BIBA has unveiled its 2025 Manifesto, “Partnering to Deliver More Value,” at the Houses of Parliament, reinforcing the critical role insurance plays in the UK economy.
FullCircl, a BIBA Facility provider, has expressed strong support for the manifesto, particularly its focus on closing the protection gap in areas such as cyber risks and flooding.
BIBA CEO Graeme Trudgill has urged the government to address these pressing concerns while also fostering career opportunities for young professionals in insurance broking. FullCircl’s director of insurance, Ashleigh Gwilliam, reflected on the diverse career paths available in the industry, drawing from his own journey in personal lines broking, which he began at 18. He praised BIBA’s ongoing efforts to raise awareness of the profession’s opportunities, from risk management and financial roles to claims handling and data analysis.
A key theme in the manifesto is the indispensable role of insurance brokers in the UK’s economic growth. Gwilliam emphasised that businesses need to take calculated risks to grow, and insurance enables them to do so. Brokers serve as trusted advisors, helping firms uncover hidden exposures and mitigate risks—comparable to the necessity of accountants and lawyers in financial and legal matters. He strongly backed BIBA’s advocacy for brokers, arguing that their expertise is crucial for safeguarding businesses, employees, and personal assets.
However, Gwilliam called for greater emphasis on “Chartered” status within the industry, advocating for a stronger alignment between BIBA and the Chartered Insurance Institute (CII). He believes this would elevate professional standards and enhance the sector’s credibility. Additionally, regulation remains a pressing concern, with brokers facing a growing compliance burden. Consumer Duty regulations, which have had a disproportionate impact on the insurance industry compared to the broader financial services sector, highlight the need for targeted reform. Gwilliam welcomed BIBA’s efforts to push for regulatory refinements to ease this burden.
The Fair-Value assessment has also been a significant challenge for brokers, leading to a reduction in product availability for vulnerable customers. Gwilliam cited a case where an insurer discontinued mobility scooter policies due to the administrative costs of compliance. He praised BIBA’s stance in challenging the Financial Conduct Authority (FCA) to revise these requirements.
Criticism of the FCA extends beyond compliance costs. Many brokers feel the regulator lacks a deep understanding of their market, as evidenced by abrupt policy decisions such as those concerning GAP insurance. Gwilliam argued that the FCA should be held accountable under the Financial Services and Markets Bill to ensure that its policies promote industry growth and enhance the UK’s position as a global financial hub.
Another crucial area where BIBA is advocating for change is in the commission model, which plays a vital role in insurance distribution. The manifesto underscores the importance of preserving this structure, which allows businesses to access expert advice at no additional cost. Gwilliam strongly supports BIBA’s commitment to defending this model, warning that its removal would reduce protection for businesses and individuals alike.
The commercial insurance gap continues to pose a risk to the economy, with many businesses reducing coverage to cut costs—potentially leaving them vulnerable to catastrophic losses. Gwilliam commended BIBA’s backing of Premium Finance, which he argues provides an affordable solution for businesses needing to maintain their coverage. While the FCA views Premium Finance as an added cost, he believes it offers a vital means of ensuring accessibility. He also praised BIBA’s push for a reduction in Insurance Premium Tax (IPT) from 12% to 10%, though he expressed doubts about whether the government would implement such a cut.
Overall, Gwilliam sees the BIBA 2025 Manifesto as a continuation of the association’s steadfast support for the insurance broking sector. However, he noted that while the manifesto effectively champions key industry issues, it could place greater emphasis on technological innovation. While Blueprint II is making strides at Lloyd’s, the broking sector has already demonstrated significant progress in modernisation. Gwilliam believes that celebrating these achievements and fostering further technological advancements will be crucial in maintaining the UK insurance industry’s global competitiveness.
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