The UKGI market has seen considerable change of late. Brokers in particular have felt the weight of increased demand on compliance teams due to new regulations.
Fair value assessments have come in for criticism from brokers, especially for the sheer amount of work involved when dealing with a large panel of insurers across a number of business lines.
Economic and political uncertainty has played its role, too, and with the looming threat of a change of government still on the horizon, we seem to be facing even greater unpredictability before that particular fog begins to lift.
But despite these challenges, the brokers included in the Insurance DataLab Broker Performance Report 2024 – set to be published at next week's BIBA conference – have delivered a record-breaking year. The average Broker Rating stood at 53.2% for 2024 – the highest since this research began.
Encouragingly, brokers have also reported improved ratings across all three of our performance pillars – profitability, growth and productivity – delivering clear evidence that the UK broking market is on an upward swing.
The Productivity Rating experienced the biggest increase over the last 12 months, rising by more than two percentage points to an all-time high of 52.2% – a clear sign that the industry is set for some good times over the coming years.
We explore some of the key trends behind this improvement in the full report and in our upcoming webinar, Navigating Uncertainty: The future of UK broking taking place on 21 May at 11am. We’ll be joined by Stuart Reid from Partners& and Howden’s Kelly Ogley. Everyone who registers to tune in will be sent a free digital copy of the report via our monthly newsletter.
The report will also delve into the performance of brokers by revenue band, with the largest brokers – those with revenues in excess of £500m – losing their position at the top of the rankings for the first time.
Free copies of the report will be available from the Insurance Times stand (A50) at next week’s BIBA Conference, where the Insurance DataLab team will be on hand to answer any questions.
