The conference, held in Manchester on 10–11 May, also saw BIBA CEO Steve White announce that he would be stepping down in the autumn.
The manifesto, titled ‘Managing Risk – Delivering Stability’, outlined the organisation’s plans for the coming year, reflecting the interests of its membership. The full report can be read on the BIBA website.
New cost management guides and support for signposting
BIBA also noted that surging costs of living were driving a reduction in the number of customers purchasing insurance across a number of sectors. This included group personal accident and business travel insurance – 32 per cent of BIBA members surveyed reported that customers were no longer purchasing coverage for this risk.
BIBA stated that it will publish guides ‘to balancing the cost of living with adequate insurance protection’ with the aim of supporting both ‘individuals and businesses’. These guides will aim to provide ‘practical advice on how to safely save money on insurance and making a claim’.
BIBA said the guidance ‘could be issued with policy documents to help [customers] in the event of a claim’, and would cover how to submit a claim and achieve a ‘timely and fair’ settlement.
The association aims to publish three guides in the first quarter (Q1) of 2023, covering the holiday travel insurance, home and motor sectors. In the longer term, it aims to create a suite of guides covering the key insurance coverage needed by small and medium-sized enterprises (SME).
BIBA also committed to the continued facilitating and promoting its four signposting agreements, including:
- The Signposting Agreement on Age and Insurance
- The Travel Medical Directory
- The Agreement on Access to Protection Insurance for people with pre-existing conditions and disabilities, and
- The Flood Insurance Directory.
BIBA will call for reforms to UK insurance
BIBA outlined its intentions to campaign for reforms to the UK insurance sector. In particular, the organisation will press for an increase to the Personal Injury Discount Rate in England and Wales, ‘to reflect the outlook of interest rates’. The rate is due for review, with a final decision expected no later than July 2024.
The association also stated that it will call for a freeze on Insurance Premium Tax (IPT) in the UK for the remainder of the current parliamentary term, ‘to help guard against the risk of underinsurance’.
It highlighted the substantial rise in IPT since its introduction in 1994 – which has risen from 2.5 per cent at its inception, to a 12 per cent standard rate currently. This equates to total receipts of £6.63 billion this year, compared with just £117 million in 1994.