Association of British Insurers (ABI) meaning

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...

The Fire Safety Reinsurance Facility will increase underwriting capacity in the market He said the initiative would bolster underwriting capacity across the market. Sheldon Mills, the FCA’s executive director for consumers and competition, set out the position in a letter to the government’s housing secretary dated 29 February 2024. He noted that the programme, currently being developed by the Association of British Insurers (ABI), was due to launch by summer 2023, but has encountered delays. According to Mills, progress has taken longer than expected given the challenge of securing sufficient reinsurance capacity for the risks at stake and of shaping a scheme that properly meets insurers’ needs and, by extension, those of customers and leaseholders...

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...

ARCHIVED: This Practice Note has been archived and is not maintained. It distils key legal developments relevant to personal injury and clinical negligence practitioners as at 30 October 2023. For matters predating this horizon scanner, see PI and Clinical Negligence horizon scanning—overview. Key PI & Clinical negligence developments Minutes from Official Injury Claim Advisory Group’s 19 July 2023 meeting published The Ministry of Justice (MoJ) has released the minutes of the Official Injury Claim (OIC) Advisory Group meeting held on 19 July 2023. Attendees were: Chair and Secretariat from the MoJ OIC service operators from the Motor Insurers’ Bureau (MIB) Association of Personal Injury Lawyers (APIL) Motor Accident Solicitors Society (MASS) Forum of Insurance Lawyers (FOIL) Association of British Insurers (ABI) HM Courts and Tribunals Service (HMCTS) During the meeting, the MIB summarised the latest OIC data, described work on filtering dormant claims, and delivered updates based on user and member feedback. Agreed...