BIBA manifesto 2021
10 February 2021
10 February 2021
Policy and Public Affairs
The British Insurance Brokers’ Association (BIBA) launch their areas of focus for the year.
The theme for 2021 is ‘resilience’, encouraging insurance brokers to recognise their customers’ exposure to risk and the associated financial losses that insurance could mitigate.
The need for resilience is outlined as follows:
“In 2020 the Covid-19 pandemic highlighted the need for resilience and showed how those that could least afford a financial shock were worst affected. Improving access to insurance can improve resilience.
Brokers help stimulate a competitive market through negotiating wider and innovative cover with insurance providers that responds to the changing nature of the risks faced by their customers.”
To achieve this, the manifesto focuses on several areas, including:
- Suitable insurance
- Insurance premium tax (IPT)
- The hard market
- Competition, regulation and trading
The need to maintain public trust in the insurance sector is more important than ever with many people looking at the products they have and whether they provide the necessary protection during these challenging times. By identifying these key areas within their manifesto, BIBA have outlined areas of focus, associated risks and ways to engage.
To read the manifesto, click HERE
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