LIIBA to prioritise COVID-19 and post-Brexit trading in 2021
The London and International Insurance Brokers’ Association ( LIIBA) has said that helping its members deal with the COVID-19 pandemic and supporting post-Brexit trading will be its key priorities in 2021.
While COVID-19 will continue to be a focal point this year, the trade body looks to work with its members to seek opportunities in new markets and enhance trading relationships with the EU following Brexit.
Other initiatives that LIIBA plans to undertake in 2021 include lobbying against potential rises in Insurance Premium Tax and improving the efficiency of delegated underwriting.
"We will be at the heart of discussions about how to return to a physical trading environment that preserves London’s unique offerings without losing the efficiency gains the pandemic has accelerated," said Christopher Croft, CEO of LIIBA.
"Having seen our industry’s reputation take some knocks during the pandemic, brokers are keen to promote the social good that insurance can deliver, such as our support for the UK’s Covid-19 vaccination programme."
He added: “We will also work closely with members to support their Brexit solutions as they bed down into normal operation. More than 50 of our members now have a new EU entity in their group. Importantly, we will begin to consider how we might influence the evolution of our trading relationship with EU for services.”
Croft noted that supporting its members in creating more inclusive cultures in the workplace will also be high on its agenda for 2021. "We will expand our training on these topics, particularly so we can involve our smaller members who might not have the resources in-house to run their own training. We are also keen to facilitate knowledge sharing between our larger members, who have more resources to dedicate to diversity and inclusion, and our smaller members,” he said.
From its 2020 agenda, LIIBA highlighted that it has delivered tangible successes. These include providing the voice of the broker and the client in the discussions around the Future at Lloyd’s proposals; continuing to help members achieve their professional development requirements, as well as responding to multiple FCA consultations and HM Treasury debates.
“While dealing with the effects of the pandemic turned out to be our primary focus last year, one of our key priorities in preceding years – supporting members’ adoption of electronic trading – provided a vital foundation for the market to function in lockdown," said Croft. "In addition, we worked closely with government and the Financial Conduct Authority (FCA) to agree pragmatic changes to insurance regulation and supervision to enable remote working."
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