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, 18 Jun 2018 10:28:10 +0000 en-US hourly 1 https://wordpress.org/?v=4.9.5 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.

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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.

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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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BIBA working to deliver a ‘dating agency’ for brokers and InsurTechs https://www.biba.org.uk/press-releases/biba-working-to-deliver-a-dating-agency-for-brokers-and-insurtechs/ Wed, 16 May 2018 09:14:30 +0000 https://www.biba.org.uk/?p=29834 The British insurance Brokers’ Association (BIBA) has announced that it has begun work on a ‘dating agency’ which will help insurance brokers to find InsurTech

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The British insurance Brokers’ Association (BIBA) has announced that it has begun work on a ‘dating agency’ which will help insurance brokers to find InsurTech partners to work with.

In his speech opening the 2018 BIBA conference, CEO Steve White, announced that prototyping has begun on designing the solution:

“If you’re a broker looking to embrace InsurTech, where do you start? Simply Googling InsurTech isn’t likely to give you optimal results.”

“Similarly, if you’re an InsurTech firm looking to collaborate, how do you find these firms, and crucially, the right person within them to speak to?

“That’s where the idea of a dating agency was thought up by our cross-industry innovation group.

“Today, I can announce that will be launching this service which will bridge the gap between the two communities and further details of how to access this will be available on the BIBA website; biba.org.uk.”

The service, which will be available to members through the BIBA website, will seek to put brokers in touch with InsurTech firms who are looking to partner with insurance brokers in a number of different areas. It is being developed in partnership with the insurer Covéa with assistance from Broker Direct.

The idea is one of the key outputs from BIBA’s cross-industry Innovation Working Group, which is Chaired by Vivek Banga, Chief Digital Officer at Gallaghers. The group is working on three workstreams to help foster technology-led innovation in the industry. These are:

  • Demystifying InsurTech for incumbents;
  • Helping InsurTechs to become established; and
  • Developing partnerships and collaboration between incumbents and InsurTech firms.

Andy Thornley, BIBA’s Head of Corporate Affairs, who heads-up InsurTech for the trade body said:

“This is our first foray in to becoming tech-innovators ourselves; it’s important that we practice what we preach and lead by example.

“As well as being an important project for BIBA members, it will give us an idea of what it’s like to learn from iterations to get to a solution that really delivers on what we hope to achieve; building relationships between the InsurTech and incumbent communities.”

Simon Cooter, Director of High Net Worth and Commercial Lines at Covéa said:

“We have had our Innovation team at Covéa Insurance working on this project, with Iain Gray of Broker Direct, scoping out how it would work and building processes that underpin the service.

“With a prototype ready to demo at BIBA it is a great opportunity to get feedback from the wider insurance community. The output of this work will benefit both InsurTech firms and BIBA members in helping to embed technology-driven innovation within our industry”

ENDS

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John Lindsay named winner of the 2018 Francis Perkins Award https://www.biba.org.uk/press-releases/john-lindsay-named-winner-of-the-2018-francis-perkins-award/ Wed, 16 May 2018 09:07:39 +0000 https://www.biba.org.uk/?p=29811 The British Insurance Brokers’ Association (BIBA) has named John Lindsay, ACII, CIP as the winner of the 2018 Francis Perkins Award. Francis Perkins, the first

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The British Insurance Brokers’ Association (BIBA) has named John Lindsay, ACII, CIP as the winner of the 2018 Francis Perkins Award.

Francis Perkins, the first chairman of BIBA, instigated the award to give recognition to members of the Association who give their time and energy for the furtherance of its causes.

The judges selected John for this year’s award due to his long standing and committed participation in BIBA. He has been on the Greater Manchester committee since 1980 and served as Regional Chair.

John joined the Manchester Liability Society in the 1970’s also serving as chairman and has received the CII 50th year membership certificate.

He continues to be an active co-opted member of BIBA’s committee today.

BIBA Chairman, Lord Hunt of Wirral, announced the award at BIBA’s annual conference in Manchester.

He said: “This year it is my great pleasure to make this prestigious award to someone whose commitment to the industry and representation on local committees, especially that of BIBA, stretching back over decades is quite incredible and an achievement worthy of the Francis Perkins award.

