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 Thu, 06 Dec 2018 15:07:07 +0000 en-US hourly 1 https://wordpress.org/?v=4.9.8 154303522 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.

 

The post BIBA commits to working with FCA to improve access to specialist insurance for customers with pre-existing medical conditions (PEMCs) appeared first on British Insurance Brokers' Association.

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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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BIBA Response to the EC’s Motor Insurance Directive REFIT evaluation https://www.biba.org.uk/press-releases/biba-reponse-motor-insurance-directive-refit/ Fri, 25 May 2018 12:31:28 +0000 https://www.biba.org.uk/?p=29945 Yesterday the EC announced its proposals on changes to the Motor Insurance Directive in light of a number of court rulings that have affected its

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Yesterday the EC announced its proposals on changes to the Motor Insurance Directive in light of a number of court rulings that have affected its application and has identified five areas for clarification. BIBA’s views on the proposals are set out below.

  1. Insolvency of an insurer

BIBA is satisfied with the EC’s proposal in relation to compensation arrangements ultimately being the responsibility of the home member state of the insurer concerned.  The Financial Services Compensation Scheme already fulfills this function in the UK.

  1. Claims history statements

BIBA welcomes the equality of treatment of claims history statements across differing member states but expresses caution in the detail of how these might be required to operate.  BIBA believes that any prescriptive requirement for uniformity will create an administrative burden, significant IT system changes and add cost into a system which already works well in the UK.

  1. Uninsured driving.

The current Motor Insurance Directive prohibits cross-border motor insurance checks on vehicles entering a national territory. BIBA welcomes the proposal from the EC that will  allow, without interfering with free-movement,  checks on the validity of insurance especially if they are driven by technology, are  non-discriminatory, not aimed exclusively at insurance verification and do not require the vehicle to stop.

  1. Minimum amounts of cover:

BIBA supports the harmonisation proposal that there should be equal minimum levels of protection across the EU member states to ensure that there is a sufficient level of minimum protection across the EU for the innocent parties to motor vehicle accidents in relation to personal injury compensation and damage to property irrespective of the type of vehicle.

  1. Scope of the directive (VNUK)

The EC is proposing to clarify the definition of “use of a vehicle” and incorporate the judgements of the Court of Justice of the European Union in the cases of Vnuk, Rodrigues de Andrade and Torreiro. The proposal is to change the definition to “use of a vehicle means any use of such vehicle, intended normally to serve as a means of transport, that is consistent with the normal function of that vehicle, irrespective of the vehicles characteristics and irrespective of the terrain on which the motor vehicle is used and of whether it is stationary or in motion”.  While the EC has indicated that the proposal clarifies the concept of use and where compulsory insurance therefore applies BIBA still has concerns over the application of this definition which we believe still lacks clarity.

Martin Bridges, Technical Services Manager at BIBA said: “Relating the need for compulsory motor insurance to rely on operating in respect of any ‘use, intended normally as a means of transport, consistent with the normal function of the vehicle…. irrespective of the terrain…’ will potentially still bring many more vehicles into scope from mobility scooters to motorsports because of the because of the possible legal interpretation of the definition of ‘transport’.  This leaves considerable uncertainty for potentially vulnerable customers wondering if they now need to buy insurance for a disability vehicle.”

Graeme Trudgill, BIBA Executive Director said: “Following the original Vnuk ruling BIBA, the UK Government, a number of other EU states and insurance bodies put forward a solution that would have brought considerably more clarity to this situation and prevented these potential unintended consequences.  In the Commission’s roadmap document one of the key suggestions was to consider changing the definition of a vehicle to ‘one used in traffic’.  This would have resolved many of the issues, however, the EC has moved towards motor insurance being the compulsory solution for liability wherever a vehicle is used – effectively including on private land. This goes beyond current UK legislation.

Currently, under UK law, users of a vehicle such as a tractor or fork-lift truck being used on private land would simply purchase public and employer’s liability insurance to fund any liability for compensation. It is unhelpful that customers will now potentially have to buy wider cover for many more vehicles types being used in more places.

We intend to continue to express our concerns that these proposals may increase bureaucracy, cost and uncertainly for personal and commercial policyholders, resulting in potentially significant unintended consequences in areas such as motorsports and for vehicles not previously requiring motor insurance.”

