Biba announces strong 2022 performance after boost in broker business

Biba has revealed its income increased more than 80% year-on-year following a boost in business after coronavirus restrictions eased.

In a statement released today (13 July 2023), the association said 2022 saw the firm recover from a difficult 2021, which was impacted by the pandemic and associated lockdowns.

It said income was up 81.5% compared to 2021 and was only marginally lower than 2019’s pre pandemic income.

Expenditure also increased by 53.2% as it became possible to resume major activities for members, such as the Biba conference.

“The strong income performance reflected excellent membership renewals and new business, as brokers recognised the invaluable support Biba provides along with income from schemes, facilities, events, advertising and sponsorship,” the association said.

“The Biba ethos of being knowledgeable, approachable and passionate about brokers has contributed to its 2022 performance.”

‘Ongoing support’

Last year also saw Biba makes member-focused investments, such as a new website and the new flood insurance directory.

It said employee numbers also increased slightly in 2022, with changes made in the conference, communications and membership teams.

“We thank our members for their ongoing support and look forward to delivering more in 2023, as promised in our manifesto,” the firm added.

This announcement came after Graeme Trudgill took over as the chief executive of Biba after former top boss Steve White announced he would be retiring at the Biba conference earlier this year (10 May 2023).

Speaking to Insurance Times, Trudgill said he wanted Biba to be a “big part” of delivering unity, allyship and cooperation.

“[I want to deliver] those things where we can work together, be stronger and achieve great things,” he says.

“I want to invest a lot in members. So, where we can, we’ll invest in research and guidance as much as we can.

“So, there’s a there’s a lot to do.”