City Minister addresses brokers at the launch of the BIBA 2015 Manifesto
21st January 2015
The British Insurance Brokers' Association (BIBA) has launched its 2015 Manifesto Insuring Britain’s future at a reception in the Houses of Parliament to an audience of Ministers, MPs, Lords, senior Government officials, insurance brokers and media. Andrea Leadsom MP, City Minister, gave a key note address.
The Manifesto includes 20 calls to action to Government and the regulator and 11 BIBA commitments on the issues that are impacting general insurance brokers and their customers.
BIBA’s key calls for action are:
Following a commitment from John Griffith-Jones, FCA Chairman, to work constructively with BIBA on smarter, clearer and more proportionate regulation, the Manifesto includes a new ten point regulation plan.
Steve White, BIBA’s Chief Executive, said: “We have a number of new issues to raise but regulation remains the key priority for members. We know that globally, UK brokers have the most expensive regulatory costs in the world, that we are low risk and that regulation is not proportionate. We welcome the FCA’s commitment to work with us and we will take forward the Manifesto’s new ten point plan on regulation.
“At the launch of the Manifesto, it was announced that half way through the five year industry and Government signposting agreement for older people, that BIBA’s Find a Broker Service has helped 150,000 older motorists and holidaymakers to access insurance. Within the new Manifesto BIBA has committed to continue this by working with its insurer partners, consumer bodies and government, including the Treasury UK Insurance Growth Committee, to assist customers in accessing insurance.”
Graeme Trudgill, BIBA’s Executive Director, said: “This Manifesto is a harmony of voices, not only does it represent the members’ views but for the first time it includes supporting statements from sixteen senior respected organisations from across Britain including the CBI, ABI, CII and FSB all supporting our calls. This adds strong support to our campaigns. Our Manifesto’s calls for action offer solutions to the barriers identified and will take these forward to the relevant Government officials, MPs, and other stakeholders to get the best results for customers and our members.”
Economic Secretary to the Treasury Andrea Leadsom said:
“The title of the Manifesto ‘Insuring Britain’s Future’ neatly captures the great importance of insurance to our nation. By addressing the challenges we face, many of which are set out in this Manifesto, Britain’s insurance sector can go from strength to strength and can maintain its place as a global leader.”
The Manifesto was widely consulted upon and consolidates members’ key issues and concerns and incorporates emerging issues like the sharing economy and cyber insurance. BIBA toured all regions of the UK and met with hundreds of senior brokers, advisory boards, and technical committees to collect member feedback and establish the key lobbying issues for them and their customers.
Jonathan Evans MP, Chair of the All Party Parliamentary Group on Insurance and Financial Services, hosted the Parliamentary reception.
Notes to editors
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.
53% of all general insurance is sold by an insurance broker and they arrange 81% 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 it’s 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. BIBA provides unique schemes and facilities, technical advice, guidance on regulation and business support and is helping to raise, and maintain, industry standards.