DEFINITION of 'Association Of British Insurers - ABI'
A trade association comprised of insurance companies located within the United Kingdom. Approximately 400 companies are members of the Association of British Insurers, and as a group provide roughly 90% of domestic insurance services sold in the United Kingdom. These companies account for nearly 15% of investments in the London stock market. The company is based in London.
BREAKING DOWN 'Association Of British Insurers - ABI'
The insurance industry in the United Kingdom is the largest in Europe and one of the largest in the world. The Association of British Insurers is a significant contributor to the United Kingdom's economy: in 2010 it managed £1.5 trillion in investments (more than 20% of the United Kingdom's total net worth). The ABI employs more than 300,000 people in the U.K. and is an important contributor of the UK's corporation tax. The ABI was formed in 1985 when the British Insurance Association, the Life Offices' Association, the Fire Offices Committee and the Accident Offices Association joined together.