BIBA launches insurance credit ratings facility in partnership S&P Capital IQ

15th May 2015

Facility, ‘Insurance Markets from S&P Capital IQ’, is offered as a free benefit to qualifying BIBA members

The British Insurance Brokers’ Association (BIBA) has today announced the launch of an insurance ratings facility available as a free benefit to all BIBA members with fewer than 200 employees.  Created in partnership with S&P Capital IQ, a leading provider of multi-asset class and real-time data, research and analytics, the facility, ‘Insurance Markets from S&P Capital IQ’,  allows qualifying members access to Standard & Poor’s Ratings Services’ (S&P) insurance credit ratings and research on UK-based insurance companies through BIBA’s website.

By accessing S&P’s ratings and research, the facility will aid brokers’ analysis of company and market information to support pricing and market selection, and will help them monitor market developments and perform more efficient analysis.

S&P’s ratings and research is delivered to the facility in real time via S&P Capital IQ’s Application Programming Interface (API).  Qualifying BIBA members can access the facility via password on the Schemes and Facilities section of the BIBA website here.

Mike Hallam, BIBA’s Head of Technical Service, said: “We are pleased to offer this major member benefit to smaller brokers at no cost to them.  It provides them with another valuable service from BIBA that directly helps them in their day-to-day business.”

Steve White, BIBA’s Chief Executive, commented:  “This is a fantastic service for member firms employing fewer than 200 staff.  The arrangement has been driven by our Smaller Brokers’ Advisory Board for the benefit of smaller brokers and I’m sure that it will be a welcomed launch.”

S&P Capital IQ has a business line fully dedicated to the commercial distribution of the ratings intellectual property of Standard & Poor’s Ratings Services. It distributes credit ratings and related data, analytics and research via direct data feeds, desktop platforms and web-based portals.

Standard & Poor’s Ratings Services provides in-depth analytical coverage and has rated more than 7,200 insurance companies.*

*Source: McGraw Hill Financial 2014 Investor Fact Book

-ends-

Notes to editors

1. For further information please contact:

BIBA press office:
Leighann Forsyth, Head of Communications
020 7397 0223
forsythl@biba.org.uk
2. About 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 having merged with the Institute of Insurance Brokers (IIB) in November 2011.

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

54% of all general insurance is sold by an insurance broker and they arrange 79% of all commercial insurance business.

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

BIBA helps more than 400,000 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 industry advising members, the regulators, consumer bodies and other stakeholders on key insurance issues.