The government says it will work with the industry on similar agreements for other types of cover
More than 100,000 older policyholders have been able to find suitable insurance cover following a ‘milestone’ agreement between the government and the insurance industry.
In 2012, the ABI, Biba and the government signed up to the signposting agreement, which meant that these older people who would have previously struggled to find suitable insurance could now access the service.
Under the terms of the agreement, if an insurer or insurance broker is unable to offer cover for an older motorist or traveller because their age is above the firm’s upper age limit, they will then automatically refer them to an alternative provider or Biba’s Find a Broker service.
Biba chief executive Steve White said: “To reach this milestone so quickly shows not only that Biba’s Find a Broker Service plays an important role in helping people to find insurance, but that the solution the industry has put forward works, and works well.
“Previously, many older people would not have been able to find appropriate cover, however brokers have once again demonstrated that they’re able to play a vital role in helping people through our service.”
Financial secretary to the Treasury Sajid Javid MP said he is looking forward to working with Biba and the industry on similar agreements for other types of cover.
“I’m excited to see that the signposting agreement the government helped to set up is going from strength to strength, helping thousands of older customers access vital insurance products,” he added.