BIBA launches guide to help brokers advise customers how to manage the cost of living crisis
The British Insurance Brokers’ Association (BIBA) has launched a new guide for members to assist with explaining to their customers the dangers of cutting back on essential cover during the cost of living crisis.
At a time of high inflation and the growing prospect of a recession, people and businesses are all looking at ways to reduce or contain expenditure. Insurance is no exception while premiums in general have been increasing. This concern was highlighted by research undertaken by both Premium Credit Limited and BIBA in 2022 and published in BIBA’s 2023 Manifesto.
Graeme Trudgill, BIBA Executive Director said: “Cutting back on cover could be a false and dangerous economy resulting an increase in underinsurance, a reduction in resilience and a greater potential for non-disclosure and fraudulent claims.
“This guide will help brokers explain the reasons behind the premium inflation we have seen and how to explain the value of insurance while supporting customers in meeting their budgetary concerns.”
The guide is easy to read and includes tips on ways customers can contain premium spend without compromising protection.
To view the broker guide CLICK HERE
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.