Association of British Insurers Overview and History

The Association of British Insurers (ABI) has a rich history dating back to 1880, making it one of the oldest insurance associations in the world.

The ABI's primary goal is to promote the interests of the insurance industry in the UK, ensuring that consumers have access to a wide range of insurance products.

The ABI represents over 400 insurance companies, which together account for around 90% of the UK's insurance market.

The Association of British Insurers plays a significant role in the UK insurance industry, representing over 200 insurance companies. This trade association aims to promote the products and companies in the industry, act as the voice of the industry, and engage with policymakers and regulators.

The UK insurance industry is a massive employer, with more than 350,000 people employed across the sector. This number is substantial, considering the industry also manages over £1.6 trillion in investments and pays over £17.2 billion in taxes.

Membership benefits of the Association of British Insurers include access to industry data and statistics, networking opportunities, and the chance to meet and talk directly with government regulators and decision-makers.

Here are some key statistics about insurance ownership in the UK:

The Association of British Insurers (ABI) is a significant force in the UK's insurance industry, with a membership that includes some of the biggest names in the business. ABI members are responsible for paying over £17.2 billion in taxes to the government each year.

The ABI collects extensive data from its members, covering everything from motor and property insurance to life assurance and pensions. This data is a valuable resource for members, allowing them to stay ahead of the curve when it comes to changes in regulation and policymaking.

The ABI has a large and diverse membership, with over 70% of the UK's insurance market represented. Some of the notable members include AA Underwriting, Admiral Insurance, and Travelers Insurance.

ABI members agree to adhere to mandatory codes of conduct, ensuring that they operate with the highest level of integrity and transparency. This commitment to ethics is just one of the many benefits of ABI membership.

The ABI's data is available to non-members for a subscription fee, making it a valuable resource for anyone looking to stay informed about the UK's insurance industry.

The Association of British Insurers (ABI) is a significant player in the UK's financial services industry, but who regulates the insurance companies themselves? The Financial Conduct Authority (FCA) is responsible for regulating British insurance companies, protecting consumers and keeping the industry stable.

The FCA works to promote healthy competition between companies in the financial services industry. This is crucial for ensuring that consumers get the best deals and services possible.

The FCA is a key part of the UK's financial regulatory framework, and its role is essential for maintaining trust in the financial services industry.

The Association of British Insurers (ABI) has a rich history that dates back to 1985 when several specialized insurance industry trade associations joined forces to form one trade association for the UK insurance industry, excluding Lloyd's of London.

The ABI has had its share of notable changes over the years. In 2014, Legal & General announced it was leaving the ABI due to the decision to transfer its investment business to the Investment Management Association, a shock move that left many wondering what it would mean for the industry.

As of 2019, Amanda Blanc had stepped down as ABI chair, but Huw Evans remained as director general of the ABI.

The ABI has a rich history that dates back to 1985 when several specialized insurance industry trade associations joined forces to form one trade association for the UK insurance industry, excluding Lloyd's of London.

The ABI was formed by the British Insurance Association, the Life Offices’ Association, the Fire Offices Committee, the Accident Offices Association, the Industrial Life Offices Association, and the Accident Offices Association (Overseas).

In 2014, a significant change occurred when Legal & General announced it was leaving the ABI due to the organization's decision to transfer its investment business to the Investment Management Association.

Amanda Blanc stepped down as ABI chair in July 2019, but Huw Evans remained as director general.

The Association of British Insurers (ABI) plays a key role in representing the collective interests of the UK's insurance industry. The ABI acts as an advocate for high standards of customer service in the insurance industry.

One of the key ways the ABI does this is by speaking out on issues of common interest to the industry. This helps to ensure that the industry's voice is heard on important policy issues.

The ABI works to inform and participate in debates on public policy issues, which is crucial for shaping the future of the industry.

The UK insurance landscape has undergone significant changes in recent years. One key development is the completion of the Solvency II review in 2025.

The Prudential Regulation Authority (PRA) has written to the Chief Executive Officers of firms regulated by the PRA in the UK insurance sector, outlining its 2025 priorities. The letter emphasizes the need for robust governance, risk management, and controls to identify, analyze, and mitigate risks.

In 2024, the PRA published a statement correcting a standard formula mass lapse life underwriting risk rule in PS15/24. This correction aimed to ensure accurate calculations for life insurance policies.

The PRA has also implemented Solvency UK reforms, which aim to spur a vibrant, innovative, and internationally competitive insurance sector.