Opinion: Tony Cornell
Concern over commission creep: Climbing commission could push premiums ever higher says Tony Cornell, but what can brokers or insurers do to stop it?
Recently, Richard Pryce of QBE and Amanda Blanc of Axa have both expressed concern about commission creep. This is understandable as the commission line of expenses incurred by insurers seems to increase regularly and they seem powerless to reverse the trend.
In 2005, when the first survey of the top 100 independent commercial brokers was published by Insurance Age, the average commission level was 16%. Last year, this had increased to 22%. This six percentage point increase represents an annual
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