Biba launches 2024 manifesto focused on ‘growth and economic security’

Broking trade body Biba yesterday (10 January 2024) launched its 2024 manifesto, entitled Managing risk for growth and economic security. 

The association’s annual document sets out its agenda items and action points for the year ahead and, this year, has focused on highlighting the value that insurance brokers bring to the UK economy, while also suggesting a slew of actions that could better support UK brokers in providing this value. 

In his manifesto welcome, Biba chief executive Graeme Trudgill said: ”Insurance broking is a flagship sector for the the UK economy, arranging £105.5bn of gross written premiums.

”Our insurance broker members continue to innovate to support customers’ changing needs with new products, offering vital financial protection so that SMEs can take calculated risk and grow, becoming the scale up businesses of the future.” 

Biba chair Jonathon Evans added: ”Insurance brokers and insurance companies bring hundreds of years of risk management expertise and professional insurance services for their clients. Biba and its members are committed to improving access to insurance and supporting the economic security of customers.” 

Manifesto focus 

Biba has divided this year’s manifesto into three major sections, that tackle various issues and aims for the year. 

The first is entitled ’A broking sector underpinning our economic security’ and addresses issues such as the the insurance protection gap, signposting customers to insurance services, the risks of underinsurance and the benefit that brokers provide to society. 

In the second section, entitled ’Meeting the needs of the modern economy’, Biba addresses the issue of emerging risks – including multioccupancy buildings, modern methods of construction and cyber – and responding to current risks – which includes clearer definitions, the importance of a healthy personal lines market for retail brokers and prior insolvencies. 

The third section is entitled ‘A flagship UK sector’ and contains Biba’s views on the current regulatory environment for the insurance broking industry, as well as its support for ongoing digitalisation, bringing new talent into the sector and artificial intelligence. 

Also included in the manifesto are the results of research conducted by Aon into top risks facing UK companies, with cyber being revealed as the top challenge. 

Stats from the ABI, also included in the manifesto, noted that the UK broking sector had written £105.5bn in gross written premium across all lines of business in 2023 – and had arranged 94% of all commercial lines business.

Parliamentary launch

The manifesto was launched at a reception in the Houses of Parliament and was attended by ministers, members of Parliament and senior government officials, alongside various insurance professionals and the media. 

Bim Afolami, economic secretary to the Treasury and MP for Hitchin and Harpenden, said: ”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 insurace broking and intermediary industry is a vital component of helping consumers and businesses find the right solutions.” 

Evans added: ”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.”