ABI: Insurance sector is stable

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ABI: Insurance sector is stable

The insurance sector is bearing up well under the current financial situation, according to the Association of British Insurers (ABI).

According to the association, insurance providers have shown "resilience" as economic turmoil continues and it praised the "strength of the insurance business model".

It called for greater co-operation between supervisors in order to regulate international insurance firms and said authorities should also improve their ability to see difficulties as they emerge.

"The insurance industry believes that regulation should encourage competition," it said.

Stephen Haddrill, director general of the ABI, said that while market conditions are "difficult", the industry is prepared to work with supervisory authorities and was keen to protect policyholders.

Earlier this month, ABI announced that all UK private healthcare fraud investigators will meet in November for a two-day conference in Newcastle.

They will discuss how to combat healthcare fraud as a new web-based intelligence system is launched for the purpose.

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