The ABI calls on the insurance sector to work together in spite of Legal and General’s decision to leave the trade body
The ABI has confirmed it is disappointed that Legal and General who confirmed today its intention to leave the The Association of British Insurers (ABI) has confirmed today that it intends to leave the association at the end of 2014.
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.”
Mr Thoresen continued: “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.”
Mr Otto stressed: “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.”