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BIBA calls for ‘proportionate’ regulation to improve access to insurance

UK brokers suffer one of the highest costs of regulation in the world

The British Insurance Brokers Association (BIBA) has urged the government to turn its comments on more proportionate regulation into action to strengthen the insurance broking sector and improve access to insurance.

The call was made alongside the launch of BIBA’s 2020 Manifesto, which focuses on the theme of access.

BIBA said access encompasses not only the need for customers and businesses to access suitable insurance protection, but also the adjustments necessary to enable insurance brokers to help them do so.

Proportionality and fairness in the regulation of insurance broker has been a recurring chapter in BIBA Manifestos. 

Steve White, BIBA’s chief executive, said UK insurance brokers endure one of the highest costs of regulation in the world, which not only places a financial strain on brokers but affects their operational efficiency.

“This takes them away from their core purpose of helping customers to access the insurance they need,” he argued.

The Tory Manifesto 2019 states that it will ensure that regulation is “sensible and proportionate” and BIBA is calling for ministers to turn their comments into action.

“Action on regulation is essential for our sector and indeed an examination of the demands the regulator places on it would not only enhance access to insurance but could be of benefit to the entire UK economy,” White added.

In addition to more proportion regulation, the Manifesto calls for a freeze on insurance premium tax and signposting solutions to advance access and raise trust in the sector.

Graeme Trudgill, BIBA’s executive director, said: “Our aim is to aid our broker members ably help their customers. With this in mind we are looking to help them stay ahead of the risks and demands arising from economic, regulatory and market changes, with a hefty programme of guidance, liaison and support. We plan more good practice and technical guides as well as initiatives to assist brokers in developing sustainable trading, employee wellbeing and resource planning for the future.”