Ends

BIBA view of Vnuk

https://www.biba.org.uk/press-releases/biba-comment-joint-industry-response-motor-insurance-directive-refit/

EC press release

http://europa.eu/rapid/press-release_IP-18-3731_en.htms

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Engaging with business to get business interruption insurance right https://www.biba.org.uk/press-releases/engaging-with-business-to-get-business-interruption-insurance-right/ Wed, 23 May 2018 14:38:03 +0000 https://www.biba.org.uk/?p=29806 In 2015 the British Insurance Brokers’ Association (BIBA) created guides for brokers and their customers to address the issue of under-insurance in respect of commercial

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In 2015 the British Insurance Brokers’ Association (BIBA) created guides for brokers and their customers to address the issue of under-insurance in respect of commercial insurance.  The resultant industry discussion highlighted particular issues with assessing correct levels of cover for business interruption insurance (BI), one of the most complex areas of insurance for any firm.

A survey by the Chartered Institute of Loss Adjusters (CILA) found that one of the biggest issues causing BI under-insurance was around the failure to include wages in the gross profit calculation and the lack of annual declarations.  Malcolm Hyde, Executive Director at CILA said: “Declaration policies provide the opportunity to get this right. An appropriately worded calculation declaration could go a long way to avoiding this under-insurance.”

Taking this on board, BIBA in conjunction with its Property Committee and Insurance Brokers’ Standards Committee, has today launched a standard BI Declaration Template to be used across the market to help reduce under-insurance. The template sets out clearly, with guidance notes, which figures need to be declared, in relation to what period and how these feed into the BI sum insured.

BIBA Executive Director, Graeme Trudgill said:  “It is vitally important that businesses have the right level of cover in place on their BI insurance to enable them to get back to the trading position they enjoyed before a claim.  Ensuring that clients submit declarations and that the figures used in the calculation of the sum insured are accurate is of great value in setting the right level of cover.  Promoting the use of a standard form of declaration that needs to be submitted each year will definitely help negate this issue.”

The BI Declaration Template is available to BIBA members online at www.biba.org.uk

BIBA Technical Services Manager, Martin Bridges concluded: “We engaged with insurers and brokers to create the template and this collaboration will aid customers and help brokers to maintain excellent professional standards.”

-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.

The post Engaging with business to get business interruption insurance right appeared first on British Insurance Brokers' Association.

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29806
BIBA 2019 Heads to Manchester on 15 and 16 May https://www.biba.org.uk/press-releases/biba-2019-heads-to-manchester-on-15-and-16-may/ Thu, 17 May 2018 12:00:54 +0000 https://www.biba.org.uk/?p=29798 BIBA Chairman Lord Hunt of Wirral has announced that the BIBA 2019 conference and exhibition will be held at Manchester Central on Wednesday 15 and

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BIBA Chairman Lord Hunt of Wirral has announced that the BIBA 2019 conference and exhibition will be held at Manchester Central on Wednesday 15 and Thursday 16 May.

Steve White, BIBA’s Chief Executive, said: “This year has again been a fantastic event, thank you to all exhibitors, sponsors and delegates.  I am looking forward to welcoming everyone back to Manchester next May for another two days of networking, learning and business development.”

-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.

Insurance brokers put the client’s interests first, providing advice, access to suitable insurance protection and risk management.

BIBA helps more than 250,000 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.

The post BIBA 2019 Heads to Manchester on 15 and 16 May appeared first on British Insurance Brokers' Association.

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29798
Government sets out approach on motor insurance for drivers post Brexit https://www.biba.org.uk/press-releases/government-sets-out-approach-on-motor-insurance-for-drivers-post-brexit/ Thu, 17 May 2018 10:00:20 +0000 https://www.biba.org.uk/?p=29867 In its 2018 Manifesto, the British Insurance Brokers’ Association (BIBA) called for a practical approach to enable more than 2.5 million private and commercial motorists to continue

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In its 2018 Manifesto, the British Insurance Brokers’ Association (BIBA) called for a practical approach to enable more than 2.5 million private and commercial motorists to continue to travel easily throughout the EU.

In a letter to BIBA this week the Department for Transport (DfT) set out its intended approach to motor insurance post-Brexit.  It confirmed the intention to remain part of the Green Card-free circulation area and to ensure the UK meets the requirements for third party motor insurance.

