Over 1,000 brokers may be unable to trade at the turn of the Millennium because software providers have failed to make computer systems Year 2000 compliant.
A survey by the British Insurance & Investment Brokers' Association shows many brokers are still using non-compliant software which could leave them unable to trade and process quotes.
Computer experts believe software will crash because systems are unable to recognise the change in date from 1999 to 2000.
Biiba says the problem is being caused by software providers Misys Penta, CSC Ra Quotel, New Millennium Technologies and CSC Ra Grapevine who have not supplied upgrades.
Biiba is urging software providers to issue upgrade packages by the end of the year.