ABI: UK Insurance Industry welcomes Prime Minister’s Compensation Scheme announcement and pledges help to make the scheme work
UK Insurance Industry welcomes Prime Minister’s Compensation Scheme announcement and pledges help to make the scheme work
The UK insurance industry has welcomed Prime Minister David Cameron’s announcement that the Riot Act police compensation schemes will operate as normal and has promised to use its expertise to help the government and police authorities implement the scheme.
The ABI also welcomed the PM’s agreement to its request to extend to the maximum of 42 days the amount of time claims can be made under the scheme.
The announcement came as the ABI revised its estimated figure of claims likely to be paid out by the insurance industry to be in excess of £200 million.
The UK insurance industry is committed to working in partnership with the Government and the police to play its part in helping businesses and communities recover from the damage. In addition to its own activity, the industry has offered the Government the following help so the police compensation schemes can run effectively:
– Senior claims directors to provide overall strategic advice to the Government.
– Technical claims handler experts to assist with adjudication.
– Actuarial assistance to ensure the government is able to accurately quantify the cost of the scheme going forward
– Assistance in developing a workable claims notification form
– Assistance in negotiating appropriate rates with loss adjusters.
Otto Thoresen, the Director General of the ABI says:
“The insurance industry is already paying out claims to people with insurance, but wants to do more to support the Government in helping people get back on their feet. We will work in partnership with the Government, and share our expertise, to make sure that the police compensation schemes work effectively and get compensation to people who need it quickly. It is important that, after the sad events of recent days, we do everything we can to help people recover.”
Notes for Editors
1. Enquiries to:
Liz Forster 020 7216 7444 (Mobile: 07717 578 586)
Malcolm Tarling 020 7216 7410 (Mobile: 07776 147 667)
Linsey White 020 7216 7415 (Mobile: 07939 126 553)
Katherine Riviere 020 7216 7514 (Mobile: 07725 372636)
2. The ABI is the voice of the UK’s insurance, investment and long-term savings industry. It has over 300 members, which together account for around 90% of premiums in the UK domestic market.
The ABI’s role is to:
– Be the voice of the UK insurance industry, leading debate and speaking up for insurers.
– Represent the UK insurance industry to government, regulators and policy makers in the UK, EU and internationally, driving effective public policy and regulation.
– Advocate high standards of customer service within the industry and provide useful information to the public about insurance.
– Promote the benefits of insurance to the government, regulators, policy makers and the public.
The UK insurance industry is the third largest in the world and the largest in Europe. It is a vital part of the UK economy, managing investments amounting to 24% of the UK’s net worth and contributing the fourth highest corporation tax of any sector. Employing over 275,000 people in the UK alone, the insurance industry is also one of this country’s major exporters, with a fifth of its net premium income coming from overseas business.
Insurance and businesses protect themselves against the everyday risks they face, enabling people to own their own homes, travel overseas, provide for a financially secure future and run businesses. Insurance underpins a healthy and prosperous society, enabling businesses and individuals to thrive, safe in the knowledge that problems can be handled and risks carefully managed. Every day, our members pay out £155 million in benefits to pensioners and long-term savers as well as £58 million in general insurance claims.
3. An ISDN line is available for broadcasts.
4. More news and information at www.abi.org.uk
Liz Forster
Assistant Director, Communications
Corporate Affairs Directorate
Liz.Forster@abi.org.uk
T: 020 7216 7444
M: 07717 578586
www.abi.org.uk
Association of British Insurers
51 Gresham Street
London
EC2V 7HQ
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