Association of British Insurers (ABI) News

SMEs Reap Benefits from Trade Credit Insurance as Economic Risks Rise: UK’s ABI

Nearly £36 million ($52.6 million) was paid in insurance claims to small businesses last year, due to customer insolvency or late payment, according to figures released by the Association of British Insurers (ABI). With the Bank of England recently cutting …

Volvo to Launch Autonomous Driving Trial in London in 2017

Swedish car maker Volvo will begin an autonomous driving trial in London in 2017. Called “Drive Me London,” the UK trial will use real families in semi-autonomous cars. Starting with a handful of AD cars next year, the trial will …

Storm Frank Batters North Britain; Total Storm Losses Could Top $4.5 Billion

Torrential rain and gale force winds battered northern Britain on Wednesday, cutting power to thousands of homes and forcing some to evacuate flooded streets in the third major storm in a month. The Environment Agency said Britain had faced an …

Update: U.K. Insurers Face Flood Claims up to $2.2B – with More Storms Ahead

Insurers are facing some of the costliest British floods on record as large parts of northern England, already inundated, brace for more heavy rain. Accountants estimate that insurers are currently facing a bill of up to 1.5 billion pounds ($2.22 …

ABI Confirms Insurers’ UK Flood Coverage Efforts; Losses May Top $1.6 Billion

Mark Shepherd, General Insurance Policy Manager at the Association of British Insurers (ABI), said: “Insurers will be doing everything possible to help customers hit by the latest floods. “They will be operating 24 hour emergency helplines to give customers immediate …

U.K. Insurance Bill for Solvency II Regulation Compliance Hits $4.5 Billion

U.K. insurers have invested at least £3 billion ($4.5 billion) to be compliant with new European Union capital rules, known as Solvency II, that come into effect next month, according to an industry lobby group. More than 400 U.K. firms …

UK Insurers Ready to Aid Recovery from Storm Desmond ABI Assures Policyholders

The Association of British Insurers (ABI) has issued a bulletin reassuring homeowners and businesses hit by Storm Desmond that insurers “are doing everything possible to help them recover.” The ABI listed some of the steps insurers are taking as follows: …

ABI Notes UK Government Report Shows Rising Cyber Crimes

The Association of British Insurers (ABI) has noted that the latest UK Government crime figures, released on Monday, “show a rise in recorded crime due to cyber offences being recorded for the first time. Matt Cullen, the ABI’s Head of …

‘Brexit’ a Major Political Risk for UK Insurers: ABI Chief Exec

The risk of a British exit [‘Brexit’] from the European Union is causing major political uncertainty for the insurance industry, the chief executive of the Association of British Insurers (ABI) said on Tuesday. This is compounded by the risk of …

ABI Says Cost of UK Home Insurance Falls by 6%-Buildings; 5%-Contents

The Association of British Insurers announced that the cost of home insurance has fallen over the last year according to its latest Average Quarterly Household Premium Tracker, which is based on information from ABI members, who cover 90 percent of the …