Motorbike Insurance

The insurance sector remains stable despite the increasingly precarious economic climate, the Association of British Insurers (ABI) has confirmed.

In good news for new and existing motorbike insurance customers, the industry supervisor outlined its determination to provide enhanced protection for policyholders.

Despite fears that the recent monetary crisis might affect the industry, director general of the ABI Stephen Haddrill insisted that it would work around several key principles to deal with the situation.

He expressed his belief that "the maintenance and strengthening" of those principles would be "the best basis for protecting policyholders on an ongoing basis", and insisted that the insurance sector was in a strong position to cope with the crisis.

Mr Haddrill was commenting after the International Association of Insurance Supervisors (IAIS) gathered in Budapest to discuss the latest factors influencing the industry.

The news follows last week's announcement by the Motor Cycle Industry Association (MCI) that bike sales are also resisting the economic downturn, with a drop in September sales of less than half that recorded by the UK car industry.

According to the ABI, the UK insurance industry accounts for 11 per cent of all global premium income, making it the second largest across the world.

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