Report outlines the latest in the industry for the United Kingdom.
IBISWorld, has released a report with the latest insurance agents news and have identified an updated list of factors that are affecting employees within that sector of the industry in the U.K.
It showed that the continued economic struggle since 2008-2009 is the heart of the current macroeconomic influence.
Tim Stephen, an industry analyst from IBISWorld, explained that “there has been a resulting decrease in the need for workers’ compensation insurance, as it is determined by total employment.” He pointed out that the risk advisory services demand, and for liability and commercial property coverage are dependent on aggregate activity in the economy.
That said, though, the most recent insurance agents news has shown that they are not entirely represented by the changes that are being experienced in the industry as a whole. The marketplace is made up of independent agencies and brokerages that serve as intermediaries when policies are being purchased.
These operators within the industry are also in competition with financial advisors, banks, and underwriters who sell policies directly to the customer. Agents and brokers also offer consulting services for risk management, as well as other fee-based value-added services.
According to Stephen, “the majority of revenue is from commissions derived from premiums sold.”
Equally, though, as these professionals provide more advisory services, this gives agents and brokers the opportunity to perform strongly, regardless of the movement that the sector may be experiencing at the time. That said, the industry has not seen positive growth throughout the last half decade and revenue has decreased at a compound annual rate that has been estimated at 4.3 percent.
The report forecasted that from this year to next, the insurance agents news will head in the opposite direction, by growing by 5.7 percent to reach £33.4 billion. Over the next half decade, there should be a much more significant demand for property and casualty lines, as well as those for life coverage. It is predicted that this will occur as consumers being to rebuild their assets and start to have more disposable income available to them.