Press Releases – British Insurance Brokers' Association https://www.biba.org.uk The British Insurance Brokers' Association is the UK's leading general insurance intermediary organisation Mon, 25 Mar 2019 11:30:02 +0000 en-US hourly 1 https://wordpress.org/?v=5.0.4 154303522 BIBA works with InsurTech Worry+Peace to bring insurance customers to brokers https://www.biba.org.uk/latest-news/biba-works-with-insurtech-worrypeace-to-bring-insurance-customers-to-brokers/ Thu, 07 Mar 2019 13:22:52 +0000 https://www.biba.org.uk/?p=31847 The British Insurance Brokers’ Association (BIBA) has joined forces with the UK InsurTech, Worry+Peace to bring an all new, highly innovative facility to its members.

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The British Insurance Brokers’ Association (BIBA) has joined forces with the UK InsurTech, Worry+Peace to bring an all new, highly innovative facility to its members.

From today BIBA members have access to Marketplace by Worry+Peace.  Marketplace is an all-new insurance platform that brokers can adopt as part of their marketing strategy. It is designed to connect Buyers of both consumer and commercial lines to insurance Providers across the market.

Marketplace is not an aggregator rather a smart, online search directory where brokers can list any and every product they provide making them visible for Buyers to find.  Where a broker has a particular specialism they can also boost the visibility of any listing by using a weekly, transparent auction tool pushing that particular product to appear first, second or third in search results.

Steve White BIBA CEO said: “Through our Manifesto BIBA is committed to helping members to adopt new technologies and adapt to our changing market place and Marketplace is an interesting and innovative way for brokers to reach their customers.”

Mike Hallam, BIBA Head of Technical Services added: “This new facility is designed to connect insurance providers to insurance Buyers and for our members could be an additional route to market particularly where a broker wants to promote a particular type of insurance because, for far less than traditional paid searches, they can bid to improve visibility.

“We see this as a simple to use tool to help members unlock more opportunities and we are excited to be working with Worry+Peace on this new project.”

James York, founder of Worry+Peace said: “We’re delighted to partner with BIBA. Our all-new Marketplace will connect everything insurance in a fair and transparent way. Brokers are the perfect community to join this mission – they are the Providers behind a diverse range of risks and specialist covers across the UK. With BIBA brokers on board, together we will help more people buy insurance better. The journey starts here.”

 

ENDS

Notes to Editors

  1. LINK to ‘presentation’https://www.youtube.com/watch?v=a0ABY84W9tE&feature=youtu.be
  2. For further information please contact:

BIBA press office:
Pam Quinn, Head of Communications
020 7397 0223
quinnp@biba.org.uk

Leighann Forsyth, Deputy Head of Communications
020 7397 0224
forsythl@biba.org.uk

  1. Privacy

BIBA’s privacy policy can be viewed here

If you no longer want to receive press releases from BIBA please email the Comms team.

  1. About the British Insurance Brokers’ Association

The British Insurance Brokers’ Association (BIBA) is the UK’s leading general insurance intermediary organisation representing the interests of insurance brokers, intermediaries and their customers.

BIBA membership includes just under 2,000 regulated firms, employing more than 100,000 staff.  General insurance brokers contribute 1% of GDP to the UK economy; they arrange 70% of all general insurance with a premium totalling £62.4bn and 87% of all commercial insurance business. Insurance brokers put their customers’ interests first, providing advice, access to suitable insurance protection and risk management.

BIBA receives more than 600,000 enquiries per year to its Find Insurance services, online and via the telephone which are directed to member insurance broking firms.

BIBA is the voice of the sector advising members, the regulators, consumer bodies and other stakeholders on key insurance issues.

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Morgan Clark welcomed into BIBA Associate Membership https://www.biba.org.uk/press-releases/morgan-clark-welcomed-into-biba-associate-membership/ Wed, 06 Mar 2019 14:07:56 +0000 https://www.biba.org.uk/?p=31838 The British Insurance Brokers’ Association (BIBA) is delighted to announce that Morgan Clark (www.morganclark.co.uk), a leading independent firm of Loss Assessors, has joined the organisation

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The British Insurance Brokers’ Association (BIBA) is delighted to announce that Morgan Clark (www.morganclark.co.uk), a leading independent firm of Loss Assessors, has joined the organisation as an Associate member.

Morgan Clark will bring a wealth of industry knowledge and expertise on claims management. They have a vast experience of commercial and residential insurance claims, offering free help, advice and guidance to those who have a suffered a fire, flood, burst pipe or other natural disaster.

Morgan Clark has worked with many of the industry’s most highly respected insurance brokers, alongside the major UK insurance companies and, as a result, are very well regarded in the industry. Morgan Clark work with the broker to reach the joint goal of ensuring their client receives the very best settlement under the terms of their insurance policy.

Working side by side with insurance brokers, the assessor will become an addition to their client service. They give brokers the opportunity to offer their clients a 360 degree approach, with both the knowledge to place insurance and a professional to manage and negotiate their client’s claims.

Phil Morgan, Chair of Morgan Clark, said: “We are delighted to have joined BIBA as an associate member. We have strong relationships with a number of brokers, assisting them with their clients’ insurance claims, so this brings a great opportunity to continue to build relationships, support brokers and keep up to date with the industry. We look forward to working with BIBA”.

Steve White BIBA CEO said: “We are delighted Morgan Clark have chosen to be associated with us. Working with their team will provide another expert prospective on issues that affect our members.”

ENDS

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BIBA applauds decisive report by the FCA following its Wholesale Insurance Brokers Market Study https://www.biba.org.uk/press-releases/biba-applauds-decisive-report-by-the-fca-following-its-wholesale-insurance-brokers-market-study/ Wed, 20 Feb 2019 09:50:39 +0000 https://www.biba.org.uk/?p=31777 The British Insurance Brokers’ Association (BIBA) today welcomed the move by the Financial Conduct Authority (FCA) to issue a final report on the wholesale insurance

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The British Insurance Brokers’ Association (BIBA) today welcomed the move by the Financial Conduct Authority (FCA) to issue a final report on the wholesale insurance broker market.

Steve White BIBA Chief Executive said: “The fact that the FCA closed this assessment at an unprecedented early stage is a welcome step and validates our view that the wholesale insurance market is a highly competitive place. It is also welcome that the FCA intends to deal with any follow up matters on a business as usual supervisory-led basis.

“There are many positives in the report and our members will be pleased to see that the regulator recognises that the sector meets client demands successfully. We have regularly asserted that this sector provides customers with broad cover, competitive premiums quality paper and a full range of services that clients appreciate. The positive nature of this report reinforces this.”

