MGAs are thriving. The market is now worth billions of pounds globally as insurers continue to recognise the importance of specialist underwriting and expertise.
This is shown by the abundance of new startups and product launches that fill the column inches of the trade press, and it makes for a genuinely exciting and increasingly important part of the UKGI marketplace.
There are challenges too, of course.
For some, securing capacity has been difficult. Yet, as insurers focus on their core books of business, MGAs are gaining traction in their specialist market heartland. The general sentiment is that these challenges are beginning to ease, especially for MGAs with a well-defined specialism and a strong track record.
And our MGA Performance Report 2024, published in association with the MGAA, reveals just how resilient MGAs continue to be, with the firms in our analysis picking up an average Insurance DataLab MGA Rating of 52.7% for 2024.
While this is a slight decrease from last year’s 53.5% average rating, it remains higher than both 2021 and 2020, with MGAs continuing to grow at pace.
Indeed, MGAs receive their highest rating under our Growth pillar after a sizable uptick in revenues over the last 12 months, while Productivity has also been given a boost in a clear positive sign for the future.
We delve into the finer details of these performance ratings in the full report, which can be downloaded for free here, and includes a detailed market analysis as well as an in-depth look at the performance of this year’s Gold Award winners.
