Skip to main content
The Actuary: The magazine of the Institute and Faculty of Actuaries - return to the homepage Logo of The Actuary website
  • Search
  • Visit The Actuary Magazine on Facebook
  • Visit The Actuary Magazine on LinkedIn
  • Visit @TheActuaryMag on Twitter
Visit the website of the Institute and Faculty of Actuaries Logo of the Institute and Faculty of Actuaries

Main navigation

  • News
  • Features
    • General Features
    • Interviews
    • Students
    • Opinion
  • Topics
  • Knowledge
    • Business Skills
    • Careers
    • Events
    • Predictions by The Actuary
    • Whitepapers
    • Moody's - Climate Risk Insurers series
    • Webinars
    • Podcasts
  • Jobs
  • IFoA
    • CEO Comment
    • IFoA News
    • People & Social News
    • President Comment
  • Archive
Quick links:
  • Home
  • The Actuary Issues
  • March 2012
03

ABI unveils deal to improve insurance access for older people

Open-access content Thursday 8th March 2012 — updated 5.13pm, Wednesday 29th April 2020

The insurance industry and government have agreed a deal to improve access to motor and travel insurance for older customers.

2

Under the Age Agreement, all Association of British Insurers members who do not provide insurance because they apply age restrictions will be required to 'signpost' customers to an alternative appropriate provider offering a non-age specific product.

The ABI led the agreement, which also involves the government and the British Insurance Brokers Association. It will come into force in April 2012.

Unveiling the agreement in a speech at the Age UK conference today, the director general of the ABI, Otto Thoresen, said: 'With an ageing population, it is crucial that we make it easier for older people to access financial services.

'This agreement will make it easier for older customers to access motor and travel insurance. It means all ABI members commit to signposting and helping older customers find another provider if they cannot help provide them with coverage. We are committed to making sure that all people who need insurance find it as easy as possible to get it.'

Mr Thoresen also announced today that the ABI will aim to increase transparency by publishing aggregated claims data every year. This move is intended to give consumers confidence that age is relevant to the assessment of risk for motor and travel insurance.

According to the ABI, the Age Agreement will reflect the wide range of ways people get insurance. Its research found that while 41% of drivers in their late 60s would prefer to use a website, this drops to 25% for those aged 75 and over, with the remaining 75% of over 75s preferring to use the phone.

The ABI will work with its members to find the best way to communicate with older people, particularly where there are specific communication needs related to hearing or sight.

This article appeared in our March 2012 issue of The Actuary.
Click here to view this issue
Filed in
03
Topics
General Insurance

You might also like...

Share
  • Twitter
  • Facebook
  • Linked in
  • Mail
  • Print

Latest Jobs

Life Reinsurance – Client Manager/Senior Manager

London (Central)
£ excellent + bonus + benefits
Reference
143661

Life Actuarial Analyst

South East / hybrid with 3 days per week office-based
£ dependent upon experience
Reference
143660

Investment Associate Consultant

Flexible / hybrid
£ dependent upon experience
Reference
143659
See all jobs »
 
 

Today's top reads

 
 

Sign up to our newsletter

News, jobs and updates

Sign up

Subscribe to The Actuary

Receive the print edition straight to your door

Subscribe
Spread-iPad-slantB-june.png

Topics

  • Data Science
  • Investment
  • Risk & ERM
  • Pensions
  • Environment
  • Soft skills
  • General Insurance
  • Regulation Standards
  • Health care
  • Technology
  • Reinsurance
  • Global
  • Life insurance
​
FOLLOW US
The Actuary on LinkedIn
@TheActuaryMag on Twitter
Facebook: The Actuary Magazine
CONTACT US
The Actuary
Tel: (+44) 020 7880 6200
​

IFoA

About IFoA
Become an actuary
IFoA Events
About membership

Information

Privacy Policy
Terms & Conditions
Cookie Policy
Think Green

Get in touch

Contact us
Advertise with us
Subscribe to The Actuary Magazine
Contribute

The Actuary Jobs

Actuarial job search
Pensions jobs
General insurance jobs
Solvency II jobs

© 2023 The Actuary. The Actuary is published on behalf of the Institute and Faculty of Actuaries by Redactive Publishing Limited. All rights reserved. Reproduction of any part is not allowed without written permission.

Redactive Media Group Ltd, 71-75 Shelton Street, London WC2H 9JQ