BIBA 2010: Lexicon exec hails insurance broker resilience

The insurance broking sector has performed at a “remarkable” level in the midst of economic turmoil by tackling cost bases to protect profit margins, a market analyst told panel members at a fringe event at the British Insurance Brokers' Association (Biba) conference yesterday.

Joe Suddaby, an executive at Lexicon, told attendees of the ‘Riding the Storm' event, chaired by Biba head of technical services Peter Staddon, that the insurance broking market had shown resilience in the face of the toughest market conditions "since the great depression".

"Obviously, the last few years have been very difficult. With the increase of alternative distribution channels and rising regulation, brokers have faced very challenging times indeed," he said.

"But because most brokers have