Budget comment (Business rates review, Insurance Fraud Taskforce and Sharing Economy)

18th March 2015

The British Insurance Brokers’ Association (BIBA) has welcomed the Government’s review of the national business rates system.

Commenting on the announcement, Steve White, BIBA’s Chief Executive, said: “This is a key point within BIBA’s 2015 Manifesto. We raised this issue in our Autumn Statement submission and wrote to George Osborne ahead of the Budget highlighting the importance of a review.  The current system and the way this tax is applied restricts growth and job creation and does not recognise business’s ability to pay. It needs to be simpler, modernised, more transparent, more competitive and move away from being based on property.   Our advisory boards will now be engaging in the process and we are keen for the incoming Government to complete the review as swiftly as possible after the election.”

Regarding the Government publication of the independent Insurance Fraud Taskforce: interim report containing an initial recommendation and areas to explore in more depth by the Insurance Fraud Taskforce,  Graeme Trudgill, Executive Director, said: “BIBA is delighted to participate in the Insurance Fraud Taskforce. The cost of  Insurance fraud is a burden on innocent policyholders. BIBA and our members are committed to working with Government and other Task Force members to implement the changes necessary to reduce the costs in the interests of honest customers.”

BIBA has also welcomed the Government’s support for the Sharing Economy and is encouraged that the Chancellor has announced a package of measures to help grow the Sharing Economy.  It is a rapidly growing sector that BIBA and its members have been actively working on with Downing Street, BIS and the sector itself.

In November, BIBA launched an insurance guide to the Sharing Economy which aims to help overcome the insurance barriers that sharing businesses and individuals have faced when sharing items or skills such as car journeys, renting properties or lending tools. The guide is available here http://bit.ly/1zeh3l9

BIBA has also identified some of its member brokers who have put themselves forward to support the insurance needs of the Sharing Economy.  This list of brokers is available under the Sharing Economy Section or at www.biba.org.uk or by contacting 0870 950 1790.

-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.