BIBA launches its 2024 Manifesto
BIBA’s 2024 Manifesto was launched (10 January 2024) in the Houses of Parliament to an audience of Ministers, MPs, senior Government officials, insurance professionals and the media, sets the trade body’s agenda for the year ahead which aims to support the economy, businesses and consumers.
DOWNLOAD BIBA’s 2024 MANIFESTO HERE
Bim Afolami MP, Economic Secretary to the Treasury addressed the audience and is quoted in the 2024 Manifesto.
“Businesses of all sizes have their part to play in fuelling growth and investment in UK PLC and they need a base of financial resilience and stability to thrive. They need the confidence of financial protection to invest in their businesses – and the insurance broking and intermediary industry is a vital component of helping consumers and businesses find the right solutions.”
BIBA sees insurance broking as a flagship sector that underpins our economic security and meets societal needs through better access to insurance. The sector helps business to deliver growth and protects consumers. 62% of SME respondents to a November 2023 study by Opinium1 agreed that the financial protection given by insurance had enabled them to grow their business, and 79% thought that advice from a broker (with no upfront cost for it and no obligation to buy) is useful.
The latest statistics from the ABI reveal that brokers write £105.5bn in gross written premium across all lines of business and arrange 94% of commercial lines business.
Protecting people’s property and welfare and helping businesses to grow needs to take place within a well-regulated, economically secure environment. Following the Financial Services and Markets Act, BIBA has high hopes for a proportionate regulatory framework that can facilitate growth. BIBA CEO, Graeme Trudgill, expanded: We are calling for effective scrutiny of the FCA’s growth and competitiveness objective with metrics to measure the regulator’s success in helping to facilitate a thriving and competitive insurance market.
“We support proportionate regulation that aims to build consumer trust. We will discuss with the regulator how the scope of the Consumer Duty can be revisited to apply only to eligible complainants in accordance with the current FCA handbook definition so that brokers work can really focus more on what they do best – helping customers to thrive.
BIBA’s 2024 Manifesto has a strong focus on meeting the needs of the modern economy and is forward looking. Aon’s latest research into the main risks facing UK companies placed cyber risk at the top of the list, yet take-up of cyber cover remains low. BIBA will continue to emphasise the need for SMEs, in particular, to buy suitable cyber insurance through increasing their understanding of the covers and services available.
Flood risk, along with other climate driven risks, is increasing and the need to adapt how the UK builds homes and business and invest in flood defences form a number of BIBA’s calls to action.
In tackling another long-term issue, the organisation will continue to work with Government and other stakeholders to alleviate the issues still being felt by people in relation to multi-occupancy buildings with fire safety issues. Alastair Blundell, BIBA’s Head of Insurance said: “More brokers are committing to observing the pledge published by the Department of Levelling Up Housing & Communities around managing commissions and we will be working with members to embed the Oxera Fair Value Assessment Framework tailored specifically to multi-occupancy buildings.
“However, we will also be focusing efforts to accelerate the pace of remediation on affected buildings by calling for changes around the requirements for professional indemnity insurance and the prevailing liability regime to enable more small professional firms to participate.”
BIBA’s Chair, Jonathan Evans concluded: “This Manifesto highlights the importance of insurance brokers across the economy and also how they play a vital role helping businesses to grow and individuals to remain financially secure. Appreciating that, as a sector, we must continue to look to the future we look for solutions to emerging risks and ways to attract new vibrant talent to meet the needs of new generations of clients.
“This is a challenging Manifesto, but in my view, BIBA is in a strong position to deliver for members on the points raised, through working constructively with members, regulators parliamentarians and other stakeholders.”
Authored by BIBA
