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The plans were announced by the Association of British Insurers (ABI), and were put together in conjunction with the British Insurance Brokers’ Association (BIBA) and the government. “The insurance industry wants to ensure that older people get the best possible insurance deal, by having as wide access to the motor and travel insurance markets as possible,” Otto Thoresen, Director General of the ABI.
“This agreement shows how the industry can work with Government to increase access to insurance, improve transparency, while preserving insurers' ability to assess and price risk fairly.”
Under the terms of the new agreement, if an insurer or insurance broker is unable to offer a policy to a traveller because they are too old, they will be required to automatically refer them to a provider who can meet their needs.
They will also be able to refer customers to a dedicated signposting service, such as BIBA’s ‘Find a Broker’ website.
“This is a great example of businesses working with government to tackle discrimination,” said Theresa May, Home Secretary and Minister for Women and Equalities. “I fully support the work the Association of British Insurers and the British Insurance Brokers Association are doing to make it easier for older people to get motor and travel insurance and provide greater transparency on how decisions are made.” All insurers who are members of the ABI will adhere to the new plans as a condition of membership, while BIBA members will also comply with the agreement. “This new agreement is a great solution to helping older people more easily access suitable insurance protection,” said Eric Galbraith, Chief Executive of BIBA.
Date Created: 09/04/2012