Following a successful three-year period, during which the ABI strengthened the sector’s role in supporting financial resilience and wellbeing across the UK, the new strategy takes this a step further to drive more progress and respond to emerging challenges.
A trusted sector
Continuing to put customers at the forefront of its work, the ABI will deliver initiatives that improve people’s understanding, experience and trust in insurance and long-term savings. Recent projects, such as its updated flood guide, storm advice and new insurance guide for SMEs, show its commitment to improving awareness and reducing protection gaps. The ABI will continue to ensure the sector serves customers’ changing needs while promoting the essential role it plays in society. And as a trusted partner for government and the wider sector, the ABI will work together with its stakeholders to address shared challenges.
Invested in people and planet
The ABI has long supported efforts to unlock opportunities for productive investment to drive sustainable growth, including through the Mansion House Accord and tracking the industry’s pledge to invest £100 billion in UK assets which contribute to economic growth and the net zero transition. Under the new strategy, this work will continue with a renewed focus under the ABI’s new Pensions Insurance and Investment Board (PIIB). The PIIB will take oversight of the efforts to drive and track the ?100 billion commitment, alongside DB pensions policy, annuity investment and the bulk purchase annuity market.
With new and emerging risks placing greater pressure on households, businesses and infrastructure, building a resilient society is more important than ever. The ABI will continue to help communities prepare for more extreme weather, while forming partnerships to prevent ill-health and support wellbeing and productivity across the UK. And as major pension reforms progress, it will keep pushing to improve people’s savings for retirement and give greater certainty and stability for the future.
An effective market
A proportionate and stable regulatory framework underpins growth, competitiveness, innovation and investment in the UK. The ABI will work closely with members and regulators to streamline processes, reduce duplication and improve efficiency. This approach will give firms greater clarity, while protecting customers and boosting productivity.
ABI Director General Hannah Gurga said: “Our strategy is built around helping people feel more secure. We’ll stay focused on strengthening trust in our sector, supporting a market that works well for businesses and customers, and investing in people and the planet. With this strategy, we have a clear direction and a practical plan to deliver with our members, helping the industry provide stability for households, businesses and the wider economy in a world that’s becoming less predictable.”
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