Nationwide Building Society has become the latest organisation to join the Association of British Insurers (ABI) as a member.
On 15 June, the ABI announced that the building society has joined as an associate member, a category that a spokesman for the trade association said has been developed to meet interest from non-insurance companies.
The spokesman for the trade body, which recently moved from its expensive Gresham Street headquarters in the City in a bid to cut costs due to falling membership, said associate membership is open to legal firms, consultants, price comparison sites and the wide variety of suppliers.
Nationwide’s sign-up came just a day after Old Mutual Wealth rejoined the organisation as a member.
It was back in 2008 that Skandia, which was bought by Old Mutual in 2007, decided to ditch the ABI.
In recent years, Aegon and Legal & General have also turned their backs on the trade body.
Huw Evans, ABI director general, said: “Nationwide is a household name with a strong reputation, and the ABI’s associate membership provides a great opportunity for it to work more closely with industry stakeholders and develop significant policy initiatives.”
Martyn Dyson, Nationwide’s head of general insurance, said: “Nationwide is the world’s largest building society, selling a range of insurance products, and this membership further cements our position in the market.”
Adviser view:
David Wilson, managing director of NE Money said: “The decision for Nationwide to join the ABI is a positive one for the ABI and trade bodies overall, given the recent declines in membership. I can only assume that Nationwide is taking this step to support the insurance side of its business, and as a broker, this is something I’d be mindful of in the future.”
