In 1977 BIBA was founded to represent the independent insurance brokers.
In 1988 following the Financial Services Act BIBA improved its membership to include the independent Financial Advisors and then became the British Insurance and Investment Brokers Association.
In 1994, in light of the increased pressure that Financial Advisors were under, an association was created dedicated to representing their interests only. This resulted in BIBA implementing a sister organisation called the IFA Association.
In September 1991 the organisation removed the word ‘investment’ from their business title name and became BIBA, the British Insurance Brokers Association, the UK’s leading insurance mediator representing the interests of insurance brokers, intermediaries and customers.
A BIBA membership includes around 2000 regulated companies that joined from the Institute of Insurance Brokers (IIB) in November 2011. With the two companies merging together they became one association and the clear voice of general insurance brokers. BIBA brokers employ more than 100,000 staff with general insurance brokers contributing approximately 1% of the GDP (Gross Domestic Product) to the UK’s economy.
The BIBA mission statement is
“To represent and protect the best interests of our insurance broker and intermediary members”
And they try to achieve this by helping more than 400,000 customers a year to access insurance protection through their find a broker service, via the telephone and online. A broker will provide a professional service to their customers, being businesses and individuals. They will negotiate, appropriate insurance protections based on an individual needs basis playing the key role in the identification, measurement, management and control of risk.
BIBA helps the insurance industry giving advice to members, regulators, consumer bodies and key stakeholders. With the unique schemes that BIBA provide from technical advice and guidance on regulations, BIBA are continuously helping towards raising further awareness and maintaining the insurance industries standards.