Manifesto 2025: David Howden says London has ‘untapped potential’ in plea to brokers

Howden chief executive David Howden has said that the London market “remains a place of huge untapped potential” in Biba’s 2025 manifesto.

The manifesto, called Partnering to deliver value, featured a statement from Howden’s top boss as it highlighted that the “UK leads the world when it comes to insurance broking”.

Biba’s annual document also said that the “London insurance market is larger than the Bermuda, Singapore and Switzerland markets combined”.

Figures published in the manifesto show that UK broking has contributed to £100bn of risk premium placed into the London market, while there are 60,000 people employed in highly skilled jobs.

Howden said that London has got the “highest concentration of insurance talent in the world” and that his broker’s city base “already gives us exceptional access to capital and talent to support our customers throughout the UK”.

“Yet, for all its historic success, the London market remains a place of huge untapped potential,” he added.

“In a rapidly evolving geopolitical landscape, insurance alone has the power to de-risk potentially trillions currently sitting untouched on company balance sheets.

“That’s money that can be channelled into everything, from climate resilience to cyber solutions, from real estate to renewables. In other words, the city holds the key.

“Our task is to keep innovating, keep pushing the boundaries and keep putting our clients first. If we do that, London will remain a global leader, galvanise our economy and help make life better for billions.”

Manifesto 2025

Biba’s manifesto sets out its agenda items and action points for the year ahead.

Among Biba’s main goals this year is to secure more proportionate regulation for brokers and helping them achieve the government’s secondary international competitiveness and growth objective (SICGO).

Graeme Trudgill, chief executive at Biba, said that partnerships both within and outside of the industry “is key to this year’s manifesto in helping us achieve improved outcomes on the issues raised for everyone”.

He added: “We have a golden opportunity with the SICGO on the regulator to align with the government’s focus on growth.

“Improvements to the regulatory architecture can reduce the burden on firms and achieve a regulatory approach that supports growth.

“We know that our issues and the importance of insurance brokers have been recognised by government, with financial services being one of the eight priorities in its new industrial strategy.

“We have enjoyed an extensive collaborative approach with the regulator during the last year and there is an opportunity to achieve positive outcomes.

“The value that brokers provide to clients is so important and this is recognised through the amount of support we’ve received for what we’re doing.”