Despite welcoming some of the measures introduced in today’s Budget, the British Insurance Brokers' Association this afternoon flagged a number of missed opportunities to further improve economic security and better manage the risks of the future.

Amongst its key Budget asks, BIBA raised the thorny issue of Insurance Premium Tax, and in particular IPT exemptions for multi-occupancy buildings with fire safety issues; greater flood defence investment to account for impacts of inflation; and VAT exemption for flood resilience building materials.

“With the cost of living continuing to bite, we welcome the positive measures to ease the burden on businesses and working people announced in the Budget today,” Graeme Trudgill, BIBA’s chief executive said. “However, we also recognise the missed opportunity when it comes to taking more decisive action on issues such as Insurance Premium Tax, and increased flood investment in response to inflationary pressures."

The association said it will continue to engage with all political parties to ensure that managing risk appropriately and building a secure economy are priorities for them in this election year.

“Managing risk and ensuring economic security by closing protection gaps and building business resilience are and should be the priority of all political parties,” Trudgill added. “Therefore, BIBA will continue to champion these and wider issues on behalf of our members as we move further into this election this year.”

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