BIBA Makes EU Exit Calls to Protect UK Insurance Brokers and £7.8Bn of Business

17th January 2017

The British Insurance Brokers’ Association (BIBA) has written to Prime Minister, Theresa May, calling on Government to negotiate for single market access as part of the EU Exit, or a sectoral solution if whole economy access isn’t achievable.

The calls are also made in BIBA’s 2017 Manifesto which was launched in the Houses of Parliament on 16 January and calls for a minimum five year transition period, and also highlights the need for a solution for EU workers in the UK’s insurance industry and UK insurance professionals working around Europe.

BIBA points out that 2,758 insurance brokers possess passports to trade in the EU, trading £7.8Bn of premium on behalf of EU customers.

Steve White, BIBA’s Chief Executive, said: “The UK holds the number one position in the European insurance market as brokers are able to utilise the passporting system to access the single market. However this position and this business model is under serious threat if we do not have barrier free, tariff-free access to the single market including passporting capacity and regulatory equivalence.”

Graeme Trudgill, BIBA’s Executive Director, commented: “5,727 EU-headquartered insurance intermediaries possess passports to trade in the UK – many of them accessing Lloyd’s and the London insurance market. This demonstrates the benefits to EU members of continuing barrier free, tariff-free access to the UK and is a relevant factor in the ongoing negotiations.”

BIBA’s Chairman, Lord Hunt of Wirral, added: “BIBA has identified that more than 2,400 highly skilled and highly valued EU citizens work in the London insurance market and a variety of business models depend on this. BIBA has called for a positive solution for the European workforce.”

In addition, BIBA’s remaining EU exit calls include solutions for the use of green cards for motor insurance, the use of the European Health Insurance Card (EHIC) connected with travel insurance as well as changes to the motor insurance market following the VNUK case.

-ENDS-

Notes to editors

  1. Click here to view letter to Prime Minister
  2. Click here for BIBA Manifesto
  3. Click here for BIBA’s EU Manifesto
  4. 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. 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 52% of all general insurance and 78% 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 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.