Association of British Insurers meaning

An open letter dated 26 April 2024 bears signatures from a spectrum of bodies, among them UK Finance and the Association of British Insurers. It presses the Chancellor of the Exchequer to confront the FCA’s plans, which, the signatories contend, would undermine the UK’s competitiveness. The regulator outlined proposals in February 2024 that, it claimed, would strengthen the deterrent impact of enforcement and permit it to name publicly the targets of its inquiries. The coalition, which also features TheCityUK and the Personal Investment Management & Financial Advice Association, argued the plans are out of step with other markets and supervisors. They warned this would render the UK an ‘international outlier’ on enforcement. ‘As drafted, the proposals are likely to harm the competitiveness of the UK’s financial services industry by deterring investors, and to produce poorer outcomes for customers,’ the letter states. Signatories ask the Chancellor to address the FCA’s proposals to avoid undermining competitiveness and worsening outcomes for customers...

The Association of British Insurers (ABI) announced in a report dated 29 January 2025 that small and medium-sized enterprises face exposure to cyber attacks, yet are failing to make use of insurance cover to help reduce the risk. According to the research, many companies felt their likelihood of suffering a cyber incident was low, or believed policies were too pricey to meet their needs. Compiled with accountants Grant Thornton UK LLP, the report urges SMEs to raise their uptake of insurance solutions to defend against cyber attacks. It also says SMEs should confront the widespread lack of understanding about the nature and scale of cyber threats across the sector...

The Fire Safety Reinsurance Facility Set up in 2024 in the wake of the 2017 Grenfell Tower fire in west London, the Fire Safety Reinsurance Facility has enabled cover for high‑risk buildings with fire safety issues that might otherwise have gone uninsured, the Association of British Insurers (ABI) reported on 20 March 2025... The ABI noted that the facility, introduced by McGill and Partners Ltd on 1 April 2024, is designed to expand insurers’ capacity to insure these properties by letting them distribute and share the related risks... The Grenfell Tower blaze, a high‑rise block of flats, resulted in 72 fatalities... Steve McGill, founder and chief executive of McGill and Partners, said it is ‘incredibly rewarding’ to see advantages emerging for leaseholders who have struggled to obtain insurance because of fire risks. ‘I’m immensely...

A B C D E F G H I J K L M N O P Q R S T U V W X Y Z This glossary provides helpful (re)insurance and underwriting definitions. For focused guidance on reinsurance terminology, see Practice Note: Reinsurance—essentials. A Accident An unforeseen or unintended event or incident that typically results in damage or injury (physical or financial) to the insured or a third party. Accidental damage Unintended or unexpected harm or damage caused to property or a person. Accidental death benefit Some life insurance policies pay an extra amount, over and above the original sum insured, if the insured dies because of an accident. Act of God (force majeure) An occurrence beyond anyone’s control, such as a natural disaster. Active underwriter The person with primary responsibility and authority to accept insurance and reinsurance risks on behalf of the members of a syndicate in the Lloyd’s market. See also Underwriter. Actuary A qualified professional who...

ABI Refer to the Association of British Insurers. Accounts meeting The specific general meeting at which a company lays, or proposes to lay, its annual accounts and reports under CA 2006, s 437—most commonly the AGM. Public companies must dispatch copies of their annual accounts and reports no later than 21 days before the date of the relevant accounts meeting (CA 2006, s 424). For more information, see Practice Note: Publication and laying of annual accounts and reports. Accounting reference period (ARP) Typically a twelve‑month period over which a company prepares its accounts. If the company’s accounting period does not match its period of account, or if it extends across more than one financial year, profits must be apportioned (see accounting reference date (ARD) below and Practice Note: Basic principles of corporation tax—overview). Accounting reference date (ARD) A company’s accounting reference period is set by its accounting reference date: the period ends on that date. The ARD is usually the final day of...

A Term Explanation AIC Corporate Governance Code (AIC Code) The corporate governance code published by the Association of Investment Companies sets out a best‑practice framework for the governance of closed‑ended investment companies whose shares are traded on public markets. AIM company/AIM companies A company with a class of securities admitted to AIM, the market operated by London Stock Exchange plc. Association of British Insurers (ABI) A trade association representing the UK insurance industry with a focus on corporate governance; following its June 2014 merger with ABI Investment Affairs, the Investment Association (IA) assumed responsibility for the corporate governance guidance previously issued by the ABI. Association of Investment Companies (AIC) A membership organisation representing a broad spectrum of investment companies, investment trusts, venture capital trusts and other closed‑ended funds. Audit, Reporting and Governance Authority (ARGA) A new, independent regulator not yet in place, recommended by the Kingman Review to replace the Financial Reporting Council. Its recommended purpose is to protect investors’ interests and the...