15th January 2025

The British insurance Brokers’ Association (BIBA) has launched its 2025 Manifesto ‘Partnering to deliver value’ setting out the importance of collaboration to achieve the Government’s growth mission and address the challenges faced by insurance brokers and customers. 

A key focus of the Manifesto is to develop the understanding of how brokers deliver value and help with resilience to enable growth through risk taking, investment and access to insurance which enables businesses and consumers to prosper.

Within the Manifesto, BIBA sets out a new six point plan to achieve a more proportionate regulatory environment.  This plan calls for the removal of unnecessary FCA rules now the Consumer Duty is in place, reform of the product value/fair value assessment requirements, reducing the scope of the Consumer Duty by removing larger commercial clients, streamlining reporting requirements, speeding up authorisations and the need for international comparison metrics for the regulator.

Graeme Trudgill, BIBA Chief Executive, commented: “We have a golden opportunity with the Secondary International Competitiveness and Growth Objective (SICGO) on the regulator to align with the Government’s focus on growth. Improvements to the regulatory architecture can reduce the burden on firms and achieve a regulatory approach that supports growth.

“We know that our issues and the importance of insurance brokers have been recognised by Government with financial services being one of the eight priorities in its new industrial strategy.  We have enjoyed an extensive collaborative approach with the regulator during the last year and there is an opportunity to achieve positive outcomes.

“Partnership both within and outside of the industry is key to this year’s Manifesto in helping us achieve improved outcomes on the issues raised for everyone. The value that brokers provide to clients is so important and this is recognised through the amount of support we’ve received for what we’re doing.  We’ve really plugged in with the decision makers on these issues; you can see the senior level of support throughout the Manifesto.”

Economic Secretary to the Treasury, Emma Reynolds MP, said: “The financial services sector, including insurance broking, plays a vital role in driving growth across the UK economy. This is why the government has named financial services as one of our eight priority sectors within our industrial strategy. I look forward to working with BIBA, its members, and the entire broking sector, to support a thriving and competitive insurance market across the UK that delivers for both businesses and consumers.”

The Manifesto includes a broad range of issues, calls to action and commitments that all come from BIBA’s members who have contributed through committees, advisory boards and the autumn Tour of the Regions. Subjects include some long standing and ongoing issues such as flood, cyber insurance, skills, access to insurance and capacity challenges.  

There are a number of new campaigning issues identified for the first time this year.  These include differential pricing, permitted insurance payments under the Leasehold and Freehold Reform Act, participation in the Motor Insurance Taskforce and premium finance.

There is also new research published from WPI Economics highlighting that if IPT were to increase that not only would households and businesses cut insurance levels, but 40% of businesses state they would have to pass on the cost to customers. The research also revealed that IPT is a tax on growth, as 30% of businesses surveyed said an increase to IPT would decrease business investment.

The Manifesto has been formally launched in the Houses of Parliament by Graeme and BIBA Chair, Jonathan Evans, who welcomed the theme as “ideally suited for our work in the year ahead.”  Jonathan outlined that many of the 2024 Manifesto aims had been achieved including the change to a positive personal injury discount rate, the launch of the McGill Fire Safety reinsurance facility, the launch of the BIBA Talent Toolkit, the publication of numerous new guides, having members sign the MHCLG pledge on cladded buildings, insurer service improvements again in the Gracechurch study and, most importantly, a transformation of BIBA’s relations with the regulator.

Jonathan acknowledged that “there is much to do with an enormous legislative agenda from the Labour Government and many detailed areas of work to be progressed.”

Visit the Manifesto microsite or view a PDF 

 Notes to editors

  1. General insurance broking sector statistics, as published in the Manifesto.
    – £23bn revenue
    – 126,000 people employed across the UK
    – Gross written premiums – £105.5bn total written through brokers across all lines. £89bn written through brokers in commercial lines
    – Insurance broking revenues contribute approximately 1% of the UK’s GDPFor further information please contact:

Pam Quinn, Head of Communications
07562 616686
[email protected] 

Leighann Forsyth, Deputy Head of Communications
07917 738727
[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 120,000 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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