Moving forward BIBA will work closely and constructively with the FCA and our members on any matters arising.

ENDS

Read the report here

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BIBA welcomes the granting of Royal Assent that will bring the Counter Terrorism and Border Security Act into UK law. https://www.biba.org.uk/latest-news/biba-welcomes-the-granting-of-royal-assent-that-will-bring-the-counter-terrorism-and-border-security-act-into-uk-law/ Wed, 13 Feb 2019 10:54:09 +0000 https://www.biba.org.uk/?p=31757 The new Act will allow Pool Re to provide, for the first time, insurance cover for businesses that suffer losses as a result of acts

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The new Act will allow Pool Re to provide, for the first time, insurance cover for businesses that suffer losses as a result of acts of terrorism even though their own premises have not been physically damaged.

Graeme Trudgill, BIBA Executive Director said: “The changing nature of the risk terrorism over recent years highlighted the need for reform in regard to terrorism cover for business interruption insurance. This legislation is something  BIBA has  campaigned for with the support of our members, Pool Re itself and Members of Parliament including Neil Coyle MP whose constituency includes Borough Market which was badly affected by an attack in 2017.”

The changes contained in the Act will help businesses and increase resilience.

Trudgill concluded “The changing nature of terrorism is leaving businesses exposed. This new Act is good news for all businesses.  We also recognise the need to encourage more small businesses to buy any kind of  terrorism cover as fewer than 3% of SMEs take up any cover at all and we will in conjunction with Pool Re be delivering a guide to help businesses understand their risks and helping brokers to access insurance for their clients.”

Read more about the Act here.

Read BIBA’s Manifesto call here.

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Boris Johnson to lead the way at BIBA 2019 https://www.biba.org.uk/latest-news/boris-johnson-to-lead-the-way-at-biba-2019/ Wed, 06 Feb 2019 10:00:45 +0000 https://www.biba.org.uk/?p=31699 Boris Johnson to lead the way at BIBA 2019 The British Insurance Brokers’ Association (BIBA) has announced the speaker line-up for its 2019 Conference and

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Boris Johnson to lead the way at BIBA 2019

The British Insurance Brokers’ Association (BIBA) has announced the speaker line-up for its 2019 Conference and Exhibition themed ‘Leading the Way’.

The conference which will take place at Manchester Central on 15 and 16 May 2019 is expected to attract around 8,000 attendees principally connected to the UK insurance sector.

This year’s host will be BBC broadcaster Huw Edwards, who will introduce an eclectic mix of speakers and panelists.

Baroness Manningham-Buller LG DCB, former head of MI5 will be the opening keynote. In what promises to be an enlightening session she will share her thoughts on leadership in these uncertain times from her own experience leading the Security Service amid the 9/11 attack on New York and the threat from Al-Qaeda. During her time as Director General, MI5 doubled in size, opened eight new offices and developed a training academy to aid professional development.

A panel of key insurer leaders take to the stage in the afternoon keynote session, debating what future issues and opportunities face the sector. Speaking out will be; Jon Dye, Allianz, CEO; Tulsi Naidu, Zurich, CEO; John Neal, CEO of Lloyd’s and Rob Townend, MD, Aviva UK General Insurance. Asking the questions will be BIBA Deputy Chair, Julie Page, CEO of Aon UK.

Mental wellbeing returns to the conference agenda on Thursday 16th with an amazing collection of household names who have had direct experience of living with mental health issues and who lead the way in developing openness on the subject: ‘Freddie’ Flintoff – one of England’s most successful cricketers, Professor Green – award winning rapper, singer, songwriter, actor and maker of five critically acclaimed documentaries on mental health issues is also patron of anti-suicide charity CALM and Katie Piper – Strictly star, survivor of a horrifying acid attack and head of the Katie Piper Foundation. These people that can really share insight on the things that might trigger issues with mental wellbeing.

The conference will be closed by recent Foreign Secretary, Boris Johnson MP. He will talk about what’s next for the Conservative Party and the country following the latest twists and turns around Brexit. Not a session to be missed!

Elsewhere at BIBA 2019, the BIBA Hackathon makes a repeat visit following its successful appearance last year. Once again teams face challenges to create tech-led solutions for brokers and excitingly this year, on Thursday, delegates will be able to attend the pitches put forward by the three shortlisted Hack teams and take part in voting for the winning solution.

As in previous years the keynote sessions will be backed up by a seminar programme giving a choice of three sessions on each day. Subjects include; Claims, Innovation, Regulation, Brexit and Access to insurance.

The annual BIBA event is widely viewed as the leading insurance intermediary conference and exhibition. Brokers can, for free, visit more than 200 exhibitors showcasing their latest products and services. All employees of BIBA member firms have free access to the exhibition, keynote and seminar sessions and, of course, the fringe programme.

The BIBA Conference & Exhibition is an unmissable, unique networking opportunity for all those involved in insurance. More information is available at biba2019.org.uk

Ends

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BIBA appoints Home & Legacy as its high net worth insurance scheme provider https://www.biba.org.uk/press-releases/biba-appoints-home-legacy-as-its-high-net-worth-insurance-scheme-provider/ Wed, 30 Jan 2019 09:24:11 +0000 https://www.biba.org.uk/?p=31670 The British Insurance Brokers’ Association (BIBA) has appointed leading high net worth (HNW) specialist, Home & Legacy to provide its members with an all new

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The British Insurance Brokers’ Association (BIBA) has appointed leading high net worth (HNW) specialist, Home & Legacy to provide its members with an all new HNW insurance scheme.

The scheme demonstrates BIBA’s commitment to working with an established HNW provider to enable its members to access specialist insurance cover to meet their clients’ needs. Through the scheme, BIBA members will benefit from:

  • Home & Legacy’s three tiers of top-rated household cover
  • Flexible underwriting and competitive pricing thanks to Home & Legacy’s panel arrangement
  • In-house claims handling by Home & Legacy’s award-winning team
  • High net worth e-trading, with Home & Legacy Online

Barry O’Neill, Managing Director at Home & Legacy said: “We are delighted to be BIBA’s accredited High Net Worth scheme provider. Following a year where Home & Legacy was ranked highly by brokers for our claims service and e-trading facilities, this new partnership illustrates how BIBA is endorsing an established name in high net worth insurance that brokers trust and rely on. Home & Legacy is extremely proud to be that name and we’re thrilled to be offering our products and services to BIBA members.”

