Biba figures show 45% of brokers had seen clients cut non-essential cover
More than half of Biba brokers have seen commercial customers reduce their level of insurance protection as a result of the recession.
The figures were included in Biba’s submission to the CBI’s “State of Trade” report, sent this week. Based on exclusive research, they also showed that 45% of brokers had seen clients reduce what they saw as non-essential cover; 40% had seen clients reduce estimates for turnover or wage; and 23% had seen personal lines customers reduce their spend.
Biba joined the CBI’s Trade Association Council earlier in the summer, and this is its first official submission. It read: “Insurance brokers rely on their clients for income and Biba’s members are reporting an overall reduction in income due to the hardships their clients are facing.”
Biba’s technical and corporate affairs executive Graeme Trudgill said he looked forward to continuing to work with the CBI.