Manchester once again played host to the BIBA Conference, bringing together brokers, MGAs, insurers and service providers to discuss the issues shaping the market today. From AI and cyber exposure to geopolitical uncertainty and climate risk, the conversations reflected a growing sense that clients are facing a more complex risk environment.
This year’s theme, “Time: To”, felt especially apt. Across the conference, there was a clear sense that brokers, MGAs and clients are already dealing with more interconnected risks, and that these are becoming harder to address through traditional commercial insurance placements alone. There was also greater emphasis on governance, operational resilience, data strategy and longer-term risk financing strategies, rather than focusing solely on the annual placement cycle.
One session that stood out focused on how AI can be brought into the broking business responsibly, with a strong focus on using AI to support better insight, efficiency and customer outcomes, whilst recognising the importance of human judgement. “Shadow AI” also came up, particularly in relation to the governance and operational risks that can arise when tools are adopted before oversight catches up.
Against that backdrop, there was strong interest in how Guernsey structures can help brokers, MGAs and clients respond to a changing risk landscape. Conversations on the Guernsey stand and during the Guernsey-focused session highlighted increasing appetite for more tailored risk financing solutions, including captives, PCCs, MGA structures and producer-owned vehicles. There was particular interest in models that enable brokers and MGAs to participate more directly in underwriting performance, retaining a share of the underwriting profits, reducing traditional market costs and accessing reinsurance capacity more efficiently.
A recurring theme throughout the conference was that captives and other re/insurance structures are increasingly being viewed as more than simply risk financing tools. For many organisations, they are becoming strategic vehicles for strengthening client relationships, aligning underwriting performance with long-term objectives and creating greater control over risk financing. There was also broader recognition that, for some clients facing increasingly complex and evolving operational risks, the traditional annual placement cycle alone may no longer provide sufficient flexibility or responsiveness.
In that context, Guernsey’s combination of captives, PCCs, MGA structures, reinsurance expertise and specialist service providers clearly resonated across many of the discussions taking place during the conference. The PCC regime in particular attracted strong interest because of its flexibility, speed to market, operational efficiency and ability to segregate risk and capital. Joining us on behalf of Guernsey Finance were Richard Paris-Smith (SRS), Ben Davies (WTW) and Omar Tariq (PwC). There were many positive discussions around how Guernsey’s insurance market can support the evolving needs of brokers, MGAs and their clients.
For all the focus on technology and change, there was also a strong sense that relationships and trust remain at the heart of the industry. Perhaps helped by the Manchester weather, the exhibition halls stayed busy throughout, with the Guernsey cows, donkeys and bacon baps proving popular conversation starters on the stand.
Ben Stokes’ keynote speech brought the conference to a fitting close, touching on leadership, resilience and decision-making in a way that echoed many of the themes discussed over the two days. Overall, the conversations at BIBA reflected a market that is moving quickly. As brokers, MGAs and clients continue to look for more flexible, long-term ways to manage increasingly complex risks, Guernsey’s combination of innovation, pragmatic regulation and established risk structures looks well placed to support that shift.