Mike Hallam, Head of Technical Services at BIBA, said:

“BIBA is delighted to collaborate with Home & Legacy to fulfil one of our most popular schemes. Home & Legacy has a solid track record of supporting brokers and this new arrangement extends this offering. In a marketplace which has contracted in 2018 we see the scheme bringing much-needed access and flexibility to all our members.”

Home & Legacy is one of the UK’s leading providers of high net worth insurance. With over 20 years’ experience, it is one of the longest established providers in the high net worth market, offering customers a range of top-rated household insurance, as well as high net worth motor, and art insurance.

ENDS

Notes to editors

 

  1. For further information please contact:

BIBA press office:
Pam Quinn, Head of Communications
020 7397 0223
quinnp@biba.org.uk

Leighann Forsyth, Deputy Head of Communications
020 7397 0224
forsythl@biba.org.uk

  1. Privacy

BIBA’s privacy policy can be viewed here

If you no longer want to receive press releases from BIBA please email the Comms team.

  1. About the British Insurance Brokers’ Association

The British Insurance Brokers’ Association (BIBA) is the UK’s leading general insurance intermediary organisation representing the interests of insurance brokers, intermediaries and their customers.

BIBA membership includes just under 2,000 regulated firms, employing more than 100,000 staff.  General insurance brokers contribute 1% of GDP to the UK economy; they arrange 72% of all general insurance with a premium totalling £62.7bn and 93% of all commercial insurance business. Insurance brokers put their customers’ interests first, providing advice, access to suitable insurance protection and risk management.

BIBA helps more than 550,000 people a year to access insurance protection through its Find a Broker service, both online and via the telephone.

BIBA is the voice of the sector advising members, the regulators, consumer bodies and other stakeholders on key insurance issues.

 

  1. Home & Legacy
  1. Home & Legacy Insurance Services Limited is an independent high net worth insurance provider offering high quality insurance policies that are underwritten by a panel of the UK’s leading insurers at exclusively negotiated rates. The company is a wholly-owned subsidiary of Allianz Holdings plc.
  2. For more information on the products, visit http://broker.homeandlegacy.co.uk/
  3. For press enquiries or to arrange an interview, contact:

Charlotte Stretton, Media relations officer, Allianz Insurance plc on 01483 465 217 or charlotte.stretton@allianz.co.uk

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BIBA highlights opportunities for businesses https://www.biba.org.uk/latest-news/biba-manifesto-2019/ Tue, 15 Jan 2019 16:00:51 +0000 https://www.biba.org.uk/?p=31537 The British Insurance Brokers’ Association (BIBA) has emphasised that though businesses, individuals and sectors are facing risks, these risks can be transferred via insurance enabling

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The British Insurance Brokers’ Association (BIBA) has emphasised that though businesses, individuals and sectors are facing risks, these risks can be transferred via insurance enabling people and corporations to seize opportunities in these uncertain times.  This is the theme of the 2019 BIBA Manifesto – Risks & Opportunities. It was launched in the Houses of Parliament to an audience of Ministers, MPs, Lords, senior Government officials, insurance professionals and the media on 15 January 2019.

John Glen MP, the Economic Secretary to the Treasury said: “The UK’s Insurance industry is among the best in the world, and I’m committed to ensuring it maintains this reputation. Insurance brokers are a crucial part of this industry, helping consumers and businesses find the most appropriate policies for them, whilst making a significant contribution to our economy. BIBA’s Manifesto will ensure that this important area of insurance remains world-class.”

Changing landscape

The changing landscape seen by BIBA members and their customers means that BIBA’s agenda – its Manifesto – must be reinvented every year. Along with some enduring themes, new issues impacting the insurance broking sector also need addressing.  This year more than others, BIBA has identified a need to relevel the broker landscape.

Graeme Trudgill, BIBA Executive Director explained: “Members have made clear to us that we need to address the impact of external factors such as sweeping changes to market practices, changing regulation and legislation as well as Brexit that hinder innovation, provision of customer service and opportunities in the insurance broking sector.   Having said this, there are positive signs of progress to help those people with challenging insurance needs through developments in creating smarter signposting to appropriate insurance providers including brokers. We will be building on that during 2019.”

Regulation

On the subject of regulation, BIBA’s Chief Executive, Steve White commented: “These are the sorts of challenging times when the importance of insurance is at its highest.  Insurance brokers can help clients take up opportunities by the provision of suitable insurance, but they sometimes find their time divided between helping clients and managing their regulatory obligations. Since its inception in 2013 the FCA has issued 145 consultation and discussion papers, calls for evidence and thematic reviews which take insurance brokers’ focus away from helping individual and business customers and we ask for a period of stability allowing time to embed current requirements before introducing new ones.”

Innovation

With a focus on the potential opportunities for the insurance broking sector and the businesses they serve the 2019 Manifesto, Risks & Opportunities has a whole section on innovation and the opportunities that will come from InsurTech. BIBA is committing to help its members digitally upskill and will also in 2019 be creating a ‘dating-service’ to put members in contact with the technology providers that can help them maximise the opportunities arising from the digital revolution as well as the changing risks faced by their clients.

Graeme Trudgill added: “The Manifesto is built on feedback from members and they have been united in their view that risks are changing and the commitments we have made for 2019 reflect this. We will be providing new guidance on terrorism insurance in conjunction with Pool Re. We will also provide information that members can use to help clients understand their cyber-risk.” 

Change

Of course, in creating the 2019 Manifesto one topic could not be ignored; Brexit.  The matter of the UK leaving the EU continues to create immense uncertainty for insurance brokers and their customers and seven Calls to Action, ranging from trading solutions to motor insurance have been made.

Steve White continued: “While our sector, along with all of the UK, is facing a time of unprecedented change we are upbeat about the future. With risk comes opportunity it is a matter of mitigating the risk and grasping the opportunities.  I’m very proud that we have some very positive messages in our 2019 Manifesto; examples of brokers helping both businesses and individuals; the progress that is being made in our sector in respect of Diversity & Inclusion and mental health; and the engagement of younger brokers. For the first time our BIBA Young Ambassadors feature in the Manifesto committing to help us position insurance broking as the exciting, challenging and rewarding career that it is.”

BIBA’s Chair, Lord Hunt of Wirral, concluded: “BIBA has made 30 Manifesto calls to action and 26 commitments on the issues that are impacting general insurance brokers and their customers.  Acting on these calls and commitments will benefit insurance brokers, members and their customers.  Insurers, trade bodies, Ministers, public bodies, BIBA young ambassadors and brokers are all quoted in this year’s Manifesto and are offering support to help the UK realise the tremendous opportunities in front of us.”

