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The British insurance Brokers\u2019 Association (BIBA) has launched its 2025 Manifesto \u2018Partnering to deliver value\u2019 setting out\u00a0the importance of collaboration to achieve the\u00a0Government\u2019s growth mission and address the challenges faced by insurance brokers and customers.\u00a0<\/span><\/p>\n A\u00a0key focus\u00a0of the\u00a0Manifesto is to develop the understanding of how brokers deliver value\u00a0and\u00a0help with resilience\u00a0to enable growth through\u00a0risk taking,\u00a0investment and access\u00a0to insurance\u00a0which\u00a0enables\u00a0businesses and consumers to prosper.<\/span><\/p>\n Within the Manifesto,\u00a0BIBA\u00a0sets out a new\u00a0six\u00a0point\u00a0plan\u00a0to\u00a0achieve a more\u00a0proportionate regulatory environment. \u00a0This plan\u00a0calls for the\u00a0removal of unnecessary FCA rules now the Consumer Duty is in place,\u00a0reform of the product value\/fair value assessment requirements,\u00a0reducing\u00a0the\u00a0scope of the Consumer Duty by removing larger commercial clients,\u00a0streamlining reporting requirements,\u00a0speeding up authorisations\u00a0and the need for international comparison metrics for the regulator.<\/span><\/p>\n Graeme Trudgill, BIBA Chief Executive, commented:\u00a0\u201cWe have a golden opportunity\u00a0with the Secondary International Competitiveness and Growth Objective (SICGO) on the regulator to align with the Government\u2019s focus on growth. Improvements\u00a0to the\u00a0regulatory architecture can reduce the burden on firms and achieve a regulatory approach that supports growth.<\/span><\/p>\n \u201cWe 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.\u00a0 We have enjoyed an\u00a0extensive\u00a0collaborative approach\u00a0with the regulator during the last year and there is an opportunity to achieve positive outcomes.<\/span><\/p>\n \u201cPartnership both within and outside of the industry is key to this year\u2019s Manifesto in helping us\u00a0achieve improved outcomes\u00a0on the issues raised\u00a0for everyone. The value that brokers\u00a0provide to clients\u00a0is\u00a0so\u00a0important and\u00a0this is recognised through the amount of\u00a0support\u00a0we\u2019ve received\u00a0for what we\u2019re\u00a0doing. \u00a0We\u2019ve really plugged in with the decision makers on these issues;\u00a0you can see the senior level of support throughout the Manifesto.\u201d<\/span><\/p>\n Economic Secretary to the Treasury, Emma Reynolds MP, said: \u201cThe financial services sector, including insurance broking, plays a vital role in driving growth across the UK economy. This is why the government has named financial services as one of our eight priority sectors within our industrial strategy. I look forward to working with BIBA, its members, and the entire broking sector, to support a thriving and competitive insurance market across the UK that delivers for both businesses and consumers.\u201d<\/span><\/p>\n The Manifesto includes\u00a0a broad range of issues, calls to action and commitments that all come from BIBA\u2019s members who have contributed through\u00a0committees, advisory boards and\u00a0the\u00a0autumn Tour of the Regions.\u00a0Subjects\u00a0include some long standing and ongoing issues such as flood, cyber insurance, skills,\u00a0access to insurance\u00a0and capacity\u00a0challenges. \u00a0<\/span><\/p>\n There are\u00a0a number of\u00a0new campaigning\u00a0issues identified for the first time\u00a0this year. \u00a0These include differential pricing, permitted insurance payments under the Leasehold and Freehold Reform Act,\u00a0participation in the Motor Insurance Taskforce\u00a0and\u00a0premium finance.<\/span><\/p>\n There is also new research\u00a0published from\u00a0WPI Economics highlighting that if IPT were to increase that not only would households and businesses cut insurance levels, but 40% of businesses state they would have to pass on\u00a0the cost to customers. The research also revealed that IPT is a tax on growth, as 30% of businesses surveyed said an increase to IPT would decrease business investment.