Brokers wasting £2.3bn in profit, says report

The UK insurance broking industry is wasting £2.3bn worth of profit every year, according to a new study by business analyst Plimsoll Publishing.

The report revealed that 10% of companies were making a loss, while 6% were losing money for the second year running. In addition, 8% of companies were found to have made less than 3% return on investment.

The findings suggested a staggering 1,224 of the 1,654 companies covered would make more profit under new ownership, resulting in £2.3bn extra revenue

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