Reflecting on the mood of the nation and the need to create the conditions for renewed economic growth, the British Insurance Brokers’ Association’s (BIBA) 2023 agenda is set out in its Manifesto themed ‘Managing Risk – Delivering Stability.’
The Manifesto was launched in the Houses of Parliament Westminster to an audience of Ministers, MPs, Senior Government officials, insurance professionals and the media, on 24 January 2023.
Andrew Griffiths MP, the Economic Secretary to the Treasury said:
“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.”
Updated research from Aon, which highlights the top 10 risks that were reported by C-suite executives from global companies to be the ones they were most focused on, sets the scene for the 2023 agenda.
Steve White, BIBA CEO explained:
“This year’s Manifesto links together issues relating to helping with the cost of living, helping the UK economy to grow and helping solve key risks that face consumers and businesses. Brokers have a key role to play in all of these.
The insurance broking sector is the place to go to for choice, expert advice, and assistance in arranging suitable and valuable insurance protection, all of which help to manage risk and increase stability. It is important that the insurance broking sector can continue to grow, which is why our Manifesto continues to call for a more proportionate approach to regulation.”
Drawing on evidence from research, the Manifesto agenda addresses how the sector can help people and businesses manage the cost of living while not compromising their insurance protection. It also asks Government not to raise the rate of Insurance Premium Tax and grant IPT exemptions for insurance on high-rise multi-occupancy buildings undergoing remediation. It also highlights the increasing risk of cyber-attack and the need for more businesses to obtain suitable protection against cyber threats.
Graeme Trudgill, BIBA Executive Director said:
“The sector is really pulling together to find solutions to the various ongoing matters in our Manifesto that need urgent resolution. But we are also focusing on the future. We want to see a fairer funding model for the Financial Services Compensation Scheme. And when the Financial Services and Markets Bill progresses through Parliament, we need the obligation on the FCA to facilitate growth and competitiveness of our sector to be backed by reporting requirements which include demonstrating that their obligation is met in regulatory decision making.
We are fully focused on delivering for our members in 2023.”
BIBA’s Chair, Jonathan Evans concluded:
“Insurance plays an important part in the economic well-being and stability of our society for both individuals and businesses. It protects a firm’s balance sheet, enabling investment and growth. However, once again I have to raise the lack or proportionality of regulation on low-risk insurance brokers. Our latest research with London Economics highlights how the cost of regulation, up 40% since 2019, is actually a growth disabler for our sector and impacting our ability to innovate, with knock on effects for customers. And that is why I know that the BIBA team will do all they can to deliver on the 37 commitments and 32 calls to action in this year’s Manifesto.”
Content provided by the British Insurance Brokers’ Association (BIBA).