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BIBA manifesto 2021

News article

Publication date:

10 February 2021

Last updated:

10 February 2021

Author(s):

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
  • COVID-19
  • Insurance premium tax (IPT)
  • The hard market
  • Roads
  • 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

This document is believed to be accurate but is not intended as a basis of knowledge upon which advice can be given. Neither the author (personal or corporate), the CII group, local institute or Society, or any of the officers or employees of those organisations accept any responsibility for any loss occasioned to any person acting or refraining from action as a result of the data or opinions included in this material. Opinions expressed are those of the author or authors and not necessarily those of the CII group, local institutes, or Societies.