Daily Digest: Biba urges chancellor to cut red tape, Hurricane losses set to surge, Special report on energy risks

Catch up on the essential news and analysis from the Insurance Day experts

Biba calls on Reeves to cut FCA red tape The British Insurance Brokers’ Association (Biba) has called on the UK government to ease  regulatory burdens on the insurance sector, ahead of a major speech by the chancellor of the Exchequer, Rachel Reeves. In an open letter, Biba chief executive, Graeme Trudgill, said the broking sector struggled under “over-burdensome regulation” and accused the Financial Conduct Authority (FCA) of thwarting business formation and smaller brokers and depressing productivity. FCA red tape “currently makes the UK the most expensive place in the Western world to operate as an insurance broker”, Trudgill claimed, adding the FCA had authorised only two new brokers in the first quarter of this year, while “dozens” had ceased trading.