Industry Analysis & Industry Trends
There are myriad factors that are changing the insurance sector, and there are still others more specifically targeting brokers and agents. The current macroeconomic influence stems from the economic downturn and recession from 2008-09. There has been a resulting decrease in the need for workers' compensation insurance, as it is determined by total employment. The demand for risk advisory services and commercial property and liability insurance also depends on aggregate economic activity.
However, brokers and agents are not entirely represented by the fluctuations in the overall insurance market. The industry comprises independent brokerages and agencies that act as intermediaries during insurance purchases... purchase to read more
Industry Report - Industry Analysis Chapter
The UK insurance sector is the third-largest in the world behind the United States and Japan. In today's market there are five principal means of insurance product distribution: brokers, agents, direct sales by the insurance carrier, banks and building societies, as well as independent financial advisors. All distribution channels, with the exception of direct sales, are businesses independent of the insurance carriers and are therefore not subject to the greater economic influences on the overall insurance sector. For this reason, insurance brokers and agents can and will outperform the overall insurance sector, given the poor return on investment as a result of the global economic downturn from 2008... purchase to read more