Read the 2019 BIBA Manifesto here

 

-ENDS-

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BIBA CONFIRMS RENEWAL OF HOLIDAY TRAVEL SCHEME PROVIDER AS SYNDICATE DTW1991 https://www.biba.org.uk/press-releases/biba-confirms-renewal-of-holiday-travel-scheme-provider-as-syndicate-dtw1991/ Tue, 04 Dec 2018 11:13:17 +0000 https://www.biba.org.uk/?p=31290 BIBA is pleased to announce that its Holiday Travel scheme has been renewed with Syndicate DTW1991 at Lloyd’s. Daniel Wright – Active Underwriter, DTW1991 said:

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BIBA is pleased to announce that its Holiday Travel scheme has been renewed with Syndicate DTW1991 at Lloyd’s.

Daniel Wright – Active Underwriter, DTW1991 said:
“The BIBA endorsement is important to our business and key in developing our travel expertise. The renewal provided us the opportunity to review our offering in detail and to discuss feedback from our BIBA partners. Through this process we have enhanced our underwriting and claims response for the benefit of the customer.”

The DTW1991 Holiday Travel+ product offers broad cover to the holiday traveller, it has now been enhanced to include the following:

  • “All Risks” Cancellation cover
  • Missed Departure for any leg of the client’s journey
  • Cover for pre-existing mental health medical conditions (subject to medical screening)

DTW1991 continues to offer BIBA brokers a direct relationship with its experienced underwriting team for referrals, advice and onsite training.
Business is transacted through the DTW1991 online platform to produce quotes, bind polices, process endorsements and manage renewals. The system can be embedded into a broker’s own website.

Steve White – Chief Executive BIBA said:
“The team at DTW1991 has worked closely with us to respond to the changing demands of holiday travel insurance customers and we welcome the new ‘All Risks’ cancellation cover. Our members find this flagship scheme easy to sell and their customers will find the cover to be extensive. They have the benefit of direct access to specialist underwriters so we’re delighted to have appointed DTW1991 as the BIBA Holiday Travel Scheme provider for a further three years and we look forward to working with them on this key member scheme.”

 

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No solution for UK brokers trading with customers in Europe https://www.biba.org.uk/press-releases/no-solution-for-uk-brokers-trading-with-customers-in-europe/ Thu, 15 Nov 2018 12:41:39 +0000 https://www.biba.org.uk/?p=31214 On Brexit: BIBA welcomes progress which moves towards a transition period but remains concerned over the lack of a solution for UK brokers trading with

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On Brexit: BIBA welcomes progress which moves towards a transition period but remains concerned over the lack of a solution for UK brokers trading with retail and commercial customers in Europe says Steve White BIBA’s Chief Executive

Since the UK referendum BIBA has been considering all of the potentially serious implications of Brexit for our member brokers and their customers. We have been calling and hoping for mutual recognition, a smooth transition and clarity on many matters that affect our sector.  We welcome any progress that Government has made in the complex and delicate negotiations for our ordered withdrawal along with the important transition period and we continue to work on how the proposed withdrawal agreement meets the needs of our sector.

In Theresa May’s Lancaster House speech she called for “a bold and ambitious free trade agreement with the European Union which should allow for the freest possible trade in goods and services”. To deliver upon that commitment we urge the Government to continue to negotiate to achieve, as a minimum, something akin to the provisions in MIFID II or even further in order to achieve the broadest possible access.

It is important to understand that Brexit negotiations are not over.  The draft agreement deals with the withdrawal (i.e. the divorce) and does not set out the future relationship for financial services in any detail. The agreement is still in draft and there is no certainty it will be adopted by Parliament.

Our biggest concern is that as things stand at the moment the arrangements do not work for insurance brokers. It is vital that this gaping hole is resolved, therefore we are particularly interested in how the agreement in this area could aim to be as closely related as possible to our current market access going forwards.

Key points:
The draft agreement deals with the withdrawal (i.e. the divorce) and does not set out the future relationship for financial services in any detail.

  • Article 127 envisages an implementation period until 31 December 2020, but this is subject to the deal being ratified by 29 March 2019.  EU law will continue to apply during the implementation period.  UK does have the right to extend the transition period.
  • The agreement is still in draft.  There are still a number of significant hurdles (i.e. getting UK parliament) to get to a position of adopting the deal.
  • It is important to note that equivalence points in the proposal are not relevant to brokers so it is unlikely to be helpful in continuing access for retail customers. This is because the IDD has no provision for equivalence.
  • The Brexit documents mention “Provisions on market access and national treatment under host state rules,” which in our view is a clear confirmation that passporting rights are not envisaged for financial services firms.
  • We understand the EHIC and motor green card issues will be negotiated as part of the future partnership, once we leave the EU.
  • The declaration on future trading relations between the UK and EU contained three paragraphs of text relating to the financial services sector, which are detailed in full below:
  • Commitments to preserving financial stability, market integrity, investor protection and fair competition, while respecting the Parties’ regulatory and decision-making autonomy, and their ability to take equivalence decisions in their own interest. This is without prejudice to the Parties’ ability to adopt or maintain any measure where necessary for prudential reasons.
  • Commencement of equivalence assessments by both Parties as soon as possible after the United Kingdom’s withdrawal from the Union, endeavouring to conclude these assessments before the end of June 2020.
  • Close and structured cooperation on regulatory and supervisory matters, grounded in the economic partnership and based on the principles of regulatory autonomy, transparency and stability, recognising this is in the Parties’ mutual interest.

The proposed withdrawal agreement and intentions on future trade with Europe avoid a “disorderly” Brexit in less than five months and allow for a period of negotiation. The negotiations are aimed at securing an agreement that at best replicate existing access arrangements  but risk being substantially more fragile, and at worst no deal is reached at all.

We welcome progress in the negotiations and look forward to a deal being finalised in the coming weeks that meets the needs of our members to ensure an orderly withdrawal. We look forward to working with the Government to resolve how our world-leading sector can continue to thrive after Brexit.

Ends

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No change to IPT – a pyrrhic victory https://www.biba.org.uk/press-releases/no-change-ipt/ Mon, 29 Oct 2018 16:57:42 +0000 https://www.biba.org.uk/?p=31071 British Insurance Brokers’ Association (BIBA) CEO, Steve White, said:   “We welcome Philip Hammond’s decision not to change the current rate already at a significant

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British Insurance Brokers’ Association (BIBA) CEO, Steve White, said:

 

“We welcome Philip Hammond’s decision not to change the current rate already at a significant 12 pence in the pound of every premium paid.   However in a way this amounts to a pyrrhic victory and we will not stop campaigning for Government to freeze, if not reduce, this rate of tax on insurance for the remainder of this parliament. We continue to highlight to the highest level of Government the dire consequences of a tax that potentially reduces access to insurance.”

