Top 50 2020 - State of the market
Another year of respectable growth, but not across the board: The personal lines broker market has once again demonstrated its resilience, with increased GWP making up for continued margin pressure, and innovation and acquisitions offsetting limited organic growth in firms with more traditional business models. The initial response to the Covid-19 pandemic further reinforces this view of a sector gamely fighting back in challenging times. John Needham and Bethanie Crayston of accountants and business advisers PKF look at the state of the industry in 2020
Continuing the trend from the previous 12 months, 2020 has shown to be another year of growth within the Top 50 universe. Using aggregate GWP as an approximate measure of the market size represented by the Top 50, the personal lines GWP of the participants reached a record £6.1bn this year – up from £4.9bn in 2019. Admittedly, the inclusion of BGL Group, a new entrant to the £1 billion+ banding, is a significant driver of aggregate GWP growth.
Excluding the new entrants to the Top 50 rankings
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