Industry Analysis & Industry Trends
The United Kingdom has been an important global hub for insurance since the 17th century. Today, the United Kingdom is one of the largest insurance centres in the world, only surpassed in size by Japan and the United States. Insurance agents and brokers act as intermediaries between clients and insurers. The main sources of competition for insurance brokers and agents are banks, financial advisors and underwriters, all of which circumvent agents by selling insurance directly to customers. Brokers and agents also provide risk management consulting and other value-added services to their clients for additional fees. These advisory services are becoming an increasingly important revenue stream... purchase to read more
Industry Report - Industry Locations Chapter
The distribution of industry revenue largely corresponds with population density, gross domestic household income and general business activity. The geographical distribution of insurance brokers and agents is a result of where it is most beneficial to conduct business. Given the commercial segment accounts for an estimated 73.5% of industry revenue, many insurance brokers and agents are located close to central business districts.
London's insurance market is the world leader for internationally traded insurance and reinsurance, and it is the only place where all 20 of the world's largest insurers and reinsurers have offices. London's insurance market predominantly consists of general insurance and reinsurance, with high-exposure risk. Approximately 18.3% o.. purchase to read more