 

In its 2018 Manifesto – Engaging, launched in the House of Commons, the British Insurance Brokers’ Association (BIBA) highlighted the unfairness of IPT calling it a tax on protection and has campaigned for it to be frozen in its lobbying, media work and social media campaigns.

Read the 2018 BIBA Manifesto

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BIBA leads the way to Manchester 2019 https://www.biba.org.uk/press-releases/biba-conference-theme-2019-leading-the-way/ Mon, 15 Oct 2018 07:59:01 +0000 https://www.biba.org.uk/?p=31000 The British Insurance Brokers’ Association (BIBA) announces that the theme for its 2019 conference and exhibition, to be held on 15 and 16 May in

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The British Insurance Brokers’ Association (BIBA) announces that the theme for its 2019 conference and exhibition, to be held on 15 and 16 May in Manchester Central, will be Leading the Way.

Importantly, the theme reflects the state of change we are all operating under. By May 2019 the UK will have left – or will be transitioning away from Europe. The pace of technological advancement is likely to be showing no signs of slowing and above all  brokers will continue to deal will changing customer needs and risk as well as evolving regulation and legislation.

Focus on innovation

BIBA’s 2018 conference Innovate Evolve Thrive had a clear focus on innovation. In 2019, we will continue showcasing the application of technology to lead the way in resolving common challenges identified by brokers.

The highly successful 2018 hackathon – innovation challenge saw eight teams vie to create broker solutions during an intense six hour timeframe. Plans are underway to develop another hackathon, broker focused challenge for  conference 2019. More details will be announced in the New Year.

Steve White, BIBA CEO said: “We were delighted with how the innovation theme went down with brokers, sponsors and exhibitors this year. We wanted a means of continuing that passion. Leading the Way draws on much of what BIBA does for our members. We promote insurance brokers as the leading way for customers to obtain professional advice. Our sector needs to take a lead in the application of insurTech. And we must continue to ensure that UK insurance PLC is leading the way in the world financial markets. I’m excited to see our conference 2019 event bring all of that, and more, together under one theme.”

Exhibition space

Exhibition space at BIBA conference 2019 is on sale on Monday 15 October from 09.30. We expect lots of activity as potential exhibitors look to secure the best possible spaces in the hall. Anticipation around conference will grow as the full programme is announced in 2019 and the countdown to Leading the Way begins.

ENDS

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BIBA makes key appointments to enhance services to members https://www.biba.org.uk/latest-news/biba-makes-key-appointments-to-enhance-services-to-members/ Wed, 26 Sep 2018 08:50:28 +0000 https://www.biba.org.uk/?p=30923 The British Insurance Broker’s Association (BIBA) has made two key appointments to further strengthen the operational benefits it offers to members. Martin Bridges, who joined

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The British Insurance Broker’s Association (BIBA) has made two key appointments to further strengthen the operational benefits it offers to members.

Martin Bridges, who joined BIBA in July 2014 as Technical Services Manager, has taken up the new positon of Corporate Affairs Manager from 18 September 2018.  In his new role Martin will be the go-to person on BIBA Manifesto issues that will help brokers in their day-to-day business. He will also build and manage BIBA responses to consultations relevant to brokers, using member feedback, considered argument, and necessary evidence.

Speaking of his change in focus Martin said: “Having spent many years dealing with clients as a general insurance broker I thoroughly enjoyed providing technical insurance support to our members. However this is an opportunity to delve more deeply into the wider issues, opportunities and challenges facing brokers.  I’m looking forward to understanding exactly the issues that impact brokers and to using my skills and experience to make a difference to the broking sector.”

Filling the vacated role of Technical Services Manager is Shaune Worrall who joined BIBA on 18 September 2018.

Shaune, was formerly chair of BIBA’s property committee and has a rich background in affinity and schemes development.  He most recently launched insurance services for Harrods at Genavco Insurance Limited and his commercial and technical knowledge goes across multiple broker models from bespoke to volume e-traded in organisations including Aon, Towergate and Volvo.

On his appointment he said: “I look forward to investigating issues and providing insight to brokers’ to help meet their technical challenges and scheme needs.”

Graeme Trudgill, BIBA’s Executive Director who holds responsibility for the organisation’s policy and communications concluded:  “These are key appointments for BIBA.  More and more we are faced with calls for input from the regulator and Government and Martin’s expertise will be invaluable in ensuring members opinions count.  He will also continue to work on some important long term projects to help members such as our work on letters of appointment and other matters being progressed by our Insurance Brokers’ Standards Committee.

“We are delighted to welcome Shaune on-board.  He brings a wealth of experience and knows many of our members already and will certainly hit the ground running helping brokers and managing some of our technical projects.

“This is all good news for members.”

 

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BIBA launches drone insurance scheme with Tokio Marine Kiln https://www.biba.org.uk/latest-news/biba-launches-drone-insurance-scheme-with-tokio-marine-kiln/ Mon, 06 Aug 2018 10:54:21 +0000 https://www.biba.org.uk/?p=30660 The British Insurance Brokers’ Association (BIBA) has launched a new drone insurance scheme with leading specialist and corporate insurer Tokio Marine Kiln (TMK). The new

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The British Insurance Brokers’ Association (BIBA) has launched a new drone insurance scheme with leading specialist and corporate insurer Tokio Marine Kiln (TMK).

The new scheme offers comprehensive and competitively-priced coverage for companies operating drones, also known as Unmanned Aerial Systems (UAS), for commercial or business purposes. The Lloyd’s backed scheme is available via www.onetmk.com, a digital platform which enables brokers to quote and bind business quickly online, in real time 24 hours a day, seven days a week.

Through the scheme, BIBA members benefit from competitive terms and coverage for:

  • Physical loss of or damage to UAS up to a limit of £100,000 per UAS (inclusive of payloads) whilst in the air, on the ground or in transit, including theft and malicious damage (larger limits available on request)
  • Third party bodily injury and property damage liability – inclusive of losses arising from malicious acts up to a limit of £50M each occurrence (larger limits available on request)
  • Enhanced coverage for invasion of privacy, noise liability, operators indemnity, operators liability and loss of digital assets (cyber) are also available without referral.

