ABI: Insurance industry must get competitiveness right

Money News

www.moneynews.co.uk > Insurance > ABI: Insurance industry must get competitiveness right

Topics

bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet

Features

bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet

Companies

bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet

Money News

bullet
bullet
bullet
bullet
bullet

ABI: Insurance industry must get competitiveness right

The Association of British Insurers (ABI) has stated that the sector must not let the recession get in the way of facing the challenge of competitiveness.

According to an ABI survey, 80 per cent of insurance firms believe that the government must step in to solve the problem of competition otherwise many firms will go out of business.

Stephen Haddrill, director general of the organisation, noted that the country cannot wait for the economy to recover before it begins to face the problem.

He said: "The recession cannot be allowed to mask the challenge, but also the opportunity, the UK faces over competitiveness. Getting it right today could reap rich rewards tomorrow."

The ABI has put forward a number of proposals which it believes will relieve the situation in a paper entitled UK Competitiveness: the way forward for insurance.

This week, the organisation's director of consumer strategy Maggie Craig acknowledged that the insurance sector must make improvements over the way it handles complaints.

Click here for more insurance newsADNFCR-323-ID-19366987-ADNFCR

Related News : Insurance

bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet