What is the Association of British Insurers (ABI)?

The Association of British Insurers is a trade association based in London that represents more than 200 insurance companies. The association is a voice for the insurance industry in the United Kingdom, which employs more than 310,000 people and manages more than £1.6 trillion in investments.

Key Takeaways

  • The Association of British Insurers is a trade association that represents more than 200 insurance companies in the United Kingdom.
  • The U.K. insurance industry employs more than 310,000 people, manages more than £1.6 trillion in investments, and pays £16 billion in taxes.
  • Membership benefits include access to industry data and statistics, networking opportunities, and the chance to meet and talk directly with government regulators and decision makers.

Understanding the Association of British Insurers (ABI)

The Association of British Insurers (ABI) is the advocacy organization for the U.K.'s world-leading insurance and long-term savings industry. The insurance industry in the U.K. is the largest in Europe and fourth largest in the world.

A key benefit of ABI membership is staying abreast of coming changes from regulation and policymaking. The ABI collects extensive data from insurers and long-term savings providers, covering everything from motor and property insurance to life assurance and pensions. The data is available to ABI members for free as a benefit of membership, and non-members can access the data upon payment of a subscription fee.

The ABI is a significant contributor to the British economy. ABI members are major tax contributors, paying £16 billion to the government. All members agree to mandatory codes of conduct.

The ABI holds a range of events from member-only technical briefings to flagship strategy conferences with influential keynote speakers and attendees, who include a mix of members and external stakeholders. The ABI facilitates networking opportunities, offering members the chance to talk directly with regulators and decision makers at the heart of government.

The ABI also has one-year Future Leaders Program, designed to provide career development pathways for promising senior leaders, and to encourage diversity within the industry.

The ABI produces public-awareness campaigns in support of the insurance industry and works with media outlets to encourage greater understanding of the insurance industry and its many benefits. The ABI also provides conference facilities to its members in the heart of London.

Special Considerations

The Association of British Insurers publishes the "Insurance and Long-Term Savings Key Facts" guide, which provides data and insights about the insurance industry in the U.K. and its contribution to the economy. Among the notable findings from its 2021 report: car insurance suffered a steep drop in underwriting profits, declining to £31 million in 2019 from £515 million the year before; property insurance suffered an underwriting loss of £114 million, its fourth loss since 2010; and liability insurance earned an underwriting profit of £297 million, down from £415 million the year before.