Brokers’ association aims to highlight the potential impacts of a no-deal Brexit for the insurance broker community
Biba has launched a new ‘Guide to Brexit’ website, aiming to advise insurance brokers on the potential market impacts of a no-deal Brexit.
The mini-site has been designed to highlight where brokers may have exposures if a no-deal Brexit is agreed, offering possible actions to mitigate adverse effects.
Presented in a question and answer format, the site has five key sections: market access, customer communications, data arrangements, employing staff and working overseas and regulatory guidance.
The site also features a glossary to break down Brexit-based terminology.
Some considerations the site covers include the possible impact on employer liability insurance and insurance covering the personal possessions of individuals, how insurance firms should communicate Brexit impacts to policyholders and how without appropriate regulatory permissions, UK intermediaries might not be able to place certain European risks with capacity providers.
Steve White, Biba’s chief executive, said: “We’re very excited to launch our new Brexit guide, hoping to help brokers from all firms navigate Brexit. We’re grateful for the support of experts KPMG in helping to create this useful tool.
“In these uncertain times, it’s important that us as a membership organisation lead the way in terms of guidance for all.”
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