Resignation of Legal & General from the ABI
Following the announcement by Legal and General that they are resigning membership of the ABI, Director General Otto Thoresen commented:
“As a trade association, of course we are disappointed by the resignation of a member, however the ABI’s continuing strong membership represents over 90% of the insurance sector. The great advantage of the ABI is that our members work together across the usual corporate boundaries to tackle issues that are important to consumers and to deliver an agenda for reform.
“The Board of the ABI believes the industry is at its most effective when working together to respond to legislative and regulatory change. In the last 12 months ABI members have put forward a practical blueprint to get retirement guidance to every saver, proposed workable civil justice reforms to reduce the cost of insurance for motorists, agreed an innovative model for the future of flood insurance for homeowners and contributed significantly to successfully negotiating and delivering Solvency II in a way that that allows long-term products to be provided to UK pensioners.
“Working with our members we will continue to drive the reform agenda forward to make markets work better for customers on policy areas as diverse as pensions, use of data, welfare policy, tax and regulation to ensure the UK insurance sector continues to contribute positively to the economy and society.”
Notes for Editors
1. Enquiries to:
Malcolm Tarling 020 7216 7410 Mobile: 07776 147 667
Linsey White 020 7216 7415 Mobile: 07885 998 011
Kelly Ostler-Coyle 020 7216 7375 Mobile: 07968 364302
2. The ABI is the voice of the UK’s insurance, investment and long-term savings industry. It has over 300 members, which together account for around 90% of premiums in the UK domestic market.
The ABI’s role is to:
- Be the voice of the UK insurance industry, leading debate and speaking up for insurers.
- Represent the UK insurance industry to government, regulators and policy makers in the UK, EU and internationally, driving effective public policy and regulation.
- Advocate high standards of customer service within the industry and provide useful information to the public about insurance.
- Promote the benefits of insurance to the government, regulators, policy makers and the public.
The UK insurance industry is the third largest in the world and the largest in Europe. It is a vital part of the UK economy, managing investments amounting to 26% of the UK’s net worth and contributing the fourth highest corporation tax of any sector. Employing over 290,000 people in the UK alone, the insurance industry is also one of this country’s major exporters, with 28% of its net premium income coming from overseas business.
Insurance and businesses protect themselves against the everyday risks they face, enabling people to own their own homes, travel overseas, provide for a financially secure future and run businesses. Insurance underpins a healthy and prosperous society, enabling businesses and individuals to thrive, safe in the knowledge that problems can be handled and risks carefully managed. Every day, our members pay out £147 million in benefits to pensioners and long-term savers as well as £60 million in general insurance claims.
3. An ISDN line is available for broadcasts.
4. More news and information from the ABI is available on our web site, www.abi.org.uk.
Caroline Jones - Communications & Public Affairs Assistant, Association of British Insurers (ABI)
Direct Dial: +44 (0)20 7216 7327 | Mobile: +44 (0)77 2524 5293