Abbreviation ABI Legal status Non-profit company | Formation 1985 Region served United Kingdom | |
Purpose Insurance industry in the UK Headquarters One America Square, 17 Crosswall, City of London, EC3N 2LB | ||
The Association of British Insurers or ABI is a trade association made up of insurance companies in the United Kingdom.
Contents
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 250 companies in membership. Between them, they provide 90% of domestic insurance services sold in the UK. ABI member companies account for almost 20 per cent of investments in London's stock market. Its members are major tax contributors, paying £10.4 billion in the 2010 / 2011 tax year. The organisation is funded by members' subscriptions.
Its offices are at One America Square, 17 Crosswall, City of London, EC3N 2LB. The ABI employs around 100 people.
The association is a member of Insurance Europe
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.