Spike in number of young entrepreneurs launching insurance businesses
The number of 18 to 25-year-olds starting their own brokers or insurance related companies increased significantly last year as the start-ups market also grew, according to research by Instant Offices.
Companies House data analysed by Instant Offices revealed 511 companies were registered as ‘activities of insurance agents or brokers’ in 2022 – a 24% increase compared with 2021 (see table below).
The data showed the number of young entrepreneurs in the industry boomed in 2022, rising from only three in 2021 to 20 last year.
Related Is it a golden age for broker start-ups, despite rising costs?It meant 18 to 25-year-olds were at the helm of 4% of last year’s new insurance
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