BIBA encourages members on their ESG journeys with new guidance
10th May 2023
The British Insurance Brokers’ Association (BIBA) today revealed new publications on Environmental Social and Governance (ESG) for its members.
BIBA has seen that businesses across the UK, regardless of their sector, are experiencing increasing pressure and scrutiny from stakeholders to show that they understand and are addressing ESG issues. Insurance brokers are no different.
Working with law firm Weightmans, BIBA wanted to show members of all shapes and sizes why it makes good business sense to consider ESG.
Steve White, BIBA CEO said: “Discussions about ESG issues are already a fixed agenda item on our Boards and incorporate the diverse needs of our members on this subject and we have formulated our own ESG policy. However, we wanted to help any member, whatever their ambitions in this area, with their ESG journey.
“Our aim is to help members understand the direction of travel on ESG and support them in integrating ESG into their businesses whatever stage of implementation they may already be at.”
The online guide is living dynamic guide which will be added to and amended as priorities shift and takes members from appreciating why ESG matters, through setting an ESG plan and objectives to monitoring, reporting and continuous improvement.
The guide includes details on key aspects of implementing an ESG policy referred to as stepping stones, allowing firms to focus on what matters to their business at any one time. It is accompanied by a short mini guide that summarises the process and the steps in the journey.
Nick Barker, Weightmans added: “Effective ESG integration starts by getting the governance right; this guide provides the tools to lay a solid foundation of ESG governance before exploring specific ESG Stepping Stones. Step by step guidance is provided right from initial stakeholder identification to the completion of an ESG materiality assessment through to the implementation of an ESG plan and is a highly useful tool for any firm regardless of where they are currently on the ESG spectrum.”
The guide highlights flexibility for businesses showing that once a decision is taken to incorporate ESG it does not have to be a linear journey, steps can be taken that fit a businesses’ other priorities. The guides are available on the BIBA website and printed copies of the mini guide will be available at The BIBA Conference.
ENDS
Notes to editors
For further information please contact BIBA’s press office
Pam Quinn
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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 74% of all general insurance with a premium totalling £85.8bn and 93% 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.
