subject: What Is The Abi And What Does It Do? [print this page] The Association of British Insurers [ABI] is an industry group established in 1985 to provide leadership on issues critical for the British insurance industry. The ABI performs research on industry related topics, lobbies the government to influence and improve insurance laws and regulations, and acts as a public voice for the insurance industry.
The ABI is funded by their over 300 members, whose combined policies account for approximately 90% of the premiums received in the UK insurance market. In addition to research and lobbying, the ABI performs significant consumer related functions, such as media relations and insurance best practices and general information. For example, a consumer seeking to find car insurance can access their extensive library of information on motor insurance, including information on what insurance is appropriate and how to reduce costs.
Four main departments define the broad organization of the Association of British Insurers; General Insurance, Life and Pensions, Financial Regulation and Taxation, and Investment Affairs. Additional teams handle specialized functions such as research and media relations.
The General Insurance department handles standard hazard insurance, such as motor, home and holiday insurance. This is where the consumer goes for information on how to find car insurance, or other general insurance information. The Life and Pension department specialize in policies to protect income and lifestyles in the event of death or retirement. Here consumers can learn how much insurance they need to protect their family in the event of a tragedy, as well as plan for retirement. Financial Regulation and Taxation handles much of the lobbying and policy formation efforts. This group tries to keep regulations from becoming overly burdensome on the industry, while still providing protections for consumers. Finally, the Investment Affairs department represents the interests of insurers in their role as major institutional investors.
Although the ABI primarily represents the insurance industry, their vision goes well beyond playing a propaganda role for the insurance industry. While they seek to keep the insurance industry strong and viable, they also strive to be a trusted member of society and a resource for business and consumers. The ABI provides critical services to its members, government, businesses, and consumers.