He remains a valued committee member providing well thought out and considered responses when his views on any particular aspect are sought. Our congratulations go to John.”

-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 works with CFC to launch cyber insurance guide for brokers https://www.biba.org.uk/press-releases/biba-works-with-cfc-to-launch-cyber-insurance-guide-for-brokers/ Wed, 16 May 2018 08:00:17 +0000 https://www.biba.org.uk/?p=29809 The British Insurance Brokers’ Association (BIBA) in collaboration with CFC, the specialist insurance provider behind BIBA’s cyber insurance scheme, has launched a new guide to

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The British Insurance Brokers’ Association (BIBA) in collaboration with CFC, the specialist insurance provider behind BIBA’s cyber insurance scheme, has launched a new guide to help brokers understand cyber risks and the insurance solutions available to mitigate these risks.

Mike Hallam, BIBA’s Head of Technical Services said: “As our reliance on technology grows so does the potential for cyber related incidents.  It is important for brokers and their customers to understand and be able to manage these new risks which is why we were delighted to be able to work with sector leaders, CFC to create this new guide. Brokers will also appreciate the advice in the guide on how to address common objections from clients as to why they need cyber cover.”

Taking on board that cyber insurance is for many one of the most misunderstood covers, the guide aims to cut through the jargon and bring simplicity to what has long been considered a complex line of business.  Within it, brokers can learn about the evolution of cyber risk, read examples of cyber claims and appreciate how cyber policies work which will be invaluable in helping to identify client’s risks.

James Burns, Cyber Product Leader at CFC added: “Cyber insurance policies tend to be modular in nature, consisting of a variety of different coverage areas so it’s no wonder that this has led to confusion around what they cover and how they work. We wanted to provide straightforward and clear information about what cyber is all about and how brokers can articulate it to their clients.”

In its 2018 Manifesto, Engaging  BIBA made a commitment to work with industry partners to make it easier for brokers and their customers to understand key differences in the cover available in cyber insurance policies and to share good practice to help cyber risks be managed.

Mike Hallam concluded: “The BIBA Cyber Insurance Focus Group, made up of cross-industry expertise, is addressing the challenges of this relatively new insurance market.  This is a first concrete step to demystify this peril for brokers whop place more than 90% of all commercial insurance in the UK. The guide will be hitting BIBA member desks very shortly.”

Click here to view the Cyber guide

-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.

About CFC

CFC is a specialist insurance provider with a track record of pioneering emerging risks and disrupting inefficient insurance markets. Our plain language policies are purpose-built for today’s risks, and we build market-leading technology to streamline the insurance buying process and deliver relevant, up-to-date products easily and efficiently. CFC is backed by Lloyd’s and offers a broad range of commercial insurance products to more than 60,000 businesses in over 75 countries.

For more information please visit www.cfcunderwriting.com.

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BIBA Hackathon gets underway https://www.biba.org.uk/press-releases/biba-hackathon-gets-underway/ Tue, 15 May 2018 16:15:58 +0000 https://www.biba.org.uk/?p=29823 At its annual conference in Manchester on 16 May 2018, the British Insurance Brokers’ Association (BIBA) gets its Hackathon underway. The Hackathon, will run throughout

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At its annual conference in Manchester on 16 May 2018, the British Insurance Brokers’ Association (BIBA) gets its Hackathon underway.

The Hackathon, will run throughout the first day of BIBA2018 and will be reported on by conference host, Natasha Kaplinsky.

Eight teams made up from insurers, brokers, data and tech firms will vie with one another to find solutions to key issues affecting insurance brokers and their customers.  The challenges include: gaining a single, data rich view of a customer; client focused claims progress communications; underinsurance; and a means of easily understanding how tech can aid a broker’s business.

BIBA’s Head of Public Affairs and innovation lead, Andy Thornley said: “This is a great opportunity for brokers to see how technology can really help solve some of today’s meaty issues for them and their customers.  The teams are deliberately mixed and will all share the knowledge brought by roving experts in the fields of the law, data, compliance and insurance.  We’re delighted to have had such great support and excited to see the outcomes.

“I really hope that brokers will see all of the exiting developments with technology and appreciate how it can make their business more efficient and profitable.”

