In its 2022 Manifesto: Managing Risk, the British Insurance Brokers’ Association (BIBA) explains why managing risk is essential in six key areas.
The Manifesto was launched in Westminster to an audience of Ministers, MPs, senior Government officials, insurance professionals and the media on 25 January 2022. Welcoming BIBA’s work, John Glen MP, the Economic Secretary to the Treasury said:
“Insurance brokers make a significant economic contribution arranging £74bn of insurance per year and help to drive the UK’s reputation as a global leader in insurance.”
“Brokers can help improve outcomes for consumers and businesses across the United Kingdom by helping customers manage their risks and create new opportunities.
BIBA’s action on financial inclusion is helping vulnerable consumers access the insurance they need, and I urge them to continue this important work.”
The Manifesto includes highlights of new research by Aon, identifying the top 10 global risks, and the six chapters of the latest BIBA Manifesto cover the ways brokers help businesses, people and Government manage a wide range of risks.
Steve White, BIBA CEO said: “Insurance brokers offer much to their clients. As well as arranging suitable insurance to transfer financial risks, they can offer risk management advice to mitigate those risks.
“The risks people business and Governments face are changing, and we will be campaigning, on issues and helping to provide solutions relating to ways to share risk, innovation and change, helping customers, and sustainability.”
In a departure from previous years the BIBA 2022 Manifesto: Managing Risk, does not have a section on regulation. Instead, BIBA aims to highlight how the impact of regulation weaves through all aspects of a broker’s work and how far reaching the risks of disproportionate regulation are.
Graeme Trudgill, BIBA’s Executive Director added: “Risk and its management and mitigation is at the core of our sector. Our work this year will seek good outcomes across matters ranging from the hard market, cladded buildings, flooding, and regulation through to the evolution of motor insurance and Insurance Premium Tax. Across all of these, brokers have the means to help customers manage risk. We also aim to help brokers keep on top of changing risk with ongoing support, good practice guidance and new publications on trade credit, cyber, claims, sustainability and underinsurance.”
BIBA’s Chair, Jonathan Evans concluded: “This Manifesto is ambitious and clearly highlights the wide range of risks faced in everyday life. Across almost all sections we will be seeking a fairer and more appropriate approach to the regulation of insurance brokers. Now the hard work begins to deliver on the 25 commitments and 52 calls for action to help members and their customers.”
The BIBA 2022 Manifesto can be found on the BIBA website at www.biba.org.uk