10th January 2024

BIBA’s 2024 Manifesto, launched today in the Houses of Parliament to an audience of Ministers, MPs, senior Government officials, insurance professionals and the media, sets the trade body’s agenda for the year ahead which aims to support the economy, businesses and consumers.

Bim Afolami MP, Economic Secretary to the Treasury addressed the audience and is quoted in the 2024 Manifesto.

“Businesses of all sizes have their part to play in fuelling growth and investment in UK PLC and they need a base of financial resilience and stability to thrive. They need the confidence of financial protection to invest in their businesses – and the insurance broking and intermediary industry is a vital component of helping consumers and businesses find the right solutions.”

BIBA sees insurance broking as a flagship sector that underpins our economic security and meets societal needs through better access to insurance. The sector helps business to deliver growth and protects consumers. 62% of SME respondents to a November 2023 study by Opinium1 agreed that the financial protection given by insurance had enabled them to grow their business, and 79% thought that advice from a broker (with no upfront cost for it and no obligation to buy) is useful.

The latest statistics from the ABI reveal that brokers write £105.5bn in gross written premium across all lines of business and arrange 94% of commercial lines business.2

Protecting people’s property and welfare and helping businesses to grow needs to take place within a well-regulated, economically secure environment. Following the Financial Services and Markets Act, BIBA has high hopes for a proportionate regulatory framework that can facilitate growth.  BIBA CEO, Graeme Trudgill, expanded: We are calling for effective scrutiny of the FCA’s growth and competitiveness objective with metrics to measure the regulator’s success in helping to facilitate a thriving and competitive insurance market.

“We support proportionate regulation that aims to build consumer trust. We will discuss with the regulator how the scope of the Consumer Duty can be revisited to apply only to eligible complainants in accordance with the current FCA handbook definition so that brokers work can really focus more on what they do best – helping customers to thrive.

BIBA’s 2024 Manifesto has a strong focus on meeting the needs of the modern economy and is forward looking.  Aon’s latest research into the main risks facing UK companies placed cyber risk at the top of the list, yet take-up of cyber cover remains low. BIBA will continue to emphasise the need for SMEs, in particular, to buy suitable cyber insurance through increasing their understanding of the covers and services available.

Flood risk, along with other climate driven risks, is increasing and the need to adapt how the UK builds homes and business and invest in flood defences form a number of BIBA’s calls to action.

In tackling another long-term issue, the organisation will continue to work with Government and other stakeholders to alleviate the issues still being felt by people in relation to multi-occupancy buildings with fire safety issues.  Alastair Blundell, BIBA’s Head of Insurance said: “More brokers are committing to observing the pledge published by the Department of Levelling Up Housing & Communities around managing commissions and we will be working with members to embed the Oxera Fair Value Assessment Framework tailored specifically to multi-occupancy buildings.

“However, we will also be focusing efforts to accelerate the pace of remediation on affected buildings by calling for changes around the requirements for professional indemnity insurance and the prevailing liability regime to enable more small professional firms to participate.”

BIBA’s Chair, Jonathan Evans concluded: “This Manifesto highlights the importance of insurance brokers across the economy and also how they play a vital role helping businesses to grow and individuals to remain financially secure.  Appreciating that, as a sector, we must continue to look to the future we look for solutions to emerging risks and ways to attract new vibrant talent to meet the needs of new generations of clients.

“This is a challenging Manifesto, but in my view, BIBA is in a strong position to deliver for members on the points raised, through working constructively with members, regulators parliamentarians and other stakeholders.”

1 Commissioned by BIBA in 2023 and used in its 2024 Manifesto
2 Estimated number supplied by the ABI on 20.11.23

  • – ENDS –

Notes to editors


  1. Download the manifesto on the BIBA Website from 11 January


Manifesto Sections

  • Viewpoints: From BIBA Chair Jonathan Evans, BIBA CEO Graeme Trudgill and Economic Secretary to the Treasury, Bim Afolami MP.


  • Top 10 risks facing UK organisations: BIBA member Aon describes the risks UK leaders are focused on.


  • A broking sector underpinning our economic security

Closing the protection gap and meeting societal need through helping customers find insurance. Why signposting is important through case studies.  The benefit of brokers – delivering fair value for customers using our Fair Value Assessment Framework and increasing understanding of the commission model.   Removing barriers to the take up of insurance. Application of IPT and reviewing the Personal Injury Discount Rate.  


  • Meeting the needs of the modern economy

Responding to emerging risks: Continuing our work on multi-occupancy buildings with fire safety issues. Accelerating the pace of remediation through changing the liability landscape and PI requirements.  The insurance implications of modern methods of construction.  SMEs and cyber insurance. Insurance for future motor transport – self driving vehicles.  Climate change, flood risk and flood prevention. Proportionality in the Protect Duty.

Responding to current risks:   Changing the way prior insolvencies, declinatures and County Court Judgments are managed in the application process.  Ensuring a healthy personal lines market for retail brokers – calling for commitment to the broker channel.


  • A flagship UK sector.

A regulatory environment that facilitates growth. Calls for effective scrutiny of the metrics for the growth and competitive objective and for the regulator to align its regulatory approach with the Government’s aim for growth. Reform of the FSCS fee model.  A free trade deal for financial services covering the Island of Ireland. Delivering excellent service continuing to work with Gracechurch, using data to keep in the spotlight the value of customer service.  Embracing technology examining e-trading systems to identify solutions and good practice around potential pinch points. Bringing the best talent. Looking at Apprenticeship Levy reform to widen the scope of training available under the levy to encourage new starters. Working with schools to raise awareness of careers in insurance. Supporting and endorsing the CII online training tool Broker Assess. ESG progess    working with members prepare for coming regulatory requirements, working with key networks and groups and supporting mental wellbeing training. Innovating for the future – AI. Bringing forward innovative AI into the sector and supporting brokers to use it.  Calling for an appropriate regulatory framework for AI in insurance. 


  • 6. 8. About BIBA, Statistics and Contacts



  1. For further information please contact:

BIBA press office:
Pam Quinn, Head of Communications
07562 616686
[email protected]

Leighann Forsyth, Deputy Head of Communications
07917 738727
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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 77% of all general insurance with a premium totalling £105.5bn and 94% 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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