The British Insurance Brokers’ Association (BIBA) has launched its 2024 Manifesto, Managing risk for growth and economic security, in the Houses of Parliament.
“This Manifesto highlights the importance of insurance brokers across the economy and also how they play a vital role helping businesses to grow and individuals to remain financially secure,” BIBA chair Jonathan Evans (pictured) said in an emailed release. “Appreciating that, as a sector, we must continue to look to the future for solutions to emerging risks and ways to attract new vibrant talent to meet the needs of new generations of clients.
“This is a challenging Manifesto, but in my view, BIBA is in a strong position to deliver for members on the points raised, through working constructively with members, regulators, Parliamentarians, and other stakeholders.”
The 69-page Manifesto includes sections on the top risks facing organisations in the UK, based on Aon’s executive risk survey; on how brokers are underpinning economic security; and on BIBA’s commitments and calls for action when it comes to a range of issues.
“We are calling for effective scrutiny of the FCA’s (Financial Conduct Authority) growth and competitiveness objective with metrics to measure the regulator’s success in helping to facilitate a thriving and competitive insurance market,” said BIBA chief executive Graeme Trudgill, whose camp was joined by Economic Secretary to the Treasury Bim Afolami MP during the launch.
“We support proportionate regulation that aims to build consumer trust. We will discuss with the regulator how the scope of the Consumer Duty can be revisited to apply only to eligible complainants in accordance with the current FCA handbook definition so that brokers’ work can really focus more on what they do best – helping customers to thrive.”
Aside from the unveiling of this year’s BIBA Manifesto, an awareness programme was also rolled out with the Careers & Enterprise Company. The goal is to raise awareness of the diversity of careers in insurance, with BIBA partnering with the Bishop Challoner Catholic School and the Mulberry Academy Shoreditch.
“We are massively excited to do this and provide opportunities to local students who may have had no idea such opportunities even existed for them,” BIBA London & South East chair Ola Jacob said in a separate release. “We want to inspire these students and show them all the incredible opportunities that a career in insurance has to offer them. Currently the awareness levels of insurance careers are really low with these students; we want to change that.”
What do you think about this story? Share your thoughts in the comments below.
