KPMG warns brokers 2009 will be 'tumultuous' for their businesses
Brokers have been warned that they face a "tumultuous" time in 2009 as the recession begins to bite and the regulator increases its scrutiny of firms.
The warning came from advisory firm KPMG, whose European head of general insurance performance advisory services, Mark Winlow, predicted a much tougher environment for brokers.
"We expect insurers will seek to reduce expense ratios in 2009 - broker commission and income will trend downwards and the pace of broker consolidation will slow," he said
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