Brokers' profitability predicted to fall

Brokers saw a strong decline in business at the end of 2011 and face further reductions in profitability at the start of 2012 according to a new report.

The Financial Services Survey from Pricewaterhouse Coopers (PwC) and the Confederation of British Industry stated that the volume of business for UK general insurance brokers fell strongly in the three months ending December 2011, and that this drop in volume led to a reduction in brokers' profitability.

It noted that although total operating costs fell in the quarter, brokers had seen a surge in average costs per transaction.

The authors added that profitability, volumes and premium income were

Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.

To access these options, along with all other subscription benefits, please contact info@insuranceage.co.uk.

You are currently unable to copy this content. Please contact info@insuranceage.co.uk to find out more.

Sorry, our subscription options are not loading right now

Please try again later. Get in touch with our customer services team if this issue persists.

New to Insurance Age? View our subscription options

Register

Sign up and gain access to five complimentary news articles every month.

Already have an account? Sign in here

This address will be used to create your account

Applied updates on commercial push

Applied Systems has confirmed Arch Insurance is about to enter the pilot phase of onboarding and will be live on the Applied Epic broker management system in April, with Iprism and Ark to follow and more promised in 2024.

You need to sign in to use this feature. If you don’t have an Insurance Age account, please register now.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an indvidual account here: