Reinsurance News

British Insurers Brokers’ Association

BIBA Manifesto calls for action to narrow protection gaps

2nd February 2018

The British Insurance Brokers' Association (BIBA) has released its 2018 Manifesto, Engaging, which calls for improved access to insurance solutions in an effort to narrow the region's protection gap (disparity between economic and insured losses post-event). The protection gap is viewed as one of the insurance and reinsurance industry's biggest challenges ... Read the full article

Justice Committee calls for greater clarity and evidence from Gov on Ogden reforms

30th November 2017

The House of Commons Justice Committee has called for greater clarity and evidence from the UK Government in response to intended amendments to the Ogden discount rate. The personal injury discount rate in the UK, also known as the Ogden rate, was cut from 2.5% to -0.75% at the start of ... Read the full article

BIBA highlights needed changes to Ogden rate law and calls for consultation

17th May 2017

The British Insurance Brokers' Association (BIBA) has highlighted needed amendments in the law to set the Ogden rate in the UK, which was recently cut to -0.75%, and called for the government to consult experts when considering future rate changes. Since the Ogden discount rate was cut from 2.5% to -0.75% in ... Read the full article

Market conditions could create significant challenges for insurance sector: BIBA

11th May 2017

The UK insurance industry must be cautious of the many challenges and pressures currently facing the sector, which have the potential to converge and materialise at the same time to create a "perfect storm of disruption," warns Steve White, Chief Executive Officer (CEO) of the British Insurance Brokers' Association (BIBA). Addressing ... Read the full article

BIBA forms Innovation Working Group to help unlock InsurTech potential

10th May 2017

Vivek Banga, Chief Digital Officer (CDO) at Arthur J. Gallagher, has been appointed Chair of the British Insurance Brokers' Association's (BIBA) newly-created, cross-industry Innovation Working Group. BIBA first announced plans for the establishment of the working group in January as part of its Manifesto in the House of Commons, with its aim ... Read the full article

BIBA scheme aims to expand UK commercial flood insurance availability

21st March 2017

The British Insurance Brokers' Association (BIBA) is aiming to expand the availability of flood insurance for small and medium-sized enterprises (SMEs) in flood risk areas not served by the government-backed Flood Re initiative, via a new commercial scheme that could increase the need for reinsurance protection. Executive Director of BIBA, Graeme ... Read the full article