The Association of British Insurers (ABI) has outlined the challenges for insurers following the launch of pensions freedoms and reiterated its commitment to the pensions dashboard.

Speaking at the Fitch Ratings Insurance Roadshow 2019, ABI director general, Huw Evans, highlighted how the changing risk associated with pensions will force the insurance industry to adapt.

He said: “The risks of people given ever-more responsibility to manage their own income in retirement at the same time as employers seek to transfer their pension scheme institutional risk to insurers.

“Our response to this as an industry has to be to embrace the insurance opportunities and changes this brings.”

The speech also highlighted the importance of the fair collection and use of data and reiterated ABI’s commitment to helping deliver the pensions dashboard.

He said that the ‘digital revolution’ and use of data has meant that the ABI has been able to develop pensions dashboards; something unthinkable even a decade ago.

In his speech, Evans also detailed the changes that he believed were necessary for the industry to keep up with the aging population.

Evans added: “With an older population, more people will be working for longer so liability and motor policies need to reflect that reality, not unnecessarily penalise it.”

He concluded his speech by saying: The changing nature of risk in the modern world presents significant commercial opportunities as well as an imperative to change.

“And it has a leadership - that I work with on a daily basis - that is committed both collectively and individually to building sustainable growth based on excellent customer experience.”

Share Story: