Biba launches 2023 manifesto with focus on risk management and stability

Broking trade body Biba has today (24 January 2023) launched its 2023 manifesto, entitled Managing risk – Delivering stability, to set out its key agenda items and action points for the year ahead.

The 77-page document is based on Biba members feedback, which was collected by the trade body over the course of a 10-event roadshow it conducted across the UK in autumn 2022.

As well as outlining the main problem areas brokers are facing in the market today, Biba’s manifesto also signposted how the trade body will be lobbying for action to help rectify the issues experienced by brokers.

The trade association additionally confirmed its own commitments and the direct steps it plans to implement to support brokers in the year ahead.

Steve White, chief executive of Biba, told Insurance Times, “The manifesto is not a bellyaching document because although we set out members’ issues, we also set out solutions and the solutions are a combination of what we’re calling on politicians and the regulator to do, but also what we commit to do ourselves.”

Biba represents around 1,800 member firms that are brokers in the UK.

Key topics being tackled

Biba has identified three main tranches of work it would like to focus on this year.

This includes:

• Ensuring financial resilience and stability in difficult times – this covers insurance premium tax, reform ideas for the personal injury discount rate, financial inclusion and access to insurance.
• Helping the UK economy respond to challenges and grow – this covers cyber and flooding-related challenges, insurance for multioccupancy buildings and professional indemnity cover linked to construction and building works, implications around Martyn’s Law, the future of motor transport and improving industry-wide service for customers.
• A broking sector that has proportionate regulation is best positioned to support UK growth – this covers reducing the cost of regulation, Consumer Duty considerations and the burden of fair value assessments, Financial Services Compensation Scheme funding reform, encouraging broking as an active career choice and Biba’s own environmental, social and governance (ESG) plans.

While discussing the above areas, Biba’s manifesto also pulls on exclusive research to help expand on and illustrate brokers’ feedback.

This includes the Executive risk survey conducted by broker Aon in October 2022, which polled 800 c-suite and senior executive leaders in companies with more than 500 staff in the UK, Europe and North America, as well as a survey of 681 SME owners and managers that was commissioned by premium finance firm Premium Credit.

‘Stability is a key message’

The new manifesto was formally unveiled during a launch event at the House of Parliament on 24 January 2023, attended by government ministers, Biba members, other insurance professionals and the trade press.

Discussing the manifesto’s theme in more detail, Graeme Trudgill, executive director of Biba, told Insurance Times: “For us, stability is a key message that we want to bring forward this year.

“The managing risk theme [from 2022’s manifesto] continues, but the new message for this year is delivering stability because that’s what we need.

“We’ve had more regulation changes in a year than I can remember [compared to] any other year and the fair value assessments caused a lot of disruption in the sector. So, we want some stability with regulation.

“We’ve had really volatile inflation and economic issues – we want some stability in the economy. We haven’t had the most stable of governments – we’re on our third insurance minister within a year, our third prime minister, goodness knows how many chancellors.

“The thing that brokers do for their customers and their balance sheet is to give them that financial stability, so if they have a loss, the insurance comes in and brings stability to their business. I thought that was a really good theme.”

Andrew Griffiths, economic secretary to the Treasury, added: “Managing risk is something we all do every day. It helps us to be resilient and brings stability to our lives, enabling us to flourish.

“Insurance has a long history of providing financial resilience.

“As society changes, so does the nature of risk and the protection needed. Biba members are at the forefront of finding insurance to meet these evolving needs.

“I hope that the Financial Services and Markets Bill will help to address some of the issues experienced by brokers and I know I can rely on the broking sector’s continued support of businesses and consumers.”