presenting the figures at the London Assembly the …

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ABI Supports UK Government’s Proposals on Executive Pay Regulation

Fri, 22 Jun 2012 10:10:50 +0000

Otto Thoresen, the Director General of the Association of British Insurers, issued a positive comment on the announced plan by UK Business Secretary Dr. Vince Cable to regulate payments to company executives. The proposed measures include giving shareholders binding votes on …

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UK’s ABI Warns Metal Theft Crime Wave Costs Insurers over $1.6 Million a Week

Mon, 21 May 2012 10:17:51 +0000

“The victims of the UK’s metal theft crime wave are now being paid out over £1 million [$1.58 million] every week by insurers,” according to the Association of British Insurers. Thieves are making off with everything from “train cables to …

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Fitch Analyzes Uncertainty over Extension of UK Flood Insurance Plan

Mon, 07 May 2012 10:33:22 +0000

The end in June of the UK government’s agreement with the country’s insurance industry, the Statement of Principles (SoP) agreement, which provides insurance in high flood risk areas, “may prove positive for the UK insurance industry,” according to a report …

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ABI, UK Government, BIBA Team up to Help Older People Find Insurance

Wed, 04 Apr 2012 09:01:23 +0000

A bulletin from the Association of British Insurers states that “older customers will find it easier to get motor [auto] and travel insurance under an agreement between the ABI, the Government and the British Insurance Brokers’ Association (BIBA).” The agreement, which …

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ABI Calls for Lawsuit, Health and Safety Regs Reform to Help UK Business

Tue, 20 Mar 2012 10:58:36 +0000

The Association of British Insurers (ABI) has issued a call “for action to free businesses from the fear of the UK’s compensation culture and overzealous interpretations of health and safety rules that could hold back Britain’s economic recovery.” Insurers and …

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ABI Head Warns EU Solvency Rules Must Not Deter Growth, Investment

Mon, 05 Mar 2012 12:07:21 +0000

Otto Thoresen, Director General of the Association of British Insurers, has called for European Union policy makers to ensure that draft EU Solvency II rules do not prohibit insurers from driving growth in the UK and making long term investments …

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ABI Warns of Increased Flood Risks in England and Wales

Wed, 01 Feb 2012 19:27:05 +0000

The Association of British Insurers (ABI) has warned that the flood risk faced by communities in political constituencies across England and Wales presents a “worrying”‘ situation. It selected “Boston and Skegness in Lincolnshire as the constituency with the most homes …

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UK Panel Seeks to Reign in Whiplash Claims; ABI, RSA Comment

Charles E. Boyle — Fri, 13 Jan 2012 15:59:53 +0000

A report from the UK Government’s Transport Select Committee targets the voraciously expanding number of claims for “whiplash,” i.e. soft tissue injuries, as badly in need of reforms. These types of injuries now account for around 70 percent of all …

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ABI Seeks ‘Long Term’ Solution, Government Help to Cover UK Floods

Wed, 28 Dec 2011 11:37:29 +0000

Otto Thoresen, director general of the Association of British Insurers has issued a statement outlining the organization’s position on flood coverage in the UK, in response to recent proposals from the government. “This is a frustrating update from the Government,” …

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UK Insurance Association: Solvency II May Help or Hinder EU Growth

Fri, 09 Dec 2011 11:36:07 +0000

Amidst all the turmoil in the euro zone, the implementation of the Solvency II regulations, governing the 27 members of the European Union, including the UK, grinds inexorably forward. It is a fact of life for British insurers, and their …

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ABI Endorses ‘Tougher Measures’ to Improve Young Drivers’ Safety

Tue, 22 Nov 2011 11:31:49 +0000

The Association of British Insurers has strongly endorsed “tougher measures to improve young driver safety,” which it explained is “crucial to delivering a better motor insurance deal to customers.” It described the urgent need to reduce young driver deaths and …

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ABI Assures UK Flood Victims Insurers Ready to Help

