The latest Direct Commercial Limited (DCL) Broker Barometer has revealed improved prospects for the commercial motor insurance sector. According to the managing general agent, 83% of brokers reported business growth in the past year – up from 75% in the third quarter of 2023 – and a striking 93% expect further expansion in 2024.
DCL noted that the upward trend continues despite sector-wide challenges for brokers, including those that relate to claims and market risks. Interestingly, concerns about capacity have diminished among commercial motor brokers, even though the broader motor market has recently faced capacity issues.
Six months ago, 83% of brokers were doubtful about finding specialists or insurers to provide capacity for the haulage, waste disposal, and courier markets. The new DCL Barometer, however, shows a more optimistic outlook, with only 76% of brokers now expressing the same concerns.
Joe Hantson, who was appointed as DCL deputy chief executive last year, said: “We are dedicated to making consistent improvements in our work with brokers, aimed at reducing costs and enhancing efficiency. It’s gratifying to see brokers report tangible benefits from our efforts.
“Nevertheless, complexities continue to exist, and navigating them requires expertise; we are committed to sharing our knowledge and experience with more brokers as we continue to advance on our strategic path.”
Earlier this year, DCL launched its upgraded Haul In One quote system, aimed at significantly improving how the MGA transacts business with brokers. The company is also continuing its claims clinic initiative, following February’s successful claims clinic in Manchester. DCL’s claims team is heading to Birmingham on June 19 and 20 to connect with brokers and claims handlers.
Led by chief executive Phil Cunningham, DCL also participated as an exhibitor during the recent BIBA (British Insurance Brokers’ Association) Conference.
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