The Motor Insurers’ Bureau (MIB) has announced the permanent appointment of Harkamal Phagura (pictured) as chief financial officer (CFO). Phagura joined MIB’s executive team in March. In his new role, Phagura will continue to oversee the organisation’s central services functions, including finance, legal, corporate secretariat, procurement, and facilities, according to a news release.
During his time at MIB, Phagura, also known as Harky, has been described as instrumental in driving significant improvements. His achievements include managing the completion of MIB’s new offices in London, enhancing communication regarding the levy, and initiating financial planning for the bureau’s upcoming five-year strategy.
The news release noted that Phagura brings extensive experience from his career in financial services, insurance, and data management, spanning both publicly listed and private equity environments. He is a fellow of the Chartered Institute of Management Accountants and has held senior roles at organisations such as RAC, Aviva, Cap Gemini, Restore, and Maxxia UK.
Reflecting on his appointment, Phagura said, “I am excited to continue being part of MIB and the vital work we do to give victims of uninsured and hit-and-run driving the support they need, while working with insurers and the police to make our roads safer. Alongside my MIB and industry colleagues, I look forward to ensuring we have the financial resilience, strategy and governance we need to thrive in a complex and changing world – and to continue delivering long-term value for our members.”
Angus Eaton, CEO of MIB, praised Phagura’s contributions, saying: “I have thoroughly enjoyed working with Harky since I arrived at MIB in July. I am confident that his leadership, expertise and drive will play an instrumental role in MIB’s development and future success in serving the insurance industry and its customers.”
The Motor Insurers’ Bureau (MIB), established in the UK in 1946 as a private company limited by guarantee, provides compensation to victims of accidents involving uninsured and untraced drivers. The funding for this is sourced from an estimated £30 added to the premiums of insured drivers each year.
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