QBE Europe CEO notes increasing broker demands on commission
Richard Pryce also cites "toughest market conditions".
QBE Europe chief executive officer Richard Pryce noted greater broker demands on commission as the provider posted an insurance profit of $464m [£323m] for 2015.
He said that it's pretty clear that there is quite a lot of facilitisation going on in the industry and that tends to generate higher commission.
"With such an excess of supply and people clamouring for business opportunities, the brokers realise that there's a greater opportunity for them to extract a greater proportion of the premium
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