Election 2015: ABI reminds parties of industry priorities

Ahead of the General Election on Thursday 7th May, the Association of British Insurers reminded policymakers of its priorities for the next parliamentary session.

Regardless of the outcome next week, the ABI remains focused on ten key issues, so the new government will have no surprises when it eventually forms after the election.

Evans; outlined the ABI's top 10 savings and insurance priorities

Evans; outlined the ABI’s top 10 savings and insurance priorities

In an announcement today the the ABI outlined its Ten Insurance and Savings Priorities:

  1. Get Britain saving for retirement and take long term decisions with cross party support
  • Establish an independent retirement commission
  • Build an online pension portal where people can see all their pension information in one place. 
  1. Give people the information and products they need to make good retirement decisions
  • Protect people from pension scams and fraud
  • Ensure suitable solutions in place for those who do not engage with their savings.

 

  1. Change the rules so providers can move savers easily into modern, good value pension schemes
  • Pension providers able to make bulk transfers to modern pension systems if in the best interests of savers.

 

  1. Drive unnecessary cost out of insurance by reducing flood risk and making young drivers safer on the road
  • Manage flood risk with £1bn invested per year by 2025 to try to prevent homes being at high risk of flooding
  • Graduated Driving Licensing keeps young drivers safe whilst gaining experience.

 

  1. Crack down on the behaviour of Claims Management Companies
  • Require claims management companies to comply with more robust regulatory regime on a par with solicitors
  • Promote good practice and prevent nuisance calls and texts.
  1. Modernise the civil justice system to get compensation to claimants rather than lawyers
  • Increase Small Claims track limit for personal injury claims
  • Consider reduction in three year limit to claim for injury following car accident
  • Use fixed legal fees to address rise in industrial deafness claims and ensure people suffering from asbestos related conditions get compensation quicker.

 

  1. Keep temperature increases below 2 degrees this century by agreeing a robust global climate deal in Paris
  • Ensure success of UN climate talks in December 2015
  • Get right conditions in place for insurers to invest in low carbon infrastructure
  • Provide risk management for low carbon technologies.

 

  1. Support innovation by insurers to meet customer demand in the digital world with flexible personalised products
  • Government and regulators support insurers sharing data in relevant and proportionate way to detect and prevent fraud
  • EU rules do not prevent insurers using data in ways to benefit consumers.
  1. Reform welfare rules so that insurers play a larger part in helping people pay their bills and get back to work after illness or injury
  • Insurers work with Government to explore promoting and incentivising protection insurance to help people protect themselves
  • Legislation ensures claims under protection insurance do not impact welfare benefit calculations.

 

  1. Help the UK insurance sector remain a major employer and world leader with proportionate regulation and competitive tax
  • Regulatory and legislative environments remain globally competitive
  • Insurance industry becomes employment destination of choice for graduates and apprentices.

 

The ABI’s Director General, Huw Evans said: 

“Insurers are crucial to a healthy economy and society, helping people cope with the unexpected and save for their retirement. The UK insurance industry is a global leader, but we need to continue to innovate to meet the challenges of our fast-changing world and meet ever increasing customer needs.

 

“Insurers will be at the heart of many crucial issues facing a new Government, such as reforming pensions and tackling the UK’s rising flood risk. We have a role to inform and help shape policy, to strengthen the UK economy and continue to ensure our society is as well-equipped as possible to face the challenges of the future.”

About Ralph Savage (104 Articles)
Insurance and legal journalist Ralph Savage has written extensively for the financial and professional services sectors, most notably as News Editor of Post Magazine. He ghost writes regularly on behalf of FTSE 250 CEOs, leading counsel and senior professionals including solicitors, insurers, accountants and brokers.

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