Our latest research has revealed General Insurance Brokers (UK) (GIB) as the best broker in UKGI after an analysis of the financial performance of more than 100 firms in our Broker Performance Report 2024.
GIB receives a Broker Rating of 73%, making it the second consecutive year that the broker has been awarded a Gold Award for its financial performance after it ranked fourth last year.
This represents a four-percentage point increase on its 2023 rating, and is also 20 percentage points ahead of the market average.
Based on our proprietary formula, devised specifically for this research, Insurance DataLab rates 127 providers across three key pillars – profitability, growth and productivity – with the top performers all receiving an Insurance DataLab Gold Award.
GIB is joined on this list of top performers by Roanoke International Brokers with 72%, JCB Insurance Services (71%), Berry Palmer & Lyle (70%), Hugh J Boswell (69%), and Investment Discounts On Line, Holiday Extras, Avantia, Dayinsure.com and RAC Financial Services all achieving a score of 68%.
And it has been a good year for the UK’s brokers, with the average Broker Rating rising by 2.4 percentage points to an all-time high of 53.2%.
Indeed, all three pillars saw an improvement in its average rating this year – the first time this feat has been achieved – with each pillar receiving a record-breaking score.
In his guest column for the report, BIBA chief executive Graeme Trudgill said he’s “delighted” to see improvements across these three pillars, praising brokers for their resilience in the face of a number of challenges.
“The fact that during this period the overall rating increased to an all-time high, while profitability and growth ratings also rose, shows just how adaptable and innovative brokers are,” he added.
Further insights, including a breakdown of performance by revenue band, are available in the 2024 edition of the Insurance DataLab Broker Performance Report, which can be downloaded for free here.
If you are one of this year’s Gold Award winners and would like a license to use this independent endorsement, contact Dan King.
Insurance DataLab also offers tailored benchmarking reports to compare the performance of individual companies across the three pillars that make up the overall Insurance DataLab Broker Rating. You can request further details here.