<\/span><\/p>\n The Manifesto\u00a0has been\u00a0formally launched in the Houses of Parliament\u00a0by\u00a0Graeme and\u00a0BIBA Chair,\u00a0Jonathan Evans,\u00a0who welcomed the theme as \u201cideally suited for our work in the year ahead.\u201d \u00a0Jonathan\u00a0outlined that many of the\u00a02024\u00a0Manifesto\u00a0aims had been\u00a0achieved\u00a0including the\u00a0change to a positive personal injury discount rate, the launch of the McGill Fire Safety reinsurance facility,\u00a0the launch of the BIBA Talent Toolkit,\u00a0the publication of\u00a0numerous new guides,\u00a0having members sign the MHCLG pledge on cladded buildings, insurer service improvements\u00a0again in the Gracechurch study\u00a0and, most importantly, a\u00a0transformation of\u00a0BIBA\u2019s\u00a0relations with the regulator.<\/span><\/p>\n Jonathan acknowledged that \u201cthere is much to do with an enormous legislative agenda from the Labour Government and many detailed areas of work to be progressed.\u201d<\/span><\/p>\n Visit the Manifesto microsite<\/a> or view a PDF\u00a0<\/a><\/p>\n \u00a0<\/strong>Notes to editors <\/strong><\/span><\/p>\n Pam Quinn, Head of Communications<\/span> Leighann Forsyth, Deputy Head of Communications<\/span> BIBA\u2019s privacy policy can be viewed here<\/a><\/span><\/p>\n If you no longer want to receive press releases from BIBA please email the Comms<\/a> team.<\/span><\/p>\n \u00a0<\/strong>The British Insurance Brokers\u2019 Association (BIBA) is the UK\u2019s leading general insurance intermediary organisation representing the interests of insurance brokers, intermediaries and their customers.<\/strong><\/span><\/p>\n BIBA membership includes around 1800 regulated firms, employing more than 120,000 people.<\/span><\/p>\n General insurance brokers contribute 1% of GDP to the UK economy; they arrange 77% of all general insurance with a premium totalling \u00a3105.5bn and 94% of all commercial insurance business.<\/span><\/p>\n Insurance brokers put their customers\u2019 interests first, providing advice, access to suitable insurance protection and risk management.<\/span><\/p>\n BIBA receives hundreds of thousands of enquiries per year to its Find Insurance Services, online and via the telephone, which are directed to insurance broking firms.<\/span><\/p>\n BIBA is the voice of the sector advising members, Government, regulators, consumer bodies and other stakeholders on key insurance issues.<\/span><\/p>\n <\/p>\n <\/p>\n <\/p>\n The post BIBA\u2019s 2025 Manifesto promises to deliver value through partnerships<\/a> appeared first on BIBA<\/a>.<\/p>\n\n","protected":false},"excerpt":{"rendered":" The British insurance Brokers\u2019 Association (BIBA) has launched its 2025 Manifesto \u2018Partnering to deliver value\u2019 setting out\u00a0the importance of collaboration to achieve the\u00a0Government\u2019s growth mission and address the challenges faced by insurance brokers and customers.\u00a0 A\u00a0key focus\u00a0of the\u00a0Manifesto is to develop the understanding of how brokers deliver value\u00a0and\u00a0help with resilience\u00a0to enable growth through\u00a0risk taking,\u00a0investment and […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[94],"tags":[87032,11087,6528,15930,16112],"dealstore":[],"offerexpiration":[],"class_list":["post-235035","post","type-post","status-publish","format-standard","hentry","category-insurance","tag-bibas","tag-deliver","tag-manifesto","tag-partnerships","tag-promises"],"yoast_head":"\n\n
\n– \u00a323bn revenue<\/span>
\n– 126,000 people employed across the UK <\/span>
\n– Gross written premiums – \u00a3105.5bn total written through brokers across all lines. \u00a389bn written through brokers in commercial lines<\/span>
\n– Insurance broking revenues contribute approximately 1% of the UK\u2019s GDPFor further information please contact<\/strong>:<\/span><\/li>\n<\/ol>\n
\n07562 616686<\/span>
\nquinnp@biba.org.uk<\/a>\u00a0<\/span><\/p>\n
\n07917 738727<\/span>
\nforsythl@biba.org.uk<\/a><\/span><\/p>\n\n
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