The Council of Bureaux (CoB) has indicated that the UK’s Motor Insurers’ Bureau (MIB) can remain part of the guarantee agreement, under the Motor Insurance Directive, as a signatory, in relation to minimum third party insurance provision. This means that participating countries, once an implementing date is set by the EU Commission, will refrain from carrying out checks on motor insurance for vehicles entering their country.

Graeme Trudgill, BIBA Executive Director said: “This is excellent news for commercial and personal motorists as well as brokers and insurers and follows collaborative representation by BIBA, the MIB and the Association of British Insurers. Without such an agreement drivers would be faced with increased bureaucracy and delays at borders and insurance brokers would need to have in place mechanisms to physically issue 2.5 million Green Cards every year. This is exactly the solution we wanted.”

The proposal requires the agreement of the EU Commission but this is expected to be purely procedural and the agreement will be put in place.

Trudgill concluded: “It was also pleasing that DfT acknowledged the support that BIBA provided on behalf of our members in developing the approach and they have confirmed they will keep us informed as matters progress.”

-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.

Insurance brokers put the client’s interests first, providing advice, access to suitable insurance protection and risk management.

BIBA helps more than 250,000 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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Kayleigh Leatherdale named winner of the Young Broker of the Year Award https://www.biba.org.uk/press-releases/kayleigh-leatherdale-named-winner-of-the-young-broker-of-the-year-award-2/ Wed, 16 May 2018 14:24:22 +0000 https://www.biba.org.uk/?p=29864 The British Insurance Brokers’ Association has named Kayleigh Leatherdale from Aon as its national Young Broker of the Year for 2018. Katie Freemantle of Ruskin

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The British Insurance Brokers’ Association has named Kayleigh Leatherdale from Aon as its national Young Broker of the Year for 2018.

Katie Freemantle of Ruskin Square and Jessica Wonnacott of Isca Barum Insurance Brokers Ltd were named as national finalists for the award which recognises the performance of younger brokers and encourages commitment to the future professionalism of insurance broking.

Since joining the sector in 2014 Kayleigh has seen her career develop as well as becoming an essential part of the team at Aon.

The award was presented at the BIBA Conference by Inga Beale, DBE, CEO, Lloyd’s and President, CII at BIBA 2018.

BIBA Chairman Lord Hunt of Wirral said: “Kayleigh is a truly impressive candidate and a deserving winner of the Young Broker award. She has stood out above others for her drive and ambition, she has demonstrated exceptional service to her clients and she has built strong relationships with both her clients and colleagues. It is highly likely that with this potential Kayleigh has a very successful future ahead.”

-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.v

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Speed is of the essence if brokers are to innovate, evolve and thrive https://www.biba.org.uk/press-releases/speed-is-of-the-essence-if-brokers-are-to-innovate-evolve-and-thrive/ Wed, 16 May 2018 09:30:50 +0000 https://www.biba.org.uk/?p=29802 BIBA CEO, Steve White looks at what’s driving the sector in his 2018 conference address Speaking at the 2018 BIBA conference and exhibition in Manchester

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BIBA CEO, Steve White looks at what’s driving the sector in his 2018 conference address

Speaking at the 2018 BIBA conference and exhibition in Manchester Steve White stressed, live to around 1000 delegates, how fast the insurance sector is developing.  Emphasising that innovation is happening everywhere and happening faster than ever before, he challenged the industry to look for ways to stay ahead, to evolve systems and processes and to thrive.

In 2017 BIBA created a cross-industry working group on innovation with a remit to:

  • promote greater awareness of InsurTech development trends, opportunities and issues
  • identify the areas that would benefit most from innovation and tech-led change as well as issues that actually inhibit innovation; and
  • share this feedback widely

These commitments led to a focus on innovation at BIBA2018.  In the exhibition space attendees can watch innovation in action in a Hackathon where eight teams will seek tech-led solutions to issues causing real pain to brokers and an innovation lounge will allow brokers to meet InsurTech providers that might push their business forward

White said:  “We were very determined to demystify innovation for the benefit of our members and a hackathon is a fantastic way to show how accessible InsurTech and innovation can be.”

Turning to the regulation of insurance White showed visually, with piles of documents, the extent of the work that the FCA imposed on insurance brokers since April 2013 which undoubtedly hinders evolution and innovation. He said: “120 papers in 5 years – that equates to one every fortnight and none heavier than the 1,240 pages of the FCA second consultation paper on the Senior Managers & Certification regime. 70% of BIBA member firms have fewer than 10 staff and for them especially, 1,240 pages is just too much!