Robert James, Aviation Underwriter at Tokio Marine Kiln said: “We are thrilled to be offering our product to BIBA brokers in recognition of the market leading position we have established in offering drone insurance to clients over the course of the last decade. Our offering sets itself apart from the competition through our outstanding claims service and extensive level of cover which we have carefully adapted over time to cater for the perils facing UAS operators, presented in a clear easy-to-follow format.”

Mike Hallam, Head of Technical Services at BIBA, said: “Drones offer exciting opportunities for the insurance industry and the number of professional, commercial operators has grown exponentially in the last few years. Our members and their clients that are drone operators will benefit greatly from competitive premiums and dedicated service levels as well as access to TMK’s Lloyd’s A-rated capacity and expertise in aviation and UAS insurance, backed by an outstanding claims service. We look forward to seeing the results of this exciting partnership.”

Click here for more details.

ENDS

 

Media contacts

 

BIBA

Pam Quinn, Head of Communications
+44 (0)20 7397 0223

Leighann Forsyth, Deputy Head of Communications
+44 (0)20 7397 0223

 

 

Tokio Marine Kiln

Damian Beeley

Haggie Partners

+44 020 7562 4444

 

Richard Adams

Haggie Partners

+44 020 7562 4444

 

Notes to editors

About the British Insurance Brokers’ Association

The British Insurance Brokers’ Association (BIBA) is the UK’s leading general insurance intermediary organisation representing the interests of insurance brokers, intermediaries and their customers.

BIBA membership includes just under 2,000 regulated firms.

General insurance brokers contribute 1% of GDP to the UK economy and BIBA brokers employ more than 100,000 staff.

52% of all general insurance is sold by an insurance broker and they arrange 78% of all commercial insurance business.

 

About Tokio Marine Kiln

Tokio Marine Kiln is a forward-thinking international underwriting business which operates in the Lloyd’s and Company markets. As part of one of the world’s largest insurance groups, the $30bn market capitalised Tokio Marine Group, we empower our people in 20 cities around the world to protect customers against complex and ever changing risks. We have four underwriting teams focused on: Property & Casualty; Marine, Aviation & Special Risks; Accident & Health; and Reinsurance, which are complemented by a first class claims team and an expert risk engineering service.

Tokio Marine Kiln benefits from exceptional financial strength with Standard & Poor’s ratings of A+ attributed to its Company platform its four managed syndicates at Lloyd’s. For more information, visit www.tokiomarinekiln.com

*TMK was scored as ‘outstanding’ by Gracechurch in the London Market Claims category for 2017.

 

 

 

 

 

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BIBA responds to today’s news by the MIB that UK motor insurers vote to mutualise risks for terrorism claims https://www.biba.org.uk/latest-news/biba-responds-to-todays-news-by-the-mib-that-uk-motor-insurers-vote-to-mutualise-risks-for-terrorism-claims/ Mon, 23 Jul 2018 14:03:48 +0000 https://www.biba.org.uk/?p=30530 Response by Graeme Trudgill, BIBA Executive Director “BIBA believes this vote by MIB members to mutualise motor terrorism risk is absolutely the right thing to

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Response by Graeme Trudgill, BIBA Executive Director

“BIBA believes this vote by MIB members to mutualise motor terrorism risk is absolutely the right thing to do. Gaps in terrorism cover were highlighted in our 2018 manifesto and we committed to helping the market find solutions.  The use of a vehicle as  a weapon is not what motor insurance is designed for and it would be wholly unfair  not to mention unsustainable to hold a single motor insurer responsible for any subsequent compensation payments.  I must say well done to the MIB and its members for bringing about this change so quickly.”

 

MIB statement can be found here

BIBA Manifesto call can be found here 

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BIBA Comment on the Autonomous and Electric Vehicle Bill gaining Royal Assent https://www.biba.org.uk/press-releases/autonomous-vehicle-bill-assent-comment/ Thu, 19 Jul 2018 15:13:05 +0000 https://www.biba.org.uk/?p=30527 Commenting on the day that the Autonomous and Electric Vehicle Bill gained Royal Assent, Graeme Trudgill, Executive Director at BIBA said: “We’re pleased that the

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Commenting on the day that the Autonomous and Electric Vehicle Bill gained Royal Assent, Graeme Trudgill, Executive Director at BIBA said:

“We’re pleased that the Bill has now been enacted. This legislation will enable the insurance industry to offer insurance policies that will provide cover for autonomous vehicles – whether being driven in a manual mode, or in a fully automated mode once the technology allows. Importantly this will lead to healthy competition in the insurance market as consumers will have the choice of where they buy their insurance and will not be tied to only having cover provided by their vehicle manufacturer.”

 

“It’s important that we are prepared well in advance of fully automated vehicles hitting the road and we welcome the opportunity that the Department for Transport has given to BIBA in being able to shape the legislation at an early stage.”

In its 2018 Manifesto BIBA had called for the relevant Bill to ensure competition provided choice in the purchase of motor insurance.

 

See our manifesto calls for action here

 

ENDS

 

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BIBA launches industry TOBA template https://www.biba.org.uk/press-releases/biba-broker-toba-template/ Tue, 17 Jul 2018 08:49:02 +0000 https://www.biba.org.uk/?p=30462 A new broker-insurer Terms of Business Agreement (TOBA) template from the British Insurance Broker’s Association (BIBA) will increase productivity and reduce the frictional costs in

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A new broker-insurer Terms of Business Agreement (TOBA) template from the British Insurance Broker’s Association (BIBA) will increase productivity and reduce the frictional costs in business.

Lloyd’s has a simple solution to the issue of varying TOBAs, producing one for risk transfer and one for non-risk transfer, so why does the general insurance market seem to complicate TOBA matters?

Responding to member calls for help to increase efficiencies and reduce frictional costs BIBA, working with many other industry stakeholders, has produced a voluntary TOBA template that is well balanced for both brokers and insurers alike.  Promoting widespread acceptance of the new template will revolutionise the process of formal terms of business agreements in the general insurance marketplace resulting in less strain on the resources employed in reading, checking and challenging TOBA content to the tune of up to 80 person-hours.*

This massive reduction in workload on all sides could be achieved due to the standardisation in the template of the common clauses that appear in all TOBAs and which make up more than 70% of the usual content.  It will provide a base platform for the broker-insurer relationship which can be amended, added to or reduced if required by brokers or insurers to take into account trading relationships.

It is BIBA’s belief that broad take-up of a standardised TOBA document, in addition to the undoubted time savings, will:

  • Reduce bureaucracy;
  • Reduce broker queries and issues;
  • Reduce costs;
  • Reduce disputes; and
  • Increase productivity.

