UK Insurers Sign an Agreement to Offer Cover for Older Brits
Yesterday, on April 4th the Association of British Insurers that it has made an agreement with the UK Government and the British Insurance Brokers' Association.
Under this agreement, which is to go into force on Friday, April 6th, insurers and brokers have to refer their clients to another provider in case they are unable to offer them car or travel cover because of age limits.
All members of ABI and BIBA will adhere to the agreement, whereas companies that are not members will have a right to decide if they want to comply with it or not.
Commenting on the move, Otto Thoresen, director general at ABI, said: "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. 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."
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