www.biba.org.uk - Insurance Brokers to promote affordable, accessible insurance during recession

Insurance Brokers to promote affordable, accessible insurance during recession

BIBA launches 2009 Manifesto warning against incorrectly reducing insurance cover during an economic downturn

The British Insurance Brokers’ Association (BIBA) has launched its 2009 Manifesto emphasising the importance of insurance cover for UK businesses as the recession bites.

BIBA is concerned that budgetary pressures could result in firms reducing their investment in insurance cover. This could leave firms exposed and even lead to closure if they should be affected by flooding, fire or crime.

Government figures suggest that nearly one fifth of businesses suffer a major disruption every year. Eighty per cent of those hit by a major incident will close down within 18 months.

Commenting on BIBA’s 2009 Manifesto, Chief Executive Eric Galbraith said: “It is important that all businesses in the UK are resilient and have access to the best advice and affordable cover. Our priority for 2009 is to promote access to and the value of advice from insurance brokers.

“The current economic climate tends to promote a culture focused on price. Businesses and consumers must look at the cover and security provided and seek advice from their broker who is best placed to provide this advice.

“We are particularly concerned about small businesses forced to make cutbacks. They may believe that they can live without insurance until the economy recovers. However, our message is simple - the right insurance cover may be the difference between closure and survival if your business is not adequately protected.

“We want to work with Government to promote appropriate insurance cover, and BIBA brokers are committed to providing the best possible advice to firms and organisations across the UK.”

The manifesto also highlights the other key issues BIBA will focus on during the year. They include:

· Regulation – BIBA has long campaigned for appropriate levels of regulation for the insurance sector. BIBA is a strong supporter of the principle of better regulation and will continue to work to achieve this, including efforts to reduce unnecessary, unfair or outdated regulation

· Motor – BIBA is committed to playing an active role in making the UK’s roads safer and improving the ways that drivers can access appropriate motor insurance.

· UK and Europe – In the current competitive and uncertain global economic environment, BIBA will continue to play an active role in helping to safeguard the UK’s position as a leading international financial centre.

NOTES TO EDITORS

For further information or to arrange an interview please contact Leighann Burtrand on 020 7397 0223 or at burtrandl@biba.org.uk

BIBA’s 2009 Manifesto can be accessed online here: http://www.biba.org.uk/PDFfiles/Manifesto09.pdf

All businesses who would like to review their current cover can contact a local BIBA broker via the BIBA helpline: 0870 950 1790

In 2008 BIBA wrote to Business Minister Baroness Vadera, to ask for the Government’s support in raising the importance of maintaining appropriate insurance cover during tough economic times. A full press release can be accessed online here:

http://www.biba.org.uk/MediaCenterContentDetails.aspx?ContentID=1124

About BIBA

BIBA is the UK’s leading broker and intermediary organisation, representing professional insurance brokers and intermediaries.

BIBA is committed to playing a central role in the industry, from providing business backing and training for British brokers through to media liaison and high-level industry representation. We also actively participate in helping the industry and its customers deal with some of the major insurance issues of the day.

BIBA members operate to a very high standard of customer service with the aim of ensuring peace of mind, security, financial protection and the professional advice required.

Authoritative, independent and impartial, BIBA a not for profit organisation, is uniquely relied upon by brokers and the consumer.

BIBA – Leading the way in UK Insurance - www.biba.org.uk

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