New research to compare UK broker regulation costs with countries outside Europe

Biba is planning to release an updated version of its research into the cost of broker regulation in its 2014 manifesto.

As well as updating the figures from the original 2011 research, the new study will have a broader scope as it will look beyond Europe.

Biba chief executive Steve White told Insurance Times: “We are going pick out some of the bigger worldwide insurance centres as well to try and pitch where the UK sits in relation of the rest of the world.”

The original study, unveiled in Westminster in March 2011, found that direct and indirect regulatory costs accounted for 3% of UK brokers’ general insurance revenue – far higher than other countries in Europe.

The country that came close was Ireland, where regulatory costs were 1% of revenues.