BIBA demands ‘more access’ in its 2020 Manifesto

British-Insurance-Brokers-Association-2020-Manifesto

The British Insurance Brokers’ Association (BIBA) has highlighted nine key areas that would benefit from more open access to suppliers, markets, fairness, information and legislation in its 2020 Manifesto: Access.

The Manifesto was launched in the Houses of Parliament to an audience of Ministers, MPs, Lords, senior Government officials, insurance professionals and the media on 21st January 2020.

John Glen MP, the Economic Secretary to the Treasury said:

“Insurance brokers make a significant contribution to our economy, supporting the UK’s reputation as a global insurance leader.

"Brokers help people find the insurance they need, managing everything from terrorism insurance for businesses to travel insurance for individual consumers with serious medical conditions.

"BIBA’s action on financial inclusion is helping vulnerable consumers access the insurance they need, and I urge them to continue this important work.”

 The Manifesto, created with the widest possible engagement of BIBA members, is the broadest and most comprehensive in the association’s history.  Nine chapters focus firmly on access in the insurance broking sector.

Steve White, BIBA CEO said: “A broker’s fundamental role is assisting customers with access to appropriate and suitable insurance yet brokers themselves also need access to insurance capacity for those more challenging risks.

 “The UK insurance sector is facing innumerable changes, uncertainty and opportunity over the coming years, including access to the EU.  Because of this, BIBA is also committing to help brokers prepare for Brexit and a means to access customers or risks in Europe if this is not explicit in the new trading relationship.”

Access to insurance is part of BIBA’s ethos and so understandably, a major focus of the 2020 BIBA Manifesto majors on helping people and businesses to access the insurance cover they need. From signposting solutions to closing gaps in flood and terrorism cover; guidance on emerging risks, a freeze on Insurance Premium Tax and more proportionate regulation, BIBA has a number of commitments and calls to action to advance access and raise trust in the sector.”

Graeme Trudgill, BIBA’s Executive Director added: “Our aim is to aid our broker members ably help their customers.  With this in mind we are looking to help them stay ahead of the risks and demands arising from economic, regulatory and market changes, with a hefty programme of guidance, liaison and support. We plan more good practice and technical guides as well as initiatives to assist brokers in developing sustainable trading, employee wellbeing and resource planning for the future. 

“We are also doing more work on helping people with pre-existing medical conditions or disabilities to access insurance – with the FCA on travel insurance and as part of a wider industry initiative we are launching a new agreement on access to protection insurance.”

BIBA’s Chair, Jonathan Evans in the first official duty of his tenure concluded: “This Manifesto is evidence of the work being done to push forward broker issues. More importantly, it clearly highlights the good that can be done by working collaboratively. I’m delighted to see so much inter and extra industry support demonstrated by 32 confirmatory quotes. Now the hard work begins to deliver on the 37 commitments and 29 calls to action to help members and their customers.”

Authored by BIBA

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About BIBA

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. 

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