11th May 2023

The British Insurance Brokers’ Association (BIBA) has launched a new guide for members to assist with explaining to their customers the dangers of cutting back on essential cover during the cost of living crisis.

At a time of high inflation and the growing prospect of a recession, people and businesses are all looking at ways to reduce or contain expenditure. Insurance is no exception while premiums in general have been increasing.  This concern was highlighted by research undertaken by both Premium Credit Limited and BIBA in 2022 and published in BIBA’s 2023 Manifesto.

Graeme Trudgill, BIBA Executive Director said: “Cutting back on cover could be a false and dangerous economy resulting an increase in underinsurance, a reduction in resilience and a greater potential for non-disclosure and fraudulent claims.

“This guide will help brokers explain the reasons behind the premium inflation we have seen and how to explain the value of insurance while supporting customers in meeting their budgetary concerns.”

The guide is easy to read and includes tips on ways customers can contain premium spend without compromising protection. It is available on the BIBA website.


  1. For further information please contact BIBA’s press office

Pam Quinn

Head of Communications

020 7397 0223

[email protected]

Leighann Forsyth

Deputy Head of Communications

020 7397 0224
[email protected]

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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 around 1800 regulated firms, employing more than 100,000 people. General insurance brokers contribute 1% of GDP to the UK economy; they arrange 74% of all general insurance with a premium totalling £85.8bn 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 receives hundreds of thousands of enquiries per year to its Find Insurance Services, online and via the telephone, which are directed to insurance broking firms.

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

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