15th May 2024

In his first BIBA Conference opening address, CEO Graeme Trudgill outlined his vision of co-operation and allyship to drive positive change across the industry. He also called for a period of regulatory stability and for the industry to help close the protection gap through innovation.

Taking the stage in Manchester, Graeme highlighted to delegates that “only a small portion of the economic risk faced by individuals and businesses is insured.” And that “as nothing moves without insurance, it is vital to close this protection gap.” He made a call on the industry to “innovate, to cover new risks, and not to exclude them.” He explained that better protecting clients “will only be done if we work together.”

Continuing this theme Graeme told the audience that “through allyships we can work together for the greater good.” He highlighted the successes already achieved through this approach with the ABI and McGill & Partners to launch the Fire Safety Reinsurance Facility; with the LMA and LIIBA in looking to reduce the scope of the Consumer Duty so that most businesses are excluded; with the CII to educate brokers with the Broker Assess training tool, and with Flood Re on the Flood Insurance Directory and signposting agreement.

Graeme shared how BIBA has strong engagement with the FCA too. However he reminded them in his address that “we are a low risk” sector and called on the FCA to “give us a period of stability.” He expressed that “it is not right” that small brokers are having to sell up due to the influx of new and demanding regulation.  He told the regulator that “the Consumer Duty is an overarching piece of regulation” and asked the regulator to “allow us to breathe, to focus on clients and new innovations.”

Acknowledging the BIBA Conference theme of What’s next?, Graeme committed to continuing to invest in the future for brokers, including by promoting brokers “like never before”.  He described how investment is already paying off with the Oxera Fair Value Assessment Framework launched, new roles in BIBA’s public affairs and regulation teams, broader engagement at political party conferences and with other stakeholders, new guides and the careers initiative.

Graeme told delegates that his background as a former insurance broker “means that I really understand your work for clients, and I understand the risks we face together.”   He outlined how technology and AI are going to provide critical support for our sector and announced that BIBA will be producing new guidance on this, to help members maximise the opportunities.

His ending was upbeat saying “I’m very positive about our [the insurance sector] future and when we ask What’s next? we will look to identify the opportunities.

Ends

Notes to editors

  1. Click here for Graeme’s full speech
  2. For further information please contact:

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 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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