BIBA calls on Government to support brokers, businesses and consumers in Autumn Budget

In its submission to the Treasury ahead of the Autumn Budget, the British Insurance Brokers’ Association (BIBA) has called for the new Government to cut the headline rate of IPT from 12% to 10%, exempt IPT on the insurance of multi-occupancy residential buildings which still require or are undergoing cladding remediation, and exempt IPT on cyber insurance products to increase take-up from SMEs.

BIBA has also reiterated its call for Government to commit to long-term investment in flood defences at a higher level than 2020, and for the Growth and Skills levy to allow non-levy payers to claim 100% of training costs to encourage more training opportunities to help create skilled workforces.

In addition BIBA has called for a services trade agreement with the EU to help ease the shortage in the supply of affordable home and motor insurance in Northern Ireland.

Graeme Trudgill, BIBA Chief Executive, commented:

“Our calls to the new Government are based on supporting customers during the challenging economic times and ensuring that we have a strong broking sector to continue to advise and support businesses to manage risk effectively.

The Government has the opportunity to make some specific interventions to help ease the financial burden on customers and help with the issues that we are seeing with capacity in the Northern Ireland market. It could also provide incentives to address challenges in areas such as the increasing risk of cyber attacks. We believe our Budget proposals will help support the Government’s aims of economic growth.”

BIBA has also emphasised the need for proportionate regulation outlining its view on the Government’s plans for a Regulatory Innovation Office as a means to achieve this to support a thriving broking community and achieve positive economic and social outcomes.

You can view BIBA full submission here.

ENDS –

Notes to editors

For further information please contact:

Leighann Forsyth, Deputy Head of Communications
07917 738727
forsythl@biba.org.uk

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About the British Insurance Brokers’ Association

The British Insurance Brokers’ Association (BIBA) is the UK’s leading general insurance intermediary organisation representing the interests of insurance brokers, intermediaries and their customers.

BIBA membership includes around 1800 regulated firms, employing more than 100,000 people. General insurance brokers contribute 1% of GDP to the UK economy; they arrange 77% of all general insurance with a premium totalling £105.5bn and 94% of all commercial insurance business. Insurance brokers put their customers’ interests first, providing advice, access to suitable insurance protection and risk management.

BIBA receives hundreds of thousands of enquiries per year to its Find Insurance Services, online and via the telephone, which are directed to insurance broking firms.

BIBA is the voice of the sector advising members, Government, regulators, consumer bodies and other stakeholders on key insurance issues.

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