Reinsurance News
Association of British Insurers
Larger pension pots drive record 2025 for individual annuity premiums: ABI
17th February 2026
Larger pension pots helped push total premiums paid into individual annuities up 4% to £7.4 billion in 2025, marking the highest annual level since pension freedoms were introduced in 2014, according to the Association of British Insurers (ABI). The increase came despite a small decline in the number of annuities sold, ... Read the full article
Bridgehaven becomes ABI member
26th September 2025
Bridgehaven Specialty UK Limited, a hybrid insurer in commercial and specialty lines, has joined the Association of British Insurers (ABI). Bridgehaven is an independent UK hybrid-fronting insurer that empowers managing general agents (MGAs) with long-term capacity while helping reinsurers achieve greater diversification. Representing more than 300 firms, the ABI works with UK ... Read the full article
Fire Safety Reinsurance Facility expands coverage limit to £70m
3rd July 2025
The insurance industry’s Fire Safety Reinsurance Facility, an initiative aimed at providing insurance coverage for multi occupancy buildings with fire safety issues, has increased its coverage limit from £50 million to £70 million, the Association of British Insurers (ABI) has revealed. This expansion, following a successful first year, is set to ... Read the full article
BILTIR & ABI sign MoU to boost global reinsurance industry
17th June 2025
Bermuda International Long Term Insurers and Reinsurers (BILTIR) and the Association of British Insurers (ABI) have signed a Memorandum of Understanding (MoU) to enhance collaboration by sharing information and insights on critical industry issues. Under the agreement, which was signed at a Life and Annuity Reinsurance Forum in London, BILTIR and ... Read the full article
ABI highlights positive impact of Fire Safety Reinsurance Facility
20th March 2025
The Association of British Insurers (ABI) has commended the significant positive impact of the Fire Safety Reinsurance Facility, one year after its launch. Created by re/insurance broker McGill and Partners, with support from the ABI and in partnership with the British Insurance Brokers Association, the Facility was established as an ... Read the full article
Andy Briggs to succeed Tim Bailey as ABI President
25th February 2025
Andy Briggs, CEO of Phoenix Group, has become the new President for the Association of British Insurers (ABI), succeeding Tim Bailey, Zurich CEO, who had held the role since 2023. Briggs will hold the President role for the next two years. Ken Norgrove, CEO, UK & International, RSA Insurance, remains the ... Read the full article
UK needs £1bn+ annual flood defence investment to tackle climate risks, experts warn
10th February 2025
The UK urgently needs long-term flood defence investment exceeding £1 billion per year to keep pace with climate risks, according to analysis by flood risk modelling firm Fathom, which Flood Re, a joint initiative between the UK Government and the insurance industry, commissioned. The research has revealed that existing flood defences ... Read the full article
Lloyd’s & ABI launch guide to help re/Insurers define major cyber events
7th November 2024
Recognising cyber as one of the most significant systemic and emerging risks, Lloyd’s and the Association of British Insurers (ABI) have jointly published a guide to help re/insurers define major events and identify key factors to consider. According to Lloyd's and the ABI, the dynamic nature of cyber threats necessitates ongoing ... Read the full article
Record £573m paid out in weather-related home insurance claims in 2023: ABI
15th April 2024
Home insurance claims for weather-related damage reached a record £573 million last year, making it the highest on record and 36% greater than 2022's £421 million, according to the Association of British Insurers (ABI). This substantial rise was mostly due to the succession of storms, including Babet, Ciaran and Debi that ... Read the full article
Fire safety reinsurance facility established by McGill and Partners finalised
13th March 2024
A new initiative has been set up which aims to help improve the availability of insurance for higher-risk buildings awaiting work to fix fire safety issues. The Fire Safety Reinsurance Facility will help to increase insurance market competition to cover properties affected by combustible cladding and other fire safety issues. From what ... Read the full article
Zurich’s Tim Bailey appointed President of ABI
4th July 2023
The Association of British Insurers (ABI) has announced that Tim Bailey, UK CEO, Zurich, has been appointed as President. At the same time, the ABI has also confirmed that Clare Bousfield, Chief Executive, Retail and Savings, M&G plc, has been named the new Deputy President. Both appointees take up their roles ... Read the full article
ABI names Mervyn Skeet Director of General Insurance Policy
11th April 2023
The Association of British Insurers (ABI) has announced that it has appointed Mervyn Skeet as Director of General Insurance Policy. Skeet joined the firm in November 2017 as Assistant Director, Head of Tax and has been acting as Interim Director of GI Policy since December 2022, following the recent departure of ... Read the full article
UK insurance industry contributed £17.2bn in tax in 2021
16th December 2022
The Association of British Insurers (ABI) has said that the UK’s insurance industry contributed £17.2bn in tax between 2021 and 2022. This, said the association, is a ‘record’ amount, 6.9% higher than in 2019-2020, and makes up 2.1% of the government’s tax receipts. The survey, it wrote, was carried out on ... Read the full article
Insurance making ‘significant’ progress in setting Net Zero targets
13th June 2022
The Association of British Insurers (ABI) has said that the general insurance and long-term savings industry is making significant progress in setting transparent Net Zero targets and joining the UN’s ‘Race To Zero’ campaign. The industry body said, through its Climate Change Roadmap, that among the market share represented by ABI ... Read the full article
Insurers to pay out nearly £500m on Storms Dudley, Eunice & Franklin: ABI
29th April 2022
Recent figures released from the Association of British Insurers (ABI) show that the damage caused by Storms Dudley, Eunice and Frankin, that hit much of the UK during February 2022, is expected to lead to insurers paying out nearly £500m in dealing with 177,000 insurance claims. The figures show that there ... Read the full article
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