Brexit and COVID demand resilience call

The British Insurance Brokers’ Association (BIBA) has launched its 2021 manifesto with a call for brokers to support clients to create greater resilience to the emerging threats they face.

The association said brokers have a huge role to play in helping business meet the challenges they face as the United Kingdom operates in a post Brexit world and seeks to adapt to the new, post-pandemic normal.

Steve White, BIBA CEO (above) said: “The last 12 months have been amongst the most challenging most of us have ever faced. Insurance has hit the headlines, with travel being restricted and business forced to close. The right insurance is key to helping build resilience and is a highly apt theme for BIBA’s 2021 Manifesto.”

He added access to insurance is a vital part of BIBA’s campaigning and the means of signposting consumers to essential insurance are once again on the agenda.  BIBA’s cross-sector Access to Insurance committee has accepted the task of overseeing the effectiveness of various existing and planned signposting agreements which are highlighted as a means of increasing resilience.

“Insurance brokers help business obtain the cover they need and at the right level,” said the association. “The Manifesto highlights in addition the increasing need for protection against cyber-attack with suitable insurance to keep businesses operating and details the prevalence of underinsurance and the need for the right type and level of insurance.

“Covid-19 rocked the world and the UK’’s insurance sector and BIBA will work on solutions to avoid future lack of protection for pandemic risks. The pandemic landed while the sector was already seeking ways to tackle a hardening market that was leaving many without insurance protection, from issues with cladded buildings to obtaining professional indemnity or directors’ and officers’ insurance and navigating insurer security, BIBA wants to help build resilience.”

Graeme Trudgill, BIBA’s Executive Director added: “Resilience is so necessary to survival, and insurance can provide financial resilience. BIBA plans guidance for members and their customers as well as a continuing programme of engaging with Government and other stakeholders to bring about solutions that will improve resilience. As well as the challenges through our Manifesto we want to highlight the excellent work that brokers do to help their customers, and to enable them to weather the storms they face.”

Mr White concluded: “Our manifesto, as always includes the matters that brokers tell us are important to them. While much of the agenda is about helping their customers, we will also be campaigning on regulation and taxation, issues that are directly impacting brokers’ own resilience. Brokers are vital to the UK economy and their expertise is vital to customers. BIBA will continue to support them and help them to help customers and demonstrated by the promises to act with have made within it.”