Brokers are hit hard by motor rate cuts

Brokers hit by aggressive rate cutting from insurers chasing volume have predicted widespread job losses in the personal lines sector.

The concern has prompted the British Insurance Brokers' Association (Biba) to renew its call on insurers to increase commission to offset falling income through rate cuts.

A steady stream of brokers have complained to Insurance Age that their commission has been severely eroded by recent rate cuts, although brokers are loath to put their heads above the parapet