Association of British Insurers
Encyclopedia
The Association of British Insurers or ABI is a trade association
made up of insurance companies
in the United Kingdom
.
The UK insurance industry is the largest in Europe and the third largest in the world.
. Its offices are at 51 Gresham Street in the City of London
, just west of the Guildhall, London
. St. Paul's tube station
is to the south-west. In March 2009, the ABI stated that it employed around 100 people.
Trade association
A trade association, also known as an industry trade group, business association or sector association, is an organization founded and funded by businesses that operate in a specific industry...
made up of insurance companies
Insurance
In law and economics, insurance is a form of risk management primarily used to hedge against the risk of a contingent, uncertain loss. Insurance is defined as the equitable transfer of the risk of a loss, from one entity to another, in exchange for payment. An insurer is a company selling the...
in the United Kingdom
United Kingdom
The United Kingdom of Great Britain and Northern IrelandIn the United Kingdom and Dependencies, other languages have been officially recognised as legitimate autochthonous languages under the European Charter for Regional or Minority Languages...
.
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 400 companies in membership. Between them, they provide 94% of domestic insurance services sold in the UK. ABI member companies account for almost 20 per cent of investments in London's stock marketLondon Stock Exchange
The London Stock Exchange is a stock exchange located in the City of London within the United Kingdom. , the Exchange had a market capitalisation of US$3.7495 trillion, making it the fourth-largest stock exchange in the world by this measurement...
. Its offices are at 51 Gresham Street in the City of London
City of London
The City of London is a small area within Greater London, England. It is the historic core of London around which the modern conurbation grew and has held city status since time immemorial. The City’s boundaries have remained almost unchanged since the Middle Ages, and it is now only a tiny part of...
, just west of the Guildhall, London
Guildhall, London
The Guildhall is a building in the City of London, off Gresham and Basinghall streets, in the wards of Bassishaw and Cheap. It has been used as a town hall for several hundred years, and is still the ceremonial and administrative centre of the City of London and its Corporation...
. St. Paul's tube station
St. Paul's tube station
St. Paul's tube station is a London Underground station in the City of London on the Central Line, between Bank and Chancery Lane stations, and is in Travelcard Zone 1....
is to the south-west. In March 2009, the ABI stated that it employed around 100 people.
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