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, instead selling insurance directly to customers. Brokers and agents also provide risk management consulting and other value-added services to their clients for a fee.
This industry comprises companies that act as insurance intermediaries independent of insurance providers, either as agents on behalf of insurance providers or as brokers on behalf of a client. Industry participants earn commission, generally a percentage of the insurance premium sold. They also earn fees for providing risk management consulting, and claim assessment and adjustment services.
The report covers the scope, size, disposition and growth of the industry including the key sensitivities and success factors. Also included are five year industry forecast, growth rates and an analysis of the industry key players and their market shares.