Brokers are struggling to keep pace in the travel insurance market, as aggregators take an ever-increasing share of the sector. Callum Brodie investigates the future of intermediaries in this highly competitive arena.
UK-domiciled Lloyd’s brokers are under significant pressure. It’s always been a tough market, but the increased use of broker requests for proposals and unsolved inefficiencies are squeezing the London community further.
Many might argue the day was an inevitable one for a motor insurance giant where UK car cover accounts for 90% of group turnover, but the market evidently hoped otherwise. Admiral’s radiant stock market halo has finally lost some of its shine.
The managing director of the East Anglia general insurance and legal services firm Alan Boswell Group is targeting a fresh recruitment drive, after announcing a capital reserves growth of 36% in the past year.