ABI initiative will improve access to insurance for older customers

ABI initiative will improve access to insurance for older customers

ABI initiative will improve access to insurance for older customers

The ABI (Association of British Insurers) has set up a task force to help older customers shop around for travel and motor insurance. Cover for older people is widely available, but a minority experience difficulties. The task force will recommend how to implement a system to help older customers get the insurance they need.

The task force will be chaired by Keith Morris, Chairman of Sabre Insurance, who specialise in insuring older drivers. As well as ABI members, its membership will include The British Insurance Brokers Association, Age Concern, Help the Aged and Citizens Advice.

Launching the task force at a joint ABI/Age Concern/ Help the Aged seminar today, Stephen Haddrill, the ABI’s Director General, said:

“Insurers are meeting the rising demand for insurance from older customers, and it is now widely available. ABI research shows four out of five older people can buy it without difficulty. But more can still be done. For a minority finding the right insurance can be a challenge. The task force will be consulting widely to develop a system so that older customers can easily shop around for the cover they need.”

Notes for Editors

1. Attached is a copy of the ABI report ‘Staying Active – Staying Insured’, which
considers the issues around insurance for older people. This shows that the market for older customers is set to grow rapidly: the number of motorists aged over 70 is set to increase from 4 million to 10 million by 2050.

2. The ABI is the trade association for Britain’s insurance industry. Its nearly 400 member companies provide over 94% of the insurance business in the UK. It represents insurance companies to the Government, and to the regulatory and other agencies, and is an influential voice on public policy and financial services issues. ABI member companies hold up to a sixth of all investments traded on the London Stock Exchange, on behalf of millions of pensioners and savers.