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Access to motor and travel insurance among older populations is set to be improved under a new agreement announced by the Association of British Insurers (ABI).

All ABI members must now inform elderly customers of another supplier that provides car or travel insurance to older people if they themselves do not offer it due to age restrictions.

The agreement, which was made between the ABI, the government and the British Insurers Brokers Association, comes into effect next month.

“With an ageing population, it is crucial that we make it easier for older people to access financial services," said Otto Thoresen, the director general of ABI.

"We are committed to making sure that all people who need insurance find it as easy as possible to get it."

The ABI has also announced that it will increase transparency in the insurance industry by releasing aggregated claims data every year. This will raise consumer awareness of how age is relevant to the assessment of risk.