Commercial Insurance Remuneration Analysis
Why is it that insurance is one of very few financial services that allows fees & commissions to be built in and effectively hidden for the end customer? You wouldn’t hire a solicitor or take out a mortgage without knowing the fees involved.
With brokers still earning anywhere from 20-50% of the paid premium, and this effectively being passed on to you (and taxed) its important to ensure you are aware of what you are paying and that it warrants the service being provided.
With over 50 years experience in the UK insurance market, our team made up of ex-corporate brokers are well placed to advise on what is deemed a fair commission or fee dependant on the type of risk, broking undertaken and many more factors. We aim to reduce your costs, ensure fair value and highlight bad practices.
Areas of Practice
Global & Complex Programmes
We are experienced working with multi-national clients where territorial norms may differ and placement structures can be convoluted. We look at all aspects of your programme ranging from material damage to financial lines but also the added value the broker is providing by way of claims audits, local representation and much more.
Fleet
Earnings are generally in line across the market however can differ when you move from say a small family fleet policy to more complex self drive hire policies where on/off amendments plus claims frequency may be high.
Property Owners
Everything from portfolios, mixed use developments to cladded buildings. Whether you are a right-to-manage (RTM) company, freeholder or even a leaseholder responsible for paying the premium via service charge we are on hand to obtain and make comment on one of the most widely abused classes of business.
Commercial Combined
Covering all trades and industries, when we approach a combined programme we focus more on the all round proposition that the broker is providing. This may compose of broking strategy, risk manaamgent assistance of the frequency of claims.
Marine Cargo
For clients who make regular and/or sizeable shipments, this can often present brokers with opportunities to earn additional income when the work involved is actually little to none.
“Between 1 January 2019 to 30 September 2022, the FCA observed during a study of broker commissions for multi occupancy buildings insurance that absolute levels of remuneration, including commissions, have risen by nearly 40%.”
— Multi-occupancy buildings insurance – broker remuneration - FCA - April 2023
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