A drop in the ocean
Increases in motor premium rates and the growth of the market fail to tell the whole story, as brokers' share of the market continues to be diluted by direct insurers. Liz Booth discovers that action must be taken if broker motor interest is to avoid sinking without a trace
The past few years have seen handsome increases in premium rates virtually across the board and private motor has been no exception. While rates were increasing for customers, so were the commission rates earned by brokers. But now the tide appears to have turned once more and some brokers are feeling the pinch.
There have been reports of brokers facing a hefty 16% fall in premium income and calls for insurers to change the system so that brokers do not face such pressure. But how widespread is
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