Condensed into only six hours the hack will finish at 14.30 and each of the teams will present a panel of judges who will select the winning solution.  The winning team will be presented by Martha Lane-Fox on the main stage of BIBA’s conference on 17 May.

 

More information about the challenges, the teams and the judges can be found at https://www.biba2018.co.uk/hackathon/

Follow progress on twitter via #biba2018

 

Ends

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Insurance industry takes action on excessive differences between new customer premiums and renewals https://www.biba.org.uk/press-releases/insurance-industry-takes-action-on-excessive-differences-between-new-customer-premiums-and-renewals/ Tue, 08 May 2018 09:00:15 +0000 https://www.biba.org.uk/?p=29722 Insurers and brokers have today announced a new plan to help tackle excessive premium differences between long standing and new customers. The ABI (Association of

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Insurers and brokers have today announced a new plan to help tackle excessive premium differences between long standing and new customers.

The ABI (Association of British Insurers) and BIBA (British Insurance Brokers’ Association) have launched a set of Guiding Principles and Action Points that will address some of the issues in the current market that can lead to excessive differences between new customer premiums and subsequent renewal premiums that unfairly penalise long-standing customers.

By implementing this initiative, ABI and BIBA members can expect to see an improvement in the outcomes for long-standing customers. The ethos and approach to better outcomes for long-standing customers will be formally incorporated into firms’ procedures for determining the premium at renewal.

The Guiding Principles and Action Points (GPAPs) apply to key personal lines insurance products such as home, motor and travel, but not pet or health insurance. Many pet and private health insurance products provide cover at renewal for medical conditions that arose since the inception of the policy. These would generally not be covered under a new policy, meaning comparisons are not valid.

Key commitments include:

• ABI and BIBA members do not support excessive differences between new customer premiums and subsequent renewal premiums that unfairly penalise long-standing customers

• ABI and BIBA members will take action so that customers’ tendency to shop around at renewal is not used to lead to excessive pricing differences that unfairly penalise long-standing customers.

• The ethos and approach to better outcomes for long-standing customers will be given Board or senior management level priority and formally incorporated into firms’ procedures for determining the premium at renewal.

• ABI and BIBA members should make clear in written, online or verbal customer communications that the new customer premium only applies for that year and subsequent renewal premiums may be higher.

• ABI and BIBA members who impact the final premium paid by customers should review their pricing approach for customers who have been with them longer than five years and assess whether this approach delivers a fair outcome.

• The ABI and BIBA will publish a report in no more than two years’ time that demonstrates how ABI and BIBA members have sought to tackle excessive differences between new customer premiums and subsequent renewal premiums that unfairly penalise long-standing customers.

ABI Chairman Andy Briggs said:

“Insurers do a great job for their customers, providing peace of mind and financial help when they most need it, but the renewal market simply doesn’t work where loyal customers get charged much more than new customers.

“Given many consumers expect to get cheaper insurance when they shop around, there is no easy solution. These new Guiding Principles and Action Points are a positive initiative by the ABI and BIBA members to demonstrate that the whole industry recognise this is an important issue that needs to be addressed.”

Lord Hunt of Wirral, Chairman of BIBA said:

“It is part of the DNA of insurance brokers to put the best interests of the client first. That is why I am so delighted that insurers and brokers have come together for the benefit of our established and loyal customers, setting out a positive path forward on renewal pricing. I would encourage everyone within the wider market to join with us in adopting these guiding principles and action points.”

Today’s announcement follows the introduction last April of new rules, first called for by the ABI, that compel companies to display the previous year’s premium on renewal notices.

Consumer Q&A

Why do some long-standing customers pay higher premiums?
Many consumers expect to get cheaper insurance when they shop around, and this makes it difficult to offer good deals to both new customers and long-standing customers. Insurers compete fiercely for new business which often means offering cheaper prices and sometimes selling the first year policy at a loss.

While price variation is a natural consequence of a competitive market and benefits many consumers, there are occasions where the differentials can become marked. This is often linked to inertia and can result in poor customer outcomes for long-standing customers.