“We contend that our productivity is significantly affected by one of the most burdensome and costly regulatory regimes on the planet. We are calling for a period of stability in the rate of regulatory change, with a pause on the continual influx of new FCA requirements and a focus on proportionate supervision for our low risk sector.”

More about BIBA’s calls to make markets work well, and its commitment to innovation can be found in the 2018 BIBA Manifesto, Engaging online at www.biba.org.uk

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BIBA and ITN productions create De-Risking the Future programme https://www.biba.org.uk/press-releases/biba-and-itn-productions-create-de-risking-the-future-programme/ Wed, 16 May 2018 09:23:00 +0000 https://www.biba.org.uk/?p=29825 Chair of the Treasury Select Committee, Nicky Morgan has agreed to take brokers’ concerns to the regulator New ‘De-risking the Future’ programme reveals how issues

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Chair of the Treasury Select Committee, Nicky Morgan has agreed to take brokers’ concerns to the regulator

New ‘De-risking the Future’ programme reveals how issues surrounding the burden of regulation are critical to those the Financial Conduct Authority (FCA) regulates and BIBA has asked the Treasury Select Committee to raise these issues. Interviewed exclusively for ‘De-risking the Future’, Nicky Morgan MP also championed the BIBA manifesto and said “The Treasury Select Committee quizzes senior officials from the FCA several times a year so the issue of the burden of regulation is very alive to those the FCA regulates and they will ask the Treasury Select Committee to raise these issues.”

‘De-risking the Future’ is a news and current affairs-style programme exploring the vital role of insurance brokers as an essential interface between insurers and clients, at a time when customers’ buying habits are changing. With the insurance broker role changing, this programme brings to life how the sector is embracing professionalism and diversification, and striving for proportionate regulation.

The programme also features a special report looking at how general insurance brokers contribute significantly to the UK economy, however the productivity of the sector is negatively affected by what many believe is one of the most burdensome and expensive regulatory systems in the world.

With under-insurance posing a big problem, the broker’s role as a trusted advisor has never been so important, ‘De-risking the Future’ looks at how brokers put their customers’ needs first, finding the right insurance and providing support throughout the claims process.

Steve White, Chief Executive, British Insurance Brokers’ Association, said: “I am proud to be working with ITN Productions, who have produced this exciting and professional programme to promote the benefits of insurance brokers to a wide reaching audience.

“We are delighted that Nicky Morgan MP has discussed the burden of regulation and the opportunities to raise these with the Treasury Select Committee. We will continue to work with her to provide the evidence that she needs to question the FCA over why specific regulations are needed or drafted in a particular way.

“De-Risking the Future will demonstrate that our sector is strong, innovative and evolving – all underpinning the wider messages about the benefits of using insurance brokers. At a time when customers’ buying habits and risks are changing, the programme will highlight a range of issues such as cyber insurance, technology and how brokers can help customers to access insurance.”

Simon Shelley, Head of Industry News, ITN Productions, said: “ITN Productions has been delighted to partner with the British Insurance Brokers’ Association to create ‘De-risking the Future’. We hope this programme will help to inform and enlighten viewers about the ROLE of the trusted insurance broker, especially during a time of extensive change. We are extremely pleased with how this programme brings to life the people and innovations within insurance, we hope this can be used to share ideas and promote best practice within the sector and wider audience.”

Drawing upon ITN’s 60-year heritage and expertise in storytelling, presented by national newsreader Natasha Kaplinsky, the news-style programme combines key interviews, case studies and sponsored stories from Applied Systems Europe, ARAG Plc, Ashley Page, Barbon Insurance Group, Cunningham Lindsey, Cytroa Ltd, Legal & General Group, PremFina, RSA Group, SSP Limited, Stanmore Insurance Brokers and Staysure Travel Insurance.

The full programme can be viewed here: www.biba.org.uk/uncategorised/de-risking-the-future/

–ENDS—

  1. 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

About ITN Productions

ITN Productions is ITN’s bespoke production hub producing creative and commercially valuable content for the business, commercial, broadcast and digital sectors. Industry News forms part of this offering and is a communications tool for leading industry bodies and national associations produced in a broadcast news programme format, including interviews, news items and sponsored editorial profiles.

 

For more information visit: http://www.itnproductions.co.uk

 

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.

 

 

For more information visit: www.biba.org.uk

 

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