Prestige Underwriting’s latest survey of UK insurance brokers has revealed growing demand for non-standard insurance while highlighting concerns over the market’s ability to meet these risks.
The survey found that 79% of brokers reported an increase in non-standard insurance enquiries over the past year, maintaining the same level recorded in the summer 2024 survey. However, broker confidence in the market has declined, with only 38% of respondents expressing strong confidence in its ability to provide solutions, a sharp drop from 65% in the previous survey.
Despite this decline in confidence, expectations for future growth remain strong. The survey showed that 76% of brokers anticipate growth in non-standard insurance within their brokerage over the next 12 months, up from 65% last summer. This suggests brokers see opportunities in the market but remain cautious about potential challenges, the company said.
The survey also examined the role of managing general agents (MGAs) in the non-standard insurance sector. Results show that 46% of brokers consider MGAs to be “very important” to their business, while 53% rated them as “somewhat important”. Additionally, 89% of brokers said they feel supported by MGAs when placing non-standard risks, emphasising the sector’s reliance on MGA expertise.
Prestige Underwriting managing director Alison Williams commented on the findings, noting that while enquiry levels remain strong, the drop in broker confidence is a concern.
“The survey presents mixed signals for the non-standard market. While it is encouraging to see strong enquiry levels and optimism for future growth, the drop in broker confidence cannot be ignored,” she said.
Williams suggested that capacity concerns may be a factor in the declining confidence levels.
“We suspect that the core reason for this drop is concern around a contraction in capacity,” she said.
In February, Prestige Underwriting partnered with Ardonagh Advisory to expand access to non-standard insurance products. Under that partnership, Ardonagh Advisory’s brokers will be able to access Prestige Underwriting’s range of products, including Coverall non-standard household insurance, short-term unoccupied property insurance and non-standard motor insurance.
