The British Insurance Brokers’ Association (BIBA) has confirmed that its Chief Executive, Steve White will retire during the second half of this year. He has served as CEO for the last 10 years and in doing so, becomes the longest-serving CEO in the Association’s 47-year history.
White addressed the audience at the annual BIBA Conference and confirmed that he will leave with “a heavy heart but also huge pride at what we have built at BIBA”.
Ten years post his appointment, White has delivered on his promise of “both sitting down and listening to members and their issues, and then standing up and speaking out on them”.
The Association believes he has strengthened it both in terms of financial position, and governance structure and making BIBA the prime place for brokers, politicians, media and the regulator on insurance broker issues.
In the last decade, the BIBA Conference has grown significantly in number, becoming the largest insurance broking event in the UK and one of the biggest broking conferences in the world.
BIBA’s commercial function and the Find Insurance Service are unrecognisable from ten years ago. The Manifesto, a result of listening to members’ issues on the Tour of the Regions, has become an influential and transparent tool in BIBA’s lobbying for BIBA members.
White said in his speech, “In my first opening conference address in 2013 I told you that BIBA is only as good as the quality and quantity of the engagement of its members. I encouraged members to not just join but to join in. Many did, and continue to do so, and we thank all the members for rising to that challenge!”
He also made it a point to call out false economics that he believes are damaging to the insurance industry and customers. He noted the reality of regulatory burden faced by UK insurance brokers is unacceptably high, significantly more so than most other jurisdictions, the result of which is that it increases risks for the industry.
Updated research by London Economics shows how costs, both direct and indirect, have increased exponentially over the last three years. Resulting in hitting investment that is coming in and growth in the industry. White has urged the FCA and the Government to look again at how the current regulatory costs can be reduced.
White said, “It is the right thing to do given the cost-of-living increases hitting our members and our customers. Ronald Reagan was right when he said, “inflation is as violent as a mugger, as frightening as an armed robber and as deadly as a hit man”. You have been clear that more needs to be done to protect your customers and your businesses.”
White mentioned how BIBA has moved early to produce guidance for its members on how customers can contain insurance costs whilst maintaining adequate cover. Although he questions the reality of how in the middle of a cost-of-living crisis, the Government thinks it is acceptable to hit insurance buyers with a 12% Insurance Premium Tax.
White said, “While we all accept the Treasury needs revenue given what has happened in recent years, 12% is too high. At the very least, it should be frozen and not raised for the remainder of this Parliament. We also call for an Insurance Premium Tax exemption to apply to property insurance premiums for impaired high-rise multi-occupancy buildings that await or are undergoing remediation. And the work you are required to do to comply with the Fair Value assessments mandated by the regulator is simply disproportionate to any value gained by customers. We call on the FCA to look again at the scope and the process behind these assessments. I do not believe these are big asks.”
White called for the industry to be backed by the government and politicians in its efforts for planning for the long-term good of the customers and the economy. White urged them to actively promote them on the world stage in all trade deals going forward.
BIBA Chair, Jonathan Evans added, “The BIBA Board and its members are very grateful to Steve for steering the business steadily and successfully through what has latterly been choppy waters. The Board thanks him for the sterling job he has undertaken so enthusiastically over the last 10 years. He will leave the business in rude health later this year. In the meantime the Board has formed a sub-committee to determine the process in selecting our new Chief Executive.”
