Insurance broker’s work centres around building resilience
BIBA’s 2021 Manifesto aims to improve resilience in the sector, among small businesses and for individuals
The British Insurance Brokers’ Association (BIBA) has highlighted six key ways in which insurance brokers can help build resilience as the United Kingdom adapts in a post Brexit world and seeks to confidently adapt to our new, post-pandemic normal.
In a departure from tradition and reflecting the changing environment, BIBA’s 2021 Manifesto: Resilience was launched digitally via a webinar presentation and on social media. As usual though, the Manifesto draws on BIBA’s engagement with members about the issues that are vital to insurance brokers and their customers and highlights the importance of using an insurance broker, particularly in challenging times.
Steve White, BIBA CEO said: “The last 12 months have been amongst the most challenging most of us have ever faced. Insurance has hit the headlines, with travel being restricted and business forced to close. The right insurance is key to helping build resilience and is a highly apt theme for BIBA’s 2021 Manifesto.”
Access to insurance is a vital part of BIBA’s campaigning and the means of signposting consumers to essential insurance are once again on the agenda. BIBA’s cross-sector Access to Insurance committee is now at the forefront of overseeing the effectiveness of various existing and planned signposting agreements which are highlighted as a means of increasing resilience.
Insurance brokers help business obtain the cover they need and at the right level. The Manifesto highlights in addition the increasing need for protection against cyber-attack with suitable insurance to keep businesses operating and details the prevalence of underinsurance and the need for the right type and level of insurance.
Covid-19 rocked the world and the UK’’s insurance sector and BIBA will work on solutions to avoid future lack of protection for pandemic risks. The pandemic landed while the sector was already seeking ways to tackle a hardening market that was leaving many without insurance protection, from issues with cladded buildings to obtaining professional indemnity or directors’ and officers’ insurance and navigating insurer security, BIBA wants to help build resilience.
Graeme Trudgill, BIBA’s Executive Director said: “Resilience is so necessary to survival, and insurance can provide financial resilience. BIBA plans guidance for members and their customers as well as a continuing programme of engaging with Government and other stakeholders to bring about solutions that will improve resilience. As well as the challenges through our Manifesto we want to highlight the excellent work that brokers do to help their customers, and to enable them to weather the storms they face.”
Steve White concluded: “Our manifesto, as always includes the matters that brokers tell us are important to them. While much of the agenda is about helping their customers, we will also be campaigning on regulation and taxation, issues that are directly impacting brokers’ own resilience. Brokers are vital to the UK economy and their expertise is vital to customers. BIBA will continue to support them and help them to help customers and demonstrated by the promises to act with have made within it.”
ENDS
Notes to editors
- Manifesto Sections
Insurance brokers providing resilience with suitable insurance: Signposting – agreements and access to insurance committee; flood insurance; cyber insurance; ensuring the right balance by combatting underinsurance.
Resilience to Covid-19: Pandemic Reinsurance solution; continuing challenges resulting from Covid-19; clarity on the extent of cover – transparency in cover.
Insurance Premium Tax: Freezing IPT; FCA’s Administration and Unfair Outcomes; telematics and road safety; travel insurance IPT – reducing the rate to 12%
Overcoming the challenges of the hard market: Cladded buildings and insurance; financial lines; insurance company security.
Insuring Everything on our roads: The future of motor insurance from automated vehicles to e-scooters; Green Cards; Vnuk; NI discount rate, telematics and negligence law.
6Competition and Regulation: Fairer pricing, fair competition; regulatory fees; Future Regulatory Framework Review; Open Insurance; competition objective for the FCA; trading post EU exit.
BIBA delivering operational resilience for members and customers: Support BIBA provides for members and our values and key initiatives including on mental wellbeing and careers.
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4. 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 staff. General insurance brokers contribute 1% of GDP to the UK economy; they arrange 67% of all general insurance with a premium totalling £65.1bn and 81% 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 member insurance broking firms.
BIBA is the voice of the sector advising members, the regulators, consumer bodies and other stakeholders on key insurance issues.