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Insurance industry could be facing perfect storm

May 16th, 2017

At his opening address to the BIBA Conference 2017 in Manchester, Steve White, BIBA CEO warned the industry to be wary of current turmoil affecting the sector.

Making an analogy to the weather mis-forecast of the 1987 UK hurricane, he said that in political and economic terms, there are storm clouds on the horizon that the British Insurance Brokers’ Association (BIBA) is tracking.

The conditions causing most concern domestically include:
•The doubling of Insurance Premium Tax (IPT) in only 18months and the threat of more increases to come.
•The changes to ‘Ogden’ discount rate for calculating catastrophic injury damages.
•Increasing inflation and decreasing value of Sterling.
•The coming snap election and all that will bring.
White said: “Cost pressures within our industry, economic factors affecting insurance buyers, uncertainty and new competitive threats to the UK insurance market are all possible issues that we have to deal with. If a few of these storms materialise and hit us at the same time, they could create significant challenges for us.”

BIBA is actively tracking these matters and continues to campaign for outcomes that are positive for members and their customers.

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