Holloway Friendly joins ABI

Holloway Friendly joins ABI

Holloway Friendly has joined the Association of British Insurers to help promote financial resilience among Britons, according to Stuart Tragheim.

The chief executive of Holloway Friendly, a mutual society founded in 1875, said it was an important time to be joining the ABI, to help "improve consumer trust".

Mr Tragheim said: "Our industry has made great strides recently in growing the protection market and improving consumer trust in it and I hope Holloway Friendly can further influence both of these factors. 

"As a specialist mutual friendly society, we will bring a slightly different perspective to ABI’s protection work and our aim is to ensure that there is alignment in this vital work across the sector.”

According to Yvonne Braun, director of policy at the ABI, the addition of the friendly society is especially pertinent, after the Money and Pensions Service launched its UK Strategy of Financial Wellbeing last month.

She said protection insurance had a vital role to play in helping people become more financial resilient and improve financial wellbeing, by offering peace of mind in case on illness and injury.

Ms Braun, ABI director of policy, long term savings and protection, said: “Holloway Friendly has a proud history of supporting its members through illness and injury and will further strengthen the ABI’s voice for protection insurance providers.

"I know we will benefit from its expertise, while its ABI membership will ensure its voice is heard at the highest levels.”

The addition of Holloway Friendly is significant for the trade body as it marks a growing trend of companies joining the ABI over recent years, including Hargreaves Lansdown.

It also signifies the trade body has shaken off the membership issues it faced in 2014 and 2015 when large insurance companies Legal & General and Aegon respectively resigned their membership.