Biba’s increased membership pushes 2021 turnover up by 19%

Broker trade body Biba reported a 19% increase in its turnover for 2021, thanks to increased membership income, according to its 2021 financial report and accounts.

In a statement, Biba said: “We continue to manage our funds cautiously and believe wholeheartedly in our strategy to protect against financial shocks, which has allowed us to continue to deliver significant support for members.

“Though the impacts of Covid [have] continued to have an effect on Biba, its members and customers in 2021, the organisation’s careful investment in IT and a high quality team continued to pay dividends.”

Stronger today

The trade body believes it is in a “stronger position” now compared to 2020, when it had to adapt to pandemic lockdown measures - for example, Biba’s annual conference in Manchester, usually held in May, could not go ahead in-person.

During 2021, however, Biba implemented different ways of supporting its members to help consumers and businesses access insurance.

For example, it hired a new manager for its Find Insurance service in May 2021, Jordan Kirby, as well as worked to meet the FCA’s criteria for a Travel Medical Firms Directory, which was achieved in January 2021.

Biba said that its ethos of being “knowledgeable, approachable and passionate about brokers has not changed”.