What difference will this initiative make? Will the price of my insurance drop?
ABI and BIBA members expect to see a marked improvement in the outcomes for long-standing customers. How firms adapt to implement the GPAPs within their own businesses will vary in line with their customer base, business models and pricing strategies and any actions they may already have taken.

We would also welcome the regulator, the Financial Conduct Authority, taking the GPAPs into account when supervising firms’ pricing practices.

What types of insurance are affected and which aren’t?
These Guiding Principles and Action Points apply to personal lines general insurance products with contract terms of 10 months or longer, except pet and private health insurance products, where different market conditions mean they are not applicable.

Many pet and private health insurance products provide cover at renewal for existing medical conditions that arose since the inception of the policy. These would generally not be covered under a new policy, meaning comparisons are not valid.

When does it come into effect?
The ABI and BIBA launched the initiative on 8 May 2018. We fully expect to start seeing an improvement in the outcome for long-standing customers and will produce a report in no more than two years’ time, demonstrating how ABI and BIBA members have taken action.

-ENDS-

Click here to read the Guiding Principles

Notes for Editors 

For BIBA:

  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.

For ABI:

Malcolm Tarling                        020 7216 7410    Mobile: 07776 147667

Sarah Cordey                           020 7216 7375    Mobile: 07860 189071

Dominic Stannard                     020 7216 7350    Mobile: 07889  641702

Melanie Fernandes                   020 7216 7660    Mobile: 07720497617

  1. The Association of British Insurers is the voice of the UK’s world leading insurance and long-term savings industry.

A productive, inclusive and thriving sector, we are an industry that provides peace of mind to households and businesses across the UK and powers the growth of local and regional economies by enabling trade, risk taking, investment and innovation.

  1. An ISDN line is available for broadcast
  2. More news and information from the ABI is available on our web site, abi.org.uk.

 

 

 

 

 

 

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Jonathan Evans joins BIBA board https://www.biba.org.uk/press-releases/jonathan-evans-joins-biba-board/ Tue, 01 May 2018 12:19:52 +0000 https://www.biba.org.uk/?p=29678 The British Insurance Brokers’ Association (BIBA) has appointed Jonathan Evans to its main board as a Non-Executive Director. Evans, a former Corporate Affairs Minister with

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The British Insurance Brokers’ Association (BIBA) has appointed Jonathan Evans to its main board as a Non-Executive Director.

Evans, a former Corporate Affairs Minister with responsibility for the Insurance Industry, served two decades as an MP and MEP, and takes up his position today.

With a background in law, particularly insurance law which led to a number of insurance board positions and having also previously chaired the All Party Parliamentary Group on Insurance and Financial Services he is a perfect fit for BIBA.

Steve White, BIBA CEO, said: “We are privileged to have someone with Jonathan’s credentials join our board.  His experience will be invaluable in helping us navigate the changes that our sector is facing.  I’m looking forward to working with him.”

Evans added: “I have long admired the work that BIBA does to represent their member interests and I am delighted to be joining them in a non-exec capacity. There is much to be worked on and I am eager to make a start and to help make a difference.”

BIBA Chairman, Lord Hunt of Wirral, concluded: “This is a real coup for BIBA, with his wealth of experience in many fields Jonathan will be in a position to guide the board and enable the organisation to move forwards and continue to represent brokers at the highest levels.”

-ENDS-

Notes to editors

  1. Download photo of Jonathan Evans here.
  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 0223
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’s response to today’s EST announcement on terrorism insurance https://www.biba.org.uk/press-releases/bibas-response-todays-est-announcement-terrorism-insurance/ Thu, 22 Mar 2018 14:59:09 +0000 https://www.biba.org.uk/?p=29396 BIBA welcomes today’s announcement by the Economic Secretary to the Treasury, John Glen that the Government intends to legislate to allow Pool Re to extend

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BIBA welcomes today’s announcement by the Economic Secretary to the Treasury, John Glen that the Government intends to legislate to allow Pool Re to extend their terrorism insurance scheme to include non-damage business interruption insurance. This will help businesses affected by terrorism.  In our 2018 Manifesto we called for legislation to be passed to extend the Pool Re facility, particularly  in relation to denial of access cover.

