The major issues brokers face in Northern Ireland – and Biba’s plan to tackle them
Insurance Times
The leading information, analysis and insight brand in UK general insurance, part of Newsquest Specialist Media Ltd
BIBA chief executive says there is an ‘absolute microcosm’ of challenges in Northern Ireland
By James Cowen, News Editor
At a reception gala in the Houses of Parliament last week (15 January 2025), broking trade association Biba officially unveiled its plans for the year ahead with the launch of its 2025 manifesto.
Entitled Partnering to deliver value, the association’s annual document sets out a range of agenda items for the trade body, with regulation, motor premiums, premium finance, flooding, industry skills and access to insurance among a range of topics discussed.
Linking all of the manifesto’s ambitions is Biba’s overarching aim to ensure there is a competitive insurance broking market across the UK.
This includes Northern Ireland. New for 2025, Biba has made sure that the country has not gone under the radar within its manifesto pages.
The country features on three pages in this year’s document, with Biba discussing a range of issues that need tackling in the region.
“Regional broking is the heart and soul of Biba brokers,” Graeme Trudgill FCII, Cert Mgmt , chief executive at Biba, told Insurance Times.
“So, we’ve put a particular spotlight on Northern Ireland because if you look at the challenges regional brokers face, there’s an absolute microcosm of it in Northern Ireland.
“It is a real challenge to be a Northern Ireland broker, or to be a broker that places risks in Northern Ireland.”
What are the issues?
But what are the issues that need tackling in Northern Ireland? Well, Biba has listed a range in its manifesto – including a lack of insurer choice.
Having a panel of insurers allows brokers to expand their offerings and provide a better service to clients as a result.
Biba said that brokers have a “long and proud tradition of serving local communities in Northern Ireland and employ thousands of people in varied roles”.
However, these firms “are facing a serious lack of insurer choice when it comes to home insurance and increasingly motor insurance”.
Biba continued: “Of the insurers [that] underwrite risks in Northern Ireland, there are few [which] have a physical presence there, with the remainder being based in other parts of the UK.
“Location is important when it comes to understanding Northern Ireland's specific and unique characteristics.”
Another issue in the territory is the cost of claims, with Biba highlighting that this is higher in Northern Ireland than the rest of the UK.
Claims costs have been an issue for all insurance firms since inflation started to bite in 2021, with premiums – especially in the motor market – increasing across 2022 and 2023 before starting to come down slowly in 2024.
However, Biba thought that claims costs were higher in Northern Ireland due to a lack of regulation of claims management companies. The trade body felt this was introducing extra cost and friction to the claims process.
Other problems highlighted in the manifesto include a lack of flood data in the country, as well as a lack of access to MyLicence and Navigate – formerly the Motor Insurance Database – which restricts the level of information insurers and authorities have on driving history and insurance coverage. These tools are provided by the Motor Insurers’ Bureau.
Biba’s plan
As a result of these issues, Biba has committed to work with the UK government, the Northern Ireland executive and FCA to bring about changes that improve the insurance environment for insurers, brokers and customers in the country.
Justin Hillen LLB MSc FCI FICA , Biba regional chair for Northern Ireland, said: “Northern Ireland is a truly unique insurance market with its own particular challenges and opportunities.
“This is deeply understood by a strong broking sector rooted in our local communities, which has served local customers for generations.
“To continue to thrive, and for insurance brokers to be able to offer affordable choices to customers, more insurer capacity is needed, especially in the home sector.
“We are committed to working with all stakeholders to make Northern Ireland attractive to insurers and to the mission of giving quality advice to those customers who need it most.”
Improvement ambitions
Given the issues in the country highlighted by Biba, it is good news that the trade body wants to act and try to improve outcomes for all parties involved in the insurance ecosystem.
领英推荐
Plus, improvements like bringing claims management companies and loss assessors based in Northern Ireland within the FCA’s regulatory perimeter and increasing investment in flood defence work is only going to make the country more attractive for trade.
It will be interesting to see if Biba’s work does heighten the attractiveness of Northern Ireland – and if it does, perhaps we may see more firms choose to expand into the country and do more business there.
Brokers Unite! Shape eTrading's Future with Our 2025 Survey
The 2025 eTrading Survey is now open, offering brokers a vital platform to shape the future of digital insurance trading.? This year, feedback from the broking community will directly influence the "Insurance Times eTrading Insight Report," a key resource for insurers and software houses striving to develop better eTrading solutions. By participating, brokers can contribute to a collective voice that drives positive change and enhances the overall eTrading experience.
The survey provides a confidential and impactful avenue for brokers to express their honest opinions about their eTrading journeys.? This feedback will be instrumental in identifying areas for improvement,? driving innovation, and making eTrading more efficient for the entire broking community.?
Taking just five minutes to complete, the survey empowers brokers to influence the development of new features and services, ultimately contributing to a 5-star eTrading experience for all.
Insurance Times Claims Excellence Awards 2025 - We’ll be open for entries on Monday 3rd February, Save The Date!
The UK insurance industry continues to lead the way in innovation and outstanding customer care, and there's much to celebrate. The Insurance Times Claims Excellence Awards recognise the very best products, tools, processes, and people that make the claims experience shine.
With 14 categories to enter, including 5 new awards and 2 individual awards, everyone has a chance to showcase their success. From claims achievement to counter fraud initiatives, there's something for everyone.
Entering is quick, easy, and free. Simply submit your entry online when the system opens on 3rd February, 2025. In the meantime, you can preview the award categories, rules, and terms and conditions.
We'll keep you updated on when you can log in and finalise your submission. Watch this space!
Key Dates:
For more information or to enter, please contact: [email protected]
Contact us
To discuss advertising and sponsorship opportunities:
Aisha Roberts, Head of Commercial
Telephone +44 (0)20 7618 3408 or email [email protected]
For subscription enquiries:
Michael Phillips, Head of Subscription Sales
Telephone +44 (0)20 7618 3496 or email [email protected]