Graeme Trudgill, BIBA Executive Director said: “Members have asked us to find a solution to this administrative burden which has most definitely affected their productivity.

“We felt so strongly about this that we made it one of our key manifesto issues for 2018.  Our technical team have sought opinion from many stakeholders and this resulting TOBA template will benefit both insurers and brokers for many years to come.”

Tim Ryan, Executive Chair of Ryan’s and BIBA Main Board member said: “To increase productivity we need to reduce the frictional cost of doing business. Having dozens of ever so slightly different trading agreements which require continual review by lawyers and regulatory staff is a classic case. I am determined to facilitate a widespread uptake of this new BIBA template.”

Peter Blanc, Group CEO Aston Lark Group and BIBA Main Board member said: “It is vitally important that brokers can take steps to improve efficiencies and be allowed to concentrate on what they do best  –  advising clients on their insurance needs.

“This is a giant step forward in allowing our sector to evolve to the needs of the fast moving digital age we are operating in.”

The new TOBA template, compliant with GDPR and benefiting from extensive legal input, is being rolled out to brokers, insurers, MGAs and networks. It can be used immediately or as new TOBAs are planned by insurers.

View the TOBA template here.

*Average TOBA is circa 12,000 words; Average reading speed is around 250 words per minute reducing to 75 per minute for highly technical content so:-
12,000 @ 250 pm = 48 minutes per TOBA
12,000 @ 75pm = 160 minutes per highly technical TOBA
Assume an average broker may have 30 different TOBAs (many have more) this means 160 /60 x 30  =  80 hours spent just reading a technical TOBA.
Plus time taken to consider the implications of a clause, raise queries, undertake negotiations and to make and agree amendments.

ENDS

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BIBA signs the Inclusive Behaviours Pledge designed to create inclusivity in the work place https://www.biba.org.uk/press-releases/biba-inclusive-behaviours-pledge/ Wed, 04 Jul 2018 07:53:53 +0000 https://www.biba.org.uk/?p=30369 Today the British Insurance Brokers’ Association confirmed that has signed the industry-wide Inclusive Behaviours  Pledge, designed to change unevolved behaviours and create a more inclusive

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Today the British Insurance Brokers’ Association confirmed that has signed the industry-wide Inclusive Behaviours  Pledge, designed to change unevolved behaviours and create a more inclusive work environment across the insurance sector.

Steve White, BIBA CEO who was at the launch of the Pledge said: “Insurance broking is much richer for having a diverse range of people employed in it. The Pledge addresses discrimination and signatories agree to promote behaviours that encourage inclusivity and eliminate discrimination.  Our commitment to the Pledge reflects our 2018 Manifesto commitment to support diversity of all kinds and to promote equal opportunities.

 “The coming together of the insurance sector in signing this Pledge signals a positive change in attitude and we are proud to be a part of it.”

View more information about the Pledge here.

 

Ends

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BIBA Journalist of the Year Awards – Winners Announced https://www.biba.org.uk/latest-news/biba-journalist-of-the-year-awards-winners-announced/ Fri, 29 Jun 2018 12:30:55 +0000 https://www.biba.org.uk/?p=30339 The British Insurance Brokers’ Association (BIBA) has named Stephanie Denton from Insurance Post as the 2018 BIBA Journalist of the Year. The awards showcase journalists

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The British Insurance Brokers’ Association (BIBA) has named Stephanie Denton from Insurance Post as the 2018 BIBA Journalist of the Year.

The awards showcase journalists who have made a contribution to furthering the understanding of what can often be highly complex insurance issues. National, regional and trade journalists are eligible to enter their work in a number of categories in the competition.

Steve White, BIBA’s Chief Executive, acknowledged Stephanie’s passion for the insurance industry.  He said: “To say that she has a thorough understanding of the industry would be an understatement. She has written on general insurance for 14 years and achieved a significant amount.”

Speaking about her winning entry the judge said “A strong in-depth piece that posted some challenging and topical questions.”

White continued: “I would like to congratulate Stephanie and all of the journalists who were shortlisted.”

A full list of winners and highly commended journalists from this year’s BIBA Journalist of the Year Awards follows:

Best Consumer Advice Award

Highly Commended: Esther Shaw, Freelance

Winner: Dean Sobers, Which?

 

Best Personal Finance Journalist Award

Highly Commended: Dean Sobers, Which?

Winner: Holly Black, Freelance

 

Trade Feature Award

Highly Commended: Bernard Goyder, The Insurance Insider

Winner: Lucy Jones, Trading Risk

 

Trade News Award

 

Highly Commended: Rosie Quigley, Insurance Post

Winner: Bernard Goyder, The Insurance Insider

 

Gary Hyndman Most Promising Newcomer Award

Highly Commended: Jennifer Frost, Insurance Times

 

Winner: Bernard Goyder, The Insurance Insider

 

Scoop of the Year Award
Highly Commended: Jonathan Swift, Insurance Post

Winner: Adam McNestrie, The Insurance Insider

 

Best Interview/Profile Award

Highly Commended: John Manley, Insurance Times

Winner: Stephanie Denton, Insurance Post

 

Online Award
Highly Commended: Chris Wheal, Freelance

Winner: Tom Flack, Freelance

Judges
The awards are judged independently by the following industry panel:

David Ross, Chief Executive Officer, The Ardonagh Group

Tom Woolgrove, Chief Executive, Premium Credit

Ian Cooper, Partner, Head of Regions, Lockton Companies LLP

Huw Evans, Director General, ABI

Craig Tracey MP

Graeme MacMillan, Director of International Brokers, Aviva

Keith Stern Lloyd’s Regional Manager, UK & Ireland, Lloyd’s

Ailsa King, Chief Client Officer, Marsh Ltd

-ENDS-

-ENDS-

Notes to editors

  1. For further information please contact:

BIBA press office:
Pam Quinn, Head of Communications
020 7397 0223
quinnp@biba.org.uk

Leighann Forsyth, Deputy Head of Communications
020 7397 0224
forsythl@biba.org.uk

  1. Privacy

BIBA’s privacy policy can be viewed here

If you no longer want to receive press releases from BIBA please email the Comms team.

  1. About the British Insurance Brokers’ Association

The British Insurance Brokers’ Association (BIBA) is the UK’s leading general insurance intermediary organisation representing the interests of insurance brokers, intermediaries and their customers.

