Customers, society and planet are at the heart of a three-year ABI strategy

According to the trade body, the insurance and long-term savings sector stands ready to work with government and regulators to navigate the challenges facing the UK, from climate change through to the potential ‘mega risks’ of tomorrow.

The Association of British Insurers has committed to delivering initiatives that improve customer outcomes and understanding of products. It noted an ongoing partnership with the Plain Numbers project, and the launch of the Fairer Finance toolkit as examples of trying to boost trust with customers.

The ABI also promised to continue focusing on the role the sector has to play in supporting the economic, health and environmental opportunities and challenges in society.

Net-Zero future

The ABI cited spearheading the industry’s transition to a Net Zero sustainable future through to Solvency II reform among the work that is already underway.

In addition, it highlighted the need for a legislative, regulatory and tax framework that unlocks the full potential to support customers and the economy as key to shaping an effective market.

In June 2022, the ABI called on the government to take the “handbrake” off the industry in the race towards Net Zero.

In November, Chancellor Jeremy Hunt announced the publication of the government’s decision on Solvency II in his Autumn Statement to parliament. The new three-year strategy is underpinned by the new purpose of: “Together, driving change to build and protect a thriving society”, the ABI reported.

Direction

Hannah Gurga, director general of the ABI, said: “Our new purpose and strategy set the direction for the ABI, bringing together key stakeholders and partners to drive positive change for our members, customers and the wider society.

We stand ready to forge a new era of partnership between business and the state to tackle the long-term challenges we face.

Hannah Gurga

“Our industry is uniquely placed to support society, the economy and our planet.

“We stand ready to forge a new era of partnership between business and the state to tackle the long-term challenges we face, as we seize the opportunities to protect and build a thriving society.”

Positive outcomes

Baroness Nicky Morgan, chair of the ABI, commented: “The focus provided by the ABI’s new strategy is key to securing positive outcomes for consumers and wider society, bringing with it the main partners needed to drive change.

“We are already making progress on the critical issues that will define the years ahead, including supporting the transition to UK becoming the first Net-Zero-aligned financial centre.

“I look forward to ensuring that the ABI board supports Hannah, and her team, as well as ABI members, to realise the opportunities for our sector and economy.”

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