The British Insurance Brokers Association (BIBA) is the voice of the insurance broking industry, advising key stakeholders on issues impacting the industry. It champions the vital work brokers do – always putting customers first and acting in their best interests to secure the most suitable insurance policy.
This week BIBA has revealed its 2020 manifesto. It includes prominent topics and issues within the insurance world and details BIBA’s commitment to tackle them. Over the course of this year we can expect to see advice, supporting information and more focussing on the key areas of BIBA’s manifesto.
In this article we explore how we’ll be supporting BIBA in its mission to help and educate the industry.
The construction industry
BIBA’s manifesto includes a commitment to working with the Government to reform Professional Indemnity Insurance for construction trades. For a good few years now it has become increasingly difficult for professionals in the construction industry to get affordable, effective Professional Indemnity Insurance. Some businesses have had to close as a result. This is devastating for individuals as well as the industry as a whole.
Here at Romero we’ve worked with businesses in the construction sector to secure adequate, effective insurance where other insurers or brokers haven’t been able to negotiate a suitable policy. We’re delighted to see BIBA’s calls for action including a review of building regulations, review of insurance requirements / obligations and more. We hope this makes a positive impact on the construction sector.
BIBA is committed to “promoting the incoming code of practice on flood resilience and the new BSI standard for flood resilient products.” We offer customers various options when it comes to flooding, such as Flood Excess Insurance or FloodFlash technology. Any scheme or certification that allows customers to obtain more cost-effective insurance will no doubt be appreciated across the industry.
Access to Terrorism and cyber insurance
We’ve been talking about terror and cyber attacks for a while now. Our Terrorism blog series and whitepaper on the topic has supported BIBA and Pool Re in its mission to raise awareness of the importance of Terrorism Insurance. BIBA is working to make sure insurers include Terrorism Non-Damage Business Interruption Cover in their policy wordings and we’ll do our best to support this where possible.
We’re also supporting BIBA in its mission to raise awareness of the importance of cyber insurance. Our cyber whitepaper and questionnaire are just some examples of how we connect with our customers to advise and educate on the topic.
Customers must know the true and potentially devastating impact of underinsurance, something that is still causing challenges within the industry. Our blog contains easy-to-digest information about underinsurance, and our expert team are always on-hand to advise our customers.
Focus on wellbeing
BIBA is promoting the importance of mental and physical wellbeing, as well as related issues such as financial resilience. The Romero Group is committed to supporting our team, and understands the importance of mental wellness. We Are Wellbeing, part of our group, delivers strategic wellbeing programmes for businesses. We’re delighted to be able to offer our customers, as well as our own team, the opportunity to work with wellbeing experts.
We believe this goes hand-in-hand with BIBA’s commitment to promote insurance broking as a career of choice. People want to work with the Romero Group because we provide an award-winning wellbeing and professional development programme. We’re also committed to working with Apprentices… watch this space!
Insurance Premium Tax
The current Insurance Premium Tax (IPT) rate is 12%, and BIBA are calling for the Government to commit to freezing this rate.
The tax burden is, ultimately, passed on to businesses and their consumers. There have been three significant IPT rate increases recently, and another rise could be potentially very damaging for the industry. BIBA are calling on brokers and businesses to lobby to freeze the IPT rate, and we’re committed to supporting this too.
Read the full BIBA manifesto
The manifesto covers almost every key issue faced by the industry, and BIBA’s proposed solution or steps towards improvement. We’ll be keeping an eye on BIBA’s activity throughout the year and supporting its goals where we can by sharing or discussing relevant advice with you via our blog or social media channels.