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BIBA Launches Guidance to Reduce Misunderstandings Over Disclosure

Strategic Insights

— 1 min read

The British Insurance Brokers' Association (BIBA) has introduced a new guidance aimed at eliminating room for dispute when a claim is presented. The guidance, titled "A clearer approach to disclosure," seeks to bring clarity and certainty to the information underwriters are seeking. By asking consistent and unambiguous questions, the purpose is to reduce misunderstandings and customer detriment. The guidance includes two sections suggesting changes for consumer and business question sets, as well as a helpful glossary.

Key Takeaways:

  • The BIBA guidance aims to eliminate room for dispute when a claim is presented by asking consistent and unambiguous questions.
  • The guidance encourages the use of an agreed period for disclosure and suggests clarity over the number of years requested when asking questions.
  • The guidance has been produced as a result of collaboration between BIBA's Insurance Brokers' Standards Committee and Industry Claims Working Group, with help from the team at Flaxmans.
  • The guidance includes two sections suggesting changes for consumer and business question sets, as well as a helpful glossary.
  • BIBA's Head of General Insurance, Alastair Blundel, emphasizes the importance of clarity and certainty in disclosure, citing cases where a misunderstanding has resulted in customer detriment.
  • The guidance is available now and is part of BIBA's 2025 Manifesto, which commits to working with insurers to incorporate key points of this guidance when drafting their Statements of Fact, question sets, and customer declarations.

Statistics:

  • 77% of all general insurance is arranged by brokers, with a premium totaling £105.5bn.
  • 94% of all commercial insurance business is arranged by brokers.
  • BIBA membership includes around 1800 regulated firms, employing more than 120,000 people.
  • The BIBA Conference hosts over 9000 insurance professionals and 230 exhibitors annually.
  • General insurance brokers contribute 1% of GDP to the UK economy.

Sources:

  • British Insurance Brokers' Association (May 13)
  • BIBA's Insurance Brokers' Standards Committee and Industry Claims Working Group (Collaboration)
  • Flaxmans (Collaboration)
  • BIBA's 2025 Manifesto (Commitment to working with insurers)

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