Association of British Insurers

The Association of British Insurers or ABI is a trade association made up of insurance companies in the United Kingdom.

History

The ABI began in 1985 after several specialised insurance industry trade associations, including 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), joined together to form one trade association for the whole industry.

The UK insurance industry is the largest in Europe and the third largest in the world.

Structure

According to the Association, it has around 250 companies in membership. Between them, they provide 90% of domestic insurance services sold in the UK. ABI member companies account for almost 20 per cent of investments in London's stock market. Its members are major tax contributors, paying £10.4 billion in the 2010 / 2011 tax year. The organisation is funded by members' subscriptions.

Its offices are at 51-55 Gresham Street in the City of London, just west of the Guildhall, London. St. Paul's tube station is to the south-west. The ABI employs around 100 people.^[1]

The association is a member of Insurance Europe

Function

The ABI represents the collective interests of the UK’s insurance industry. The Association speaks out on issues of common interest, helps to inform and participate in debates on public policy issues, and also acts as an advocate for high standards of customer service in the insurance industry.

See also

• Trade groups in the United Kingdom
• British Insurance Brokers Association
• International Underwriting Association
• Lloyd's of London

References

External links

• ABI main website
• Insurance Companies Business Model

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