BCorp certified Bikmo releases 2021 Impact Report

Bikmo has released its 2021 Impact Report, which highlights trends and key events for the Bicycle Industry focused insurance business.

For the BCorp certified insurer a critical part of it’s business focus is supporting local cycle retailers. This sees the claims team actively directing repairs and replacements, where possible, to local cycle retailers.

The report highlights that supply chain issues within the cycle sector, resulting from COVID-19, continue to present a challenge, and will continue to do long into 2022. As a result Bikmo have had to push back their goal of putting £10 million back into local retailers by 2023, however the business remains focussed on, and committed to, hitting this goal.

Also highlighted, the amount of bikes the insurer can salvage, for reuse, repair, and giving to charity, with 2021 seeing a significant leap forward in the salvage process.

Whenever possible bikes that have been replaced are recovered from customers, then repair and re-sold, keeping bikes from landfill, and insurance premiums from increasing, whilst giving any remaining items to charities such as the Bren Project. The cash value here totals over £80k.

With Bikmo active in 4 territories – UK, Eire, Germany and Austria – the plan is for the salvage program to expand business wide.

Across the 4 territories the business currently provides insurance for over 75,000 riders, through customers and partners, and remains on track to quadruple rider numbers by 2025.

2021 saw the insurer pay out £1.3 million in business to customer claims.

In early February the insurer also launched a business focused service – Bikmo Bike Shop Insurance – designed specifically to provide cycle retailers, offering a specialist approach to business insurance, delivered via a policy underwritten by Hiscox, the same provider which underwrites Bikmo’s cyclist focused insurance policies.