Graeme Trudgill, BIBA Executive Director said: “Both BIBA members and MPs had raised with us the changing nature of terrorism which is leaving businesses exposed.  We raised our concerns with  Pool Re on the need to extend their scheme.  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.”

Read the City Minister’s written statement here.

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BIBA and WBN agree new arrangement to help members with their clients post Brexit https://www.biba.org.uk/press-releases/biba-wbn-agree-new-arrangement-help-members-clients-post-brexit/ Wed, 21 Mar 2018 00:01:08 +0000 https://www.biba.org.uk/?p=29373 The British Insurance Brokers’ Association (BIBA) has reached an agreement with the Worldwide Broker Network (WBN) which will facilitate the introduction of BIBA member firms

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The British Insurance Brokers’ Association (BIBA) has reached an agreement with the Worldwide Broker Network (WBN) which will facilitate the introduction of BIBA member firms to one of their member firms in an EU state in order to enable them to continue to work with EU based clients.

BIBA Executive Director, Graeme Trudgill said: “In our survey of members last year we asked what concerns they had about the UK’s impending exit from the EU. One of the most common and worrying was the issue around continuing to help EU clients with renewals, claims handling and placement post Brexit.

“As soon as we had the results of the survey we began looking for a solution and working with WBN is the obvious choice.”

WBN has at least one member operating in each EU country, which are all subject to checks on their regulatory status.

Alec Finch, a founder and board member of WBN said: “We were delighted to work with BIBA on this matter. We are still unaware of what provisions may be in place for cross-border trading and this arrangement makes perfect sense for UK based brokers. Importantly once the introduction is made the two broking firms will have complete control of their relationship and terms of business which means they can agree a collaboration that fits the clients’ needs.”

Steve White, BIBA Chief Executive concluded: “This important agreement will provide some certainty and continuity to BIBA members and their EU clients in the absence of a trade agreement providing access to the single market. It’s an example of great synergy between two organisations responding to BIBA member concerns.”

BIBA will launch the arrangement to members today.

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 0223
forsythl@biba.org.uk
2. 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.

3. 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.

4. About the Worldwide Broker Network™

Founded in 1989, WBN has grown from nine member firms in Western Europe to more than 100 firms spanning the globe and serving clients through 500 + offices on six continents. Today, an important part of the insurance industry’s distribution network, WBN generates over $5 billion in property and casualty and employee benefits revenue annually.

5. Successful trading with Europe

The EU Exit raises a number of issues that could seriously impact insurance brokers and their customers. As of August 2016, 2,758 UK insurance brokers possessed passports to trade in the EU and 5,727 EU intermediaries held permissions to passport into the UK. 726 insurers also passport into the UK from the EU; increasing insurance capacity and providing a competitive trading environment. Of the London Market element of membership we believe 75% use their EU passports and also from this element around £7.8Bn of European revenues are written or managed in London through Lloyds’ and the company market.

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BIBA welcomes the bringing of the Civil Liability Bill before Parliament today https://www.biba.org.uk/press-releases/biba-welcomes-bringing-civil-liability-bill-parliament-today/ Tue, 20 Mar 2018 10:35:11 +0000 https://www.biba.org.uk/?p=29369 BIBA welcomes the bringing of the Civil Liability Bill before Parliament today The Ministry of Justice (MOJ) today confirmed that long awaited legislation to help

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BIBA welcomes the bringing of the Civil Liability Bill before Parliament today

The Ministry of Justice (MOJ) today confirmed that long awaited legislation to help genuine injury claims be settled fairly will be brought before Parliament today.  Through its participation on the Insurance Fraud Taskforce (IFT), BIBA is fully cognisant of the impact of fraudulent whiplash claims on the provision of insurance and looks forward to measures to combat this, while ensuring those genuinely injured receive the fair compensation and care they need.

The measures proposed will ensure fairness to both motorists and claimants by:

  • setting fixed amounts of compensation for whiplash claims; and
  • banning the practice of seeking or offering to settle whiplash claims without medical evidence.

