The Association of British Insurers (ABI) has pledged to work with the UK government to tackle the problem of funding long-term care for the elderly.
The ABI’s director general, Stephen Haddrill, is a member of a ministerial group set up to find solutions to providing for an increasingly ageing population.
Speaking at the parliamentary all-party housing and care group conference at the House of Commons, ABI spokesman Chris Kenny said: Insurers have an important role to play in finding sustainable solutions to the problem of funding long-term care.
The ABI has been asked to sit on the Ministerial Group on long-term care, and is playing a full and constructive part by suggesting new ways to meet and fund this vital need. The insurance industry is starting to offer a wider range of products to meet people’s needs in retirement.
Mr Kenny added that equity release schemes, whereby people can use the equity in their house as an income, are becoming increasingly popular but added that the right regulatory environment was important as part of a broader solution.