Only 14% of brokers expect growth from general insurance – survey

If numbers from new research by Premium Credit are anything to go by, it looks like insurance brokers aren’t too keen on growth prospects when it comes to general insurance.

According to a recent PollRight survey conducted on behalf of the premium finance firm, only 14% of brokers expect to grow their general insurance business over the next three years. This is a stark contrast to cyber, from which 72% of brokers anticipate growth.

Commercial insurance came in second, with 58% of respondents saying they believe growth will come from this space. More than a quarter (26%) placed their bets on health insurance and critical illness.

Meanwhile 46% of brokers expect their clients to make greater use of premium finance over the next three years.

The study also found that 86% think confidence levels within the broking community are relatively strong. In fact, 24% of brokers said they are ‘very confident’.

However, the findings also pointed to a projected hit when it comes to the sector’s size. According to Premium Credit, 90% expect a reduction in the number of intermediaries over the next year. In addition, 16% forecast a steep fall. 

Drivers include growing competition from insurtech, customers increasingly opting to take the direct route, and high stress levels.