Brokers' profitability predicted to fall

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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