BIBA membership includes just under 2,000 regulated firms, employing more than 100,000 staff.  General insurance brokers contribute 1% of GDP to the UK economy; they arrange 72% of all general insurance with a premium totaling £62.7bn and 93% of all commercial insurance business. Insurance brokers put their customers’ interests first, providing advice, access to suitable insurance protection and risk management.

BIBA helps more than 550,000 people a year to access insurance protection through its Find a Broker service, both online and via the telephone.

BIBA is the voice of the sector advising members, the regulators, consumer bodies and other stakeholders on key insurance issues.

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BIBA commits to working with FCA to improve access to specialist insurance for customers with pre-existing medical conditions (PEMCs) https://www.biba.org.uk/latest-news/biba-commits-to-working-with-fca-to-improve-access-to-specialist-insurance-for-customers-with-pre-existing-medical-conditions-pemcs/ Tue, 26 Jun 2018 08:19:59 +0000 https://www.biba.org.uk/?p=30265 The British Insurance Brokers’ Association (BIBA) will work with the Financial Conduct Authority and other industry stakeholders to improve the access for customers with PEMCs

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The British Insurance Brokers’ Association (BIBA) will work with the Financial Conduct Authority and other industry stakeholders to improve the access for customers with PEMCs to specialist travel insurance providers.  BIBA’s commitment follows the publication of the FCA’s feedback on its Call for Input on Access to Insurance.  The FCA paper noted that BIBA already runs a successful Find-A-Broker Service with around 100 BIBA members who are specialists in cover for PEMCs,  and which received more than 550,000 enquiries last year, including this type of enquiry.

BIBA’s Executive Director, Graeme Trudgill, said: “The FCA has highlighted a number of important points within its report.  We have been calling for wider signposting in our Manifesto to help customers and improve financial inclusion.  We have long identified that the biggest challenge is awareness and that more providers need to actively engage in signposting. We believe that BIBA has a leading role to play because we  have specialist insurance brokers in our membership with the insurance solutions that customers need, and improved signposting will enable more customers to access cover.

“We already have a successful model and have engaged with Macmillan Cancer Support on ways to improve access to insurance on this issue and we are well placed to share our knowledge and experience to help establish a service that incorporates the whole market. We believe that the industry can come together to help more customers and address the challenge of improving access to insurance for people with pre-existing medical conditions.”

David Sparkes, BIBA’s Head of Compliance and Training, added: “Good customer outcomes are more likely to arise when they have access to the cover they need and get it appropriately priced, with better signposting.  We are pleased that the FCAs report recognises this along with the specialist brokers that we have in our membership.”

At BIBA’s  annual conference on 16 May 2018, Andrew Bailey, CEO of the FCA said “We are aware that at least 100 BIBA members advise that they can place travel insurance for specialist cancer cases. I think the issue is one of signposting, where to go to find it. But let me say thanks to BIBA for your ‘Find a Broker Service’. Our feedback indicates that it really does help, as does the agreement between BIBA, the ABI and the Government on access to insurers for older consumers. So, I think the issue is how to ensure the signposting is effective, and particularly in the area of price comparison websites. I hope we can all work together to improve the signposting. And, I should add that we used travel insurance as an important case study. The principle of good signposting should apply as a general matter for insurance for all consumers.”

Click here for FCA feedback statement

–  ENDS-

 

Notes to editors

  1. For further information please contact:

BIBA press office:

Pam Quinn, Head of Communications

020 7397 0223

quinnp@biba.org.uk

Leighann Forsyth, Deputy Head of Communications

020 7397 0224

forsythl@biba.org.uk

 

  1. Privacy

BIBA’s privacy policy can be viewed here

If you no longer want to receive press releases from BIBA please email the Comms team

 

  1. About the British Insurance Brokers’ Association

The British Insurance Brokers’ Association (BIBA) is the UK’s leading general insurance intermediary organisation representing the interests of insurance brokers, intermediaries and their customers.

BIBA membership includes just under 2,000 regulated firms, employing more than 100,000 staff.  General insurance brokers contribute 1% of GDP to the UK economy; they arrange 72% of all general insurance with a premium totaling £62.7bn and 93% of all commercial insurance business. Insurance brokers put their customers’ interests first, providing advice, access to suitable insurance protection and risk management.

BIBA helps more than 550,000 people a year to access insurance protection through its Find a Broker service, both online and via the telephone.

BIBA is the voice of the sector advising members, the regulators, consumer bodies and other stakeholders on key insurance issues.

 

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Remembering the victims of the terror attack in Borough Market https://www.biba.org.uk/press-releases/terror-attack-borough-market/ Fri, 01 Jun 2018 09:01:25 +0000 https://www.biba.org.uk/?p=29975 One year ago on Saturday 3 June 2017, terrorists hit the heart of our capital in an attack on London Bridge and Borough Market and

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One year ago on Saturday 3 June 2017, terrorists hit the heart of our capital in an attack on London Bridge and Borough Market and our thoughts are with those affected on this tragic anniversary.

As well as the overwhelming human cost of the incidents suffered in the UK in 2017 they also severely impacted Britain’s small businesses which were unable to trade in the aftermath.

As announced by the Economic Secretary to the Treasury, John Glen earlier this year, the Government intends to legislate to allow Pool Re to extend their terrorism insurance scheme to include non-damage business interruption insurance.  We hope that the Bill to effect this change will be expedited so that businesses can benefit from wider denial of access cover.

Graeme Trudgill, BIBA Executive Director said: “The changing nature of terrorism and the events at Borough Market highlighted the need for reform in regard to terrorism cover for business interruption insurance. We are delighted that Government has agreed to extend Pool Re cover to include non-damage business interruption and we are calling for the Bill that effects this to be brought forward as soon as possible.”

Tulsi Naidu, UK CEO, Zurich Insurance added: “As terrorism evolves, so must the mechanisms which support victims. Pool Re has made great strides to bring change around business interruption, but the rest of the industry must work together to address what I believe are three core aspects. We must banish the inequality around individual victims’ compensation; build a new model to fund a uniformed compensation mechanism; and to devise a holistic approach for compensating and rehabilitating victims of terrorism – whether they are a member of the public or commercial organisation.”

 

Neil Coyle, MP for Bermondsey and Old Southwark the constituency in which Borough Market is situated concluded: The devastation of last year was horrific but we came through it stronger together thanks to the effort of the local community, traders and other businesses, Southwark Council and the Mayor of London. I’ve been working closely with the insurance sector since, pushing for terror insurance reform. Whilst I’m glad the Government has belatedly agreed to close the current loophole, no legislation has come forward. I will again raise in Parliament this lackadaisical attitude to security to help ensure legislation is not delayed further.” 

 

ENDS

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