Minister Hails Insurance Broking Sector

The UK’s Economic Secretary to the Treasury has praised the country’s insurance brokers and the work they do to drive business and protect the public.

Addressing a reception to launch the British Insurance Brokers’ Association’s (BIBA) 2020 Manifesto yesterday, John Glen MP (pic), said: “Insurance brokers make a significant contribution to our economy, supporting the UK’s reputation as a global insurance leader.”

“Brokers help people find the insurance they need, managing everything from terrorism insurance for businesses to travel insurance for individual consumers with serious medical conditions.”

“BIBA’s action on financial inclusion is helping vulnerable consumers access the insurance they need, and I urge them to continue this important work.”

Steve White, BIBA CEO said: “A broker’s fundamental role is assisting customers with access to appropriate and suitable insurance yet brokers themselves also need access to insurance capacity for those more challenging risks.

“The UK insurance sector is facing innumerable changes, uncertainty and opportunity over the coming years, including access to the EU. Because of this, BIBA is also committing to help brokers prepare for Brexit and a means to access customers or risks in Europe if this is not explicit in the new trading relationship.”

Mr White added: “Access to insurance is part of BIBA’s ethos and so understandably, a major focus of the 2020 BIBA Manifesto majors on helping people and businesses to access the insurance cover they need. From signposting solutions to closing gaps in flood and terrorism cover; guidance on emerging risks, a freeze on Insurance Premium Tax and more proportionate regulation, BIBA has a number of commitments and calls to action to advance access and raise trust in the sector.”