17% of brokers report unprofitable quarter to FCA financial resilience survey
An average three-month net profit of £22,636.50 has ranked insurance brokers and intermediaries as the third most profitable sector in the latest Financial Resilience Survey by the Financial Conduct Authority.
Only buy-side and sell-side businesses outperformed the insurance market in the three months to 29 September 2023.
However, according to the watchdog, 17.29% of insurance brokers and intermediaries reported being unprofitable during the period. This was still better than the full financial services landscape, where 19.4% of respondents said they had experienced a loss-making quarter.
The regulator flagged that it was important to note the assessment only covered a short timeframe and seasonal
Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
To access these options, along with all other subscription benefits, please contact info@insuranceage.co.uk.
You are currently unable to print this content. Please contact info@insuranceage.co.uk to find out more.
You are currently unable to copy this content. Please contact info@insuranceage.co.uk to find out more.
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. Printing this content is for the sole use of the Authorised User (named subscriber), as outlined in our terms and conditions - https://www.infopro-insight.com/terms-conditions/insight-subscriptions/
If you would like to purchase additional rights please email info@insuranceage.co.uk
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. Copying this content is for the sole use of the Authorised User (named subscriber), as outlined in our terms and conditions - https://www.infopro-insight.com/terms-conditions/insight-subscriptions/
If you would like to purchase additional rights please email info@insuranceage.co.uk
More on Insight
Brokers, are you sure you don’t have a D&I problem?
Why is Link – the LGBTQ+ insurance network – at the British Insurance Brokers’ Association Conference next week? Because it wants to support brokers on diversity and inclusion, according to co-chair Maxim Cook and committee member Erik Johnson.
Biba Conference 2024 countdown: Crawford & Company’s Emma Parr
Emma Parr, chief client officer, UK & Ireland at Crawford & Company, will be donning her white trainers, talking claims technology, and catching up with Olympian Derek Redmond at her reception event.
Transparency, team and targets – Zurich boss David Nichols ready to meet and greet brokers at Biba
One year on from his first British Insurance Brokers’ Association conference in the Zurich hotseat, UK head of retail David Nichols shares his key messages for brokers ahead of the upcoming event in Manchester.
People Moves: 6 – 10 May 2024
Stay in the loop with the latest insurance personnel moves.
Arc Legal founder Finan launches Addept Group after buying broker Policywise
Arc Legal Assistance co-founder Richard Finan has returned to the insurance market with a new wholesale business Addept Group, having acquired broker Policywise.
TBIG increases stake in Hathaway & Cope to 75%
The Broker Investment Group has increased its ownership of Hathaway & Cope, a managing general agent with delegated authority, to 75%.
Aurora launches policy in partnership with Axa
Managing general agent Aurora has launched its second specialist offering, a management liability policy in partnership with Axa.
Biba Conference 2024 countdown: Sedgwick’s Mark Gilbert
Mark Gilbert, strategic client director and head of corporate at Sedgwick, teases a shaken, not stirred surprise on its stand, reminisces about playing Steve Davis at pool and describes Biba as the Crufts for insurance.
Most read
- Cost-of-living crisis pushes up premium finance demand
- Ardonagh strikes A$2.3bn PSC deal
- Video Q&A: Close Brothers Premium Finance MD Shaun Hooper