MGAs have once again demonstrated their value to brokers, receiving an average score of 4.45 from brokers in the Insurance Times MGA Survey for 2024/25 – the highest rating yet. This compares to an average of 3.82 for insurers in the most recent Insurance Times Broker Service Survey, with commercial line insurers receiving a score of 3.89 and personal lines insurers 3.79.
This outperformance demonstrates just how important MGAs have become in UKGI as they continue to set the benchmark for exceptional broker service and support.
And MGAs have consistently led the market in broker satisfaction, leading their insurer peers in each of the last six years. That gap has widened over the last 12 months too, with MGAs outperforming insurers by 0.64 in 2024/25, compared to 0.53 a year earlier.
Indeed, the gap between MGA and insurer service levels has never been greater, highlighting the distinctive qualities that make MGAs invaluable partners for brokers.
Writing in the 2024 Insurance DataLab MGA Performance Report, MGAA chief executive Mike Keating described MGAs as the "jewel in the crown" of the insurance ecosystem, adding that "MGAs have honed their agility and product speed to market, tapped into best-in-class underwriting talent, and delivered unrivalled service".
This annual report analyses the financial performance of MGAs and found that performance fell slightly last year following a dip in profitability, although this was partially offset by an increase in productivity.
The Insurance Times Five Star Rating scores for every MGA and insurer can be compared on the Insurance DataLab market intelligence platform.
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