Survey finds falling profitability for brokers
The latest Confederation of British Industry/PwC quarterly survey on financial services has revealed that general insurance brokers expect their volume of business and income to fall in the next three months.
The survey showed that between April and June brokers' profitability fell back in a quiet quarter for volumes with marginal growth in the value of incomes received and a rise in average costs per transaction.
A net 12% of brokers said they expected the volume of business to fall in the next three months while overall 6% more brokers believed there will be a negative trend in fees and commissions rather than a positive one.
For overall profitability of business 28% more brokers had a negative
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