The British Insurance Brokers' Association (BIBA) is the UK 's leading general insurance organisation representing the interests of insurance brokers, intermediaries and their customers. BIBA membership includes 1,700 regulated firms. BIBA brokers handle around half the value of all UK home, contents, motor, travel, commercial and industrial insurance policies. Insurance brokers make a direct and indirect contribution of 1% to UK GDP.
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.
BIBA asks for increased awareness of trade credit insurance following the collapse of Palmer & Harvey
BIBA has noted that the credit insurance market is set to pay big claims to unpaid suppliers following the appointment of Administrators to Palmer & Harvey, the food and tobacco wholesaler. The company had sales of more than £4 billion and its demise comes at the busiest time of the year as Christmas sales peak. PWC which has been advising P&H has confirmed that 2,500 jobs may be lost.
Mike Hallam BIBA Head of Technical Services commented: “Without suitable insurance in place many other companies would also have been adversely affected by this collapse. This serves to show the value of Trade Credit insurance which is available from many insurance brokers.”
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