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Market Movement Index: Brokers Cutting Agencies to Focus on Fewer Insurers

Broker Insights Market Movement Index No 3

The Broker Insights Market Movement Index is a comprehensive report that tracks policy movement trends within the UK’s commercial insurance sector, produced in partnership with Insurance Age.

Now in its third edition, the report highlights a significant shift: brokers are consolidating their insurer relationships, cutting agencies, and focusing on a smaller number of insurers that offer greater value.

“This latest analysis, based on an expanded database containing £4.6bn (previously £2.1bn) in renewal premiums for commercial insurance, covers renewals from October 2022 to September 2023 and compares them with those for the same period in 2024.

The analysis looks at brokers selection of insurer by size (large, medium, small and micro) and shows whether policies are being retained or moved, compared to the previous year.

The latest report suggests that by reducing agency numbers and concentrating business with selected insurers, brokers are aiming to enhance service levels, secure better policy wordings, and manage costs more effectively.

The Market Movement Index provides valuable insights for brokers, insurers, and industry stakeholders, helping them navigate the evolving commercial insurance landscape.

Download your copy of the third Market Movement Index here.

For further discussion on the report’s findings, please reach out to your Broker Relationship Manager or Strategic Account Manager, or submit an enquiry via our contact form.

If you’d like to revisit the first and second edition of the Market Movement Index, you can find them here:

First edition.

Second edition.

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