MGAA and ABI sign agreement to boost insurance sector

The Managing General Agents’ Association (MGAA) and the Association of British Insurers (ABI) have signed a Memorandum of Understanding (MoU) designed to strengthen collaboration and drive progress within the insurance sector.

The agreement signifies a shared commitment to mutual understanding, enhanced cooperation, and joint efforts in addressing key industry challenges.

The MoU establishes a structured framework for collaboration across three strategic pillars: Information Exchange, Coordination of Views and Joint Events, Learning, and Research.

Recognizing the importance of shared knowledge, the MGAA and ABI will facilitate the exchange of insights and expertise on critical issues impacting the insurance industry – including retail and commercial insurance, regulation, operational resilience, and technological advancements.

The two organisations also agreed to coordinate views and approaches on key issues driven by governmental and regulatory bodies, where possible and within relevant and significant areas.

The agreement also opens doors to collaborative learning opportunities, networking events, and the potential for shared research initiatives, a collaboration that aims to benefit stakeholders across the insurance industry.

Michael Keating, CEO of the MGAA, said: “We are delighted to announce our partnership with the ABI as the agreement further solidifies our working relationship and helps foster coordination on issues that impact our members and the insurance markets.

“With our members having extensive partnerships with ABI members, together, we aim to create greater awareness of core priorities and knowledge sharing for insurance firms and their customers.”

He continued: “Working together puts us in a key position to support the significant growth we are seeing in the MGA sector with tech-driven start-up MGAs, whilst also tackling ongoing obstacles for our members such as capacity constraints, regulation and a challenging rating environment.”

Hannah Gurga, Director General of the ABI, commented: “Signing the MoU with the MGAA is another step towards fostering closer collaboration and a stronger working relationship on key issues for the benefit of both our members.

“We’re looking forward to working with the MGAA and its members more closely to further promote mutual understanding, share knowledge and align on views for the benefit of the wider industry.”

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