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Elderly access to car and travel insurance to be improved

March 10, 2012

Elderly access to car and travel insurance to be improved

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.

This article is intended as generic information only and is not intended to apply to anybody’s specific circumstances, demands or needs. The views expressed are not intended to provide any financial service or to give any recommendation or advice. Products and services are only mentioned for illustrative rather than promotional purposes.

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