The Bill will also address the problems that arose by the way in which the Personal Injury Discount Rate (Ogden Tables) is set. The rate allows a discount to be given in the claim settlement to account for investment income in lump-sum payments to ensure that claimants are neither under, nor over compensated. In March 2017 the change in rate from 2.5% to 0.75% – a rate which assumes claimants lose rather than gain income from investing a lump sum – did not reflect real investment decisions. This change caused reactive increases in premiums, evidenced in the BIBA/Acturis Premium Index, which showed a 10.7% increase in car insurance premiums during the final quarter of 2017 compared to the same period in 2016. Not only this but it importantly meant that for many businesses their liability limits of indemnity became potentially insufficient to cover higher claims awards, leaving them at risk of underinsurance.

In the consultation document on the rate, the MOJ has confirmed that the means of calculating insurance injury awards “should put claimants in the same financial position they would have been in had they not been injured – they should receive neither more nor less than full compensation.” and confirmed that the Civil Liability Bill, introduced today, will create “a fairer and better system while still providing full compensation”.

This will be achieved by:

  • setting the rate with reference to ‘low risk’ rather than ‘very low risk’ investments as at present, better reflecting evidence of the actual investment habits of claimants;
  • establishing a regular review of the rate, the first within 90 days of the legislation coming into force and at least every three years thereafter;
  • establishing an independent expert panel Chaired by the Government Actuary to advise the Lord Chancellor on the setting of the rate.

Steve White, BIBA Chief Executive said: “The bringing forward of this Bill covering both whiplash fraud and the way the discount rate is calculated is clear evidence of Government listening to the carefully considered concerns from the insurance industry and taking forward recommendations in our Manifesto.”

Graeme Trudgill, BIBA Executive Director said: “BIBA welcomes this legislation which aims to bring about fair, 100% compensation for personal injury claims and should help millions of policyholders by reducing the pressure on the cost of insurance. The legislation is also needed to assist with the unintended consequence of underinsurance, created when the discount rate changed so significantly a year ago.”

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BIBA signs the Women in Finance Charter https://www.biba.org.uk/press-releases/biba-woman-in-finance-charter-signatory/ Fri, 16 Mar 2018 08:30:45 +0000 https://www.biba.org.uk/?p=29361 The British Insurance Brokers’ Association (BIBA) has confirmed that it is one of the latest signatories to the Woman in Finance Charter. HM Treasury has

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The British Insurance Brokers’ Association (BIBA) has confirmed that it is one of the latest signatories to the Woman in Finance Charter.

HM Treasury has today revealed the firms that have recently joined the Charter which bring the total signatories to more than 200 employing over 650, 000 people.

Steve White, BIBA Chief Executive said: “We have committed to the Women in Finance Charter as part of our desire to promote gender balance in the insurance broking sector. The Women in Finance Charter is a joint initiative between HM Treasury and signatories to work together to encourage gender balance across financial services.

“At BIBA we intend to continue to work with a variety of organisations to help our members develop plans to promote gender and all other forms of diversity and inclusion.”

As part of the Charter, BIBA pledges to promote diversity and inclusion by:

  • having a senior management team comprising of at least 40% female representation;
  • publishing annually our performance against this target in gender diversity;
  • having a dedicated member of the senior management team responsible for diversity and inclusion; and
  • Acting as advocates for diversity and inclusion with our member firms.

 

Supporting gender balance and diversity and inclusion in the insurance broking sector is one of BIBA’s 2018 Manifesto commitments. More information on this commitment is available here

More information about the Women in Finance Charter is available here

 

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Wheels come off for driving costs https://www.biba.org.uk/press-releases/wheels-come-off-driving-costs/ Mon, 12 Mar 2018 14:37:01 +0000 https://www.biba.org.uk/?p=29307 The latest Insurance Price Index from the British Insurance Brokers’ Association (BIBA) and Acturis that tracks £6 billion of actual premiums paid annually via insurance

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The latest Insurance Price Index from the British Insurance Brokers’ Association (BIBA) and Acturis that tracks £6 billion of actual premiums paid annually via insurance brokers before Insurance Premium Tax (IPT) shows that premiums for all types of motor insurance increased dramatically in the final quarter of 2017.

The index tracks premiums paid for personal motor insurance, commercial vehicles and motor fleets and compares them quarter on quarter. Each one of these three types of motor insurance showed increases with the main affect felt by car and van drivers whose premiums have risen consistently through 2017 and their quarter 4, 2017 premiums showed 10.7% and 9.1% increases respectively over the same period in 2016 before Insurance Premium Tax (IPT) is added.