Thu, 27 Oct 2011 10:47:44 +0000

The Association of British Insurers (ABI) has issued a bulletin advising “anyone who has suffered flood damage as a result of the heavy rain that has so far hit Northern Ireland, Wales and south-west England to contact their insurer as …

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British Insurers, Business Heavyweights Support UK Legal Reform Bill

Tue, 06 Sep 2011 10:45:26 +0000

A number of British retailers and business groups have joined forces with the Association of British Insurers (ABI) in support of an omnibus bill, introduced in Parliament in July. The legislation, entitled the “Legal Aid, Sentencing and Punishment of Offenders …

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Insurers Contribute over $17 Billion to UK Economy

Tue, 23 Aug 2011 10:13:09 +0000

The Association of British Insurers notes that the industry made a “total contribution of £10.4 billion [$17.21 billion] to the Exchequer – which would cover the entire £10.2 billion [$16.9 billion] Home Office budget. Insurance companies in the Hundred Group …

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Travel Insurers Pay $7 Million a Week to Stricken UK Travelers Says ABI

Thu, 18 Aug 2011 10:05:13 +0000

Travel insurance has become an essential adjunct for UK residents heading abroad on vacations. According to the Association of British Insurers, travel insurance companies pay on average £5.3 million [$7.26 million a week to those who fall ill or have accidents …

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UK Insurers Welcome PM’s Pledge on Compensation Scheme

Fri, 12 Aug 2011 10:23:05 +0000

The UK’s insurance industry “has welcomed Prime Minister David Cameron’s announcement that the Riot Act police compensation schemes will operate as normal and has promised to use its expertise to help the government and police authorities implement the scheme,” according …

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ABI Assures UK Business Owners of Insurance Coverage for Riot Losses

Thu, 11 Aug 2011 10:37:23 +0000

Along with its recap of the applicable provisions of UK law covering damages caused by riots, the Association of British Insurers also issued a special letter to business owners. The ABI expressed its sympathy for those “who have suffered damage …

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ABI Explains UK Riot Coverage; Damages Estimated to Exceed $162 Million

Wed, 10 Aug 2011 10:09:14 +0000

The Association of British Insurers has issued a set of guidelines and an explanation of the insurance coverage incident to the recent riots in London and other UK cities. The ABI estimates that insured losses and damage suffered by individuals …

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ABI Reacts to London Riots; Details of Insurance Coverage

Tue, 09 Aug 2011 10:28:50 +0000

Nick Starling, Director of General Insurance and Health, of the Association of British Insurers, issued the following statement following the third night of rioting, looting and the massive destruction of property in London. “We have every sympathy for residents and …

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UK’s ABI Details Increase in Fraudulent Claims – $29 Million per Week

Thu, 04 Aug 2011 09:36:57 +0000

The Association of British Insurers reports that the UK’s insurance companies are “detecting more fraudulent claims than ever: over 2,500 worth £18 million [$29.446 million] every week.” A number of those claims border on the bizarre. Highlights of the record …

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UK’s ABI Launches Insurance Fraud Database

Wed, 13 Jul 2011 16:35:11 +0000

The Association of British Insurers has underlined its members’ determination to actively pursue the fraudsters and cheaters who cost the UK’s insurers £2 billion [$3.22 billion] a year in fraudulent claims, which add an “extra £44 [$70.90] a year to …

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ABI Warns of Potential Duplication in Regulatory Reform

Wed, 20 Apr 2011 09:43:20 +0000

The Association of British Insurers (ABI) has issued a call for “for better co-ordination between the new financial regulatory authorities, with the emphasis on transparency and accountability and a focus on positive consumer outcomes.” The Association is concerned that regulatory …

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UK Moratorium on Use of Genetic Testing Extended to 2017 Says ABI

Fri, 08 Apr 2011 10:21:04 +0000

The Association of British Insurers (ABI) announced that the long-standing Concordat and Moratorium on Genetics, agreed with the Department of Health, has been extended to 2017. Nick Starling, the ABI’s Director of General Insurance and Health, commented “The Concordat and …

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