British Insurance Brokers’ Association (BIBA) News

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 …

Telematics-Based Insurance Policies in UK Rise 30% to 975,000 in 2017: BIBA

The number of live telematics-based policies reached almost one million – standing at 975,000 in 2017, according to the British Insurance Brokers’ Association (BIBA). The BIBA survey includes information from the leading telematics brands in the UK to determine the …

Telematics-Based Car Policies in UK Exceed 750,000 for 1st Time in 2016

The number of live telematics policies in the UK exceeded three quarters of a million for the first time in 2016, according to annual research from the British Insurance Brokers’ Association (BIBA). The BIBA survey includes information from the leading …

Britain Raises Insurance Premium Tax to 10% to Fund Flood Defenses

Britain’s finance minister George Osborne said on Wednesday he would raise the tax on motor and home insurance premiums by 0.5 percentage points to 10 percent to fund flood defenses, boosting insurance shares as the rise was smaller than anticipated. …

Telematics-Based Car Insurance Policies in UK Increase by 40%: BIBA Survey

The number of live telematics-based motor insurance policies, including black box policies, in the UK has increased by 40 percent, according to the latest annual research by the British Insurance Brokers’ Association (BIBA). These types of policies can offer savings …

UK SMEs Fail to Outsource Non-Core Business Activities: Broker Survey

A significant number of leaders of small and medium-sized enterprises (SMEs) in the United Kingdom perform a lot of tasks outside their job descriptions, instead of outsourcing these to insurance brokers, recruiters or IT specialists, according to research carried out …