BIBA releases guide centred on cost-of-living crisis

New guide out on second day of annual conference

BIBA releases guide centred on cost-of-living crisis

Insurance News

By Terry Gangcuangco

On the second and final day of The BIBA Conference 2023, the British Insurance Brokers’ Association (BIBA) released a new guide aimed at helping members in giving customers practical advice amid the cost-of-living crisis.

“Cutting back on cover could be a false and dangerous economy resulting an increase in underinsurance, a reduction in resilience, and a greater potential for non-disclosure and fraudulent claims,” said BIBA executive director Graeme Trudgill in an emailed release.

“This guide will help brokers explain the reasons behind the premium inflation we have seen and how to explain the value of insurance while supporting customers in meeting their budgetary concerns.”

Accessible here, the “Managing the cost-of-living crisis – Helping you to help your customers” guide examines areas such as underinsurance, premium increases, containing premium expenditure, SME business insurance, and the risk of non-disclosure and fraud.

The introduction of the material comes hot on the heels of BIBA’s release of new guidance on ESG (environmental, social, and governance).

What do you think about this BIBA story? Share your thoughts in the comments below.


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