British Insurance Brokers’ Association (BIBA) News

UK Regulator Pushes Insurers to Cut Premiums for Fire-Risk Apartments

Thousands of people living in high-rise apartments in Britain are set to get better deals on their property insurance following years of spiraling costs in the wake of the Grenfell Tower tragedy. The Financial Conduct Authority is expected to push …

Memo to Brokers: Stick With Loyal Insurers/MGAs, Price Isn’t the Only Differentiator

Instead of oscillating between extreme hard and soft markets, the insurance industry needs to promote a more sustainable business model that will help control the insurance cycle, according to an executive at the insurer Markel UK. And perhaps the ongoing …

British Insurance Brokers’ Assn., Allianz Create Digital Guide to Combat Underinsurance

The British Insurance Brokers’ Association (BIBA) and Allianz have developed a digital guide to support brokers in helping their customers avoid the risks of being underinsured. Underinsurance occurs when you have insufficient insurance cover that leaves you responsible for a …

Insurers, Policyholders, Analysts React to UK’s COVID-19 Business Interruption Ruling

Insurers and observers are weighing in on the ruling by a London court in a test case brought by Britain’s Financial Conduct Authority (FCA) to clarify insurance coverage for COVID-19 related business interruption claims. The FCA says the court brought …

UK Insurers in Talks with Government About Creating Trade Credit Backstop

British insurers are talking to the government about a backstop for trade credit insurance to support business supply chains hit by the coronavirus pandemic, an industry trade body said. States such as France, Germany and the Netherlands are giving guarantees …

Keep It Simple, Grow Trust for Future Success, Say UK Insurance Executives

The insurance industry is facing a complicated cocktail of massive political and economic uncertainty, climate risks, huge shifts in technology and increasing regulatory burdens. These are just some of the industry challenges cited by Jon Dye, chief executive of Allianz …

UK Probe of Wholesale Brokers Finds No Evidence of Anti-Competitive Behavior

Britain’s wholesale insurance brokers got a clean bill of health from the markets watchdog on Wednesday, providing some relief for an industry already spending millions of pounds on Brexit. London’s insurance market, which spans the Lloyd’s of London market and …

UK Insurers, Brokers Applaud Government’s Decision Not to Hike Premium Tax

UK insurers and brokers have applauded the UK Treasury’s decision not to raise premium taxes, which currently has an annual price tag for each household of an average of £200 ($256.40), according to the Association of British Insurers (ABI). The …

UK Motor Insurers to Mutualize Claims for Terrorist Attacks Using Vehicles as Weapons

UK motor insurers have voted for the Motor Insurers Bureau (MIB) to handle and pay the claims from victims involved in a terrorist event where a vehicle is used to kill or injure. MIB is the UK’s not-for-profit body which …

UK Broker Group BIBA Forms Agreement with WBN to Help EU Clients After Brexit

The British Insurance Brokers’ Association (BIBA) has formed an agreement with the Worldwide Broker Network (WBN) so that BIBA’s UK-based brokers are introduced to WBN’s EU-based brokers — thereby enabling continuity for BIBA members’ EU clients after Brexit. WBN has …