The Association of British Insurers, (ABI) have launched new principles which will enable policy holders adequate protection and enhanced risk based supervision, it has been revealed.

Motorbike insurance customers would like to know that ABI are more determined to provide enhanced protection for motorbike insurance holders as the insurance industry remains stable despite the instability of the current economic climate.

ABI had reported the key principles following the International Association of Insurance Supervisors’ annual meeting, last week.

General Director, Stephen Haddrill of ABI insisted that the scheme will consider several key principles to deal with current economic situation as fears that the financial crisis affecting the motorbike insurance industry grows.

The director said “These are difficult market conditions, but the insurance industry stands ready to work with the supervisory authorities around these principles as we believe that the maintenance and strengthening of them is the best basis for protecting policyholders on an ongoing basis.”

Haddrill also confirmed that the insurance industry is in a strong position regardless of the current financial downturn of the UK economy, after the Motor Cycle Industry Association (MCI) announced that bike sales had also been trying to beat the crisis.

Meanwhile, motorists are being urged to keep a look out for pedestrians as more people walk along Britain’s roads wearing earphones. A recent report by car insurance retailer, Swinton Insurance revealed that it has seen a significant increase in the number of accidents on insurance forms regarding ‘podestrians’ walking into the road wearing earphones.

Insurer Development Manager, Steve Chelton of Swinton Insurance said: “When an absence of vehicle noise is combined with the visual distraction of texting you end up with a podestrian that’s even more ignorant to oncoming traffic. This greatly increases the likelihood of them causing an accident.”