The cost of motor insurance has been affected by external forces. For some time the scourge of fraudulent whiplash claims has led to increased costs to the insurance industry. In 2016 the cost of motor insurance fraud alone reached £780m through more than 68,000 detected cases, estimated to add some £50 to the honest motorist’s premium1.

In March 2017, the Government dealt a blow to the sector when the Lord Chancellor announced a change to the discount rate used to calculate compensation amounts for catastrophic injuries including those from road accidents. This immediately meant that claims figures needed to be increased to reflect the change and this has been reflected in the cost of motor insurance over the second half of 2017.

In further bad news for policyholders, the rate of Insurance Premium Tax has doubled since 2015, reaching 12% in June 2017, meaning that the average car driver pays nearly £60 in tax and hard pressed SME’s forking out nearly £200 in tax just to insure their van.

Graeme Trudgill, BIBA Executive Director said: “There are a number of reasons that motor insurance premiums have risen and BIBA is campaigning on all of them. We are pushing for legislation to be passed via the Financial Guidance and Claims Bill which will bring Claims Management Companies under the regulatory auspices of the FCA. We also await the progress of the Civil Liability Bill to enable the recommendations of the Insurance Fraud Taskforce to be implemented; which will reduce the rate of fraudulent claims.

“We also fed into the Government review of changes to the compensation discount rate and are calling for legislation to be brought forward that will implement changes that will ensure the principle to the 100% compensation for injury claims is met.

“And finally, BIBA has long campaigned for a fair system of taxation. We believe that Insurance Premium Tax is a tax on protection, and is now at a level that impacts the uptake of insurance. We want the Chancellor of the Exchequer to commit to no further increases in this regressive tax.”

Theo Duchen, Co-Chief Executive at Acturis said: “The figures from the last two quarters of 2017 on private car and commercial vehicle premiums are clear. These are big increases for any individual or business to swallow. We are in a period of great uncertainty in the UK and I support BIBA’s call for a period of stability with no further changes to Insurance Premium Tax.”

1 ABI Key Facts

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Innovation in action during BIBA’s 2018 Conference innovation challenge ‘Hackathon’ https://www.biba.org.uk/press-releases/innovation-action-bibas-2018-conference-innovation-challenge-hackathon/ Wed, 28 Feb 2018 15:14:08 +0000 https://www.biba.org.uk/?p=29239 Innovation in action during BIBA’s 2018 Conference innovation challenge ‘Hackathon’ In a first for its annual conference, BIBA will host a hackathon which will be

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Innovation in action during BIBA’s 2018 Conference innovation challenge ‘Hackathon’

In a first for its annual conference, BIBA will host a hackathon which will be a fast-paced, day long, innovation challenge seeking technological solutions to issues raised by brokers.

BIBA Hackathon – The Innovation Challenge will take place during Wednesday 16 May in a ‘Hack Zone’ just outside the main exhibition hall in Manchester Central.

Up to eight teams will compete to find solutions to problems faced by brokers and their progress will be visible to attendees who will be encouraged to view innovation in action during the challenge.

Steve White, BIBA’s Chief Executive said: “We made a promise in our 2018 Manifesto to promote the use of InsurTech and innovation techniques to help our members evolve and thrive.  This hackathon is part of our wider focus on innovation, the key part of which is driven by our cross-industry innovation working group.

“Our hackathon will bring innovation to life and highlight how accessible innovation actually is. It brings together teams from brokers, insurers, tech and data companies as well as start-up firms and will make for an exciting blend of talent showcasing collaboration. We have been delighted with the support from the industry and I look forward to being part of it.”

Taking groups of people out of their usual work environment and allowing them to collaborate using a range of data, insights and technology, old and new should result in a flow of ideas that can be taken forward.

More than 70 individuals will be participating and resulting ideas will be assessed by a panel of judges at the end of the day’s innovating. The winning Hack and team will be announced by conference host, Natasha Kaplinski, on the main stage on Thursday 17 May.

-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 0223
forsythl@biba.org.uk

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  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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