Brokers' profitability predicted to fall
Brokers saw a strong decline in business at the end of 2011 and face further reductions in profitability at the start of 2012 according to a new report.
The Financial Services Survey from Pricewaterhouse Coopers (PwC) and the Confederation of British Industry stated that the volume of business for UK general insurance brokers fell strongly in the three months ending December 2011, and that this drop in volume led to a reduction in brokers' profitability.
It noted that although total operating costs fell in the quarter, brokers had seen a surge in average costs per transaction.
The authors added that profitability, volumes and premium income were
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