BIBA’s 2025 Manifesto promises to deliver value through partnerships

The British Insurance Brokers’ Association (BIBA) has launched its 2025 Manifesto, ‘Partnering to deliver value’, setting out the importance of collaboration to achieve the government’s growth mission and address the challenges faced by insurance brokers and customers. 

A key focus of the manifesto is developing understanding of how brokers deliver value and help with resilience to enable growth through risk taking, investment and access to insurance, which enables businesses and consumers to prosper.

Within the manifesto, BIBA sets out a new six-point plan to achieve a more proportionate regulatory environment. This plan calls for the removal of unnecessary Financial Conduct Authority (FCA) rules now that the UK’s Consumer Duty is in place; reform of the product value/fair value assessment requirements; reducing the scope of the Consumer Duty by removing larger commercial clients; streamlining reporting requirements; speeding up authorisations; and international comparison metrics for the regulator.

Graeme Trudgill, BIBA Chief Executive, commented: “We have a golden opportunity with the Secondary International Competitiveness and Growth Objective (SICGO) on the regulator to align with the government’s focus on growth.

“We know that our issues and the importance of insurance brokers have been recognised by government, with financial services being one of the eight priorities in its new industrial strategy.

“Partnership both within and outside of the industry is key to this year’s manifesto in helping us achieve improved outcomes on the issues raised for everyone. The value that brokers provide to clients is so important and this is recognised through the amount of support we’ve received for what we’re doing.”

Areas of focus

The manifesto includes a broad range of issues, calls to action and commitments that all come from BIBA’s members, who have contributed through committees, advisory boards and the autumn Tour of the Regions. Subjects include some long-standing and ongoing issues such as flood, cyber insurance, skills, access to insurance and capacity challenges.  

There have been several new campaigning issues identified for the first time this year. These include differential pricing, permitted insurance payments under the Leasehold and Freehold Reform Act, participation in the Motor Insurance Taskforce and premium finance.

There is also new research published from WPI Economics highlighting that if insurance premium tax (IPT) were to increase, not only would households and businesses cut insurance levels, but 40% of businesses would have to pass on the cost to customers. The research also revealed that IPT is a tax on growth, as 30% of the businesses surveyed said an increase to IPT would decrease business investment.

The manifesto has been formally launched in the Houses of Parliament by Trudgill and BIBA Chair Jonathan Evans, who welcomed the theme as “ideally suited for our work in the year ahead”. Evans outlined that many of the 2024 Manifesto aims had been achieved, including the change to a positive personal injury discount rate; the launch of the McGill Fire Safety Reinsurance Facility; the launch of the BIBA Talent Toolkit; the publication of numerous new guides; having members sign the Ministry of Housing, Communities and Local Government (MHCLG) pledge on cladded buildings; insurer service improvements as seen in the Gracechurch-BIBA UK Insurers Service Monitor; and, most importantly, a transformation of BIBA’s relations with the regulator.

Evans concluded: “There is much to do with an enormous legislative agenda from the Labour government and many detailed areas of work to be progressed.” 

The BIBA Conference 2025, themed ‘A New Era’, will be hosted by BBC broadcaster Clive Myrie on 14–15 May at Manchester Central.