Broker Distribution Insight 2024: Which Insurers Lead the Way?

Broker Distribution Insight 2024: Which Insurers Lead the Way? Summary This report explores which insurers can be considered market leaders from the point of view of commercial brokers. The report looks at factors that brokers find most important when selecting an insurer with which to place business, analyzing how this has changed over the course of the cost-of-living crisis. Across 11 different aspects questioned, brokers select the insurer they consider to be best in class. The four leading insurers are discussed individually, as well as each separate category. The top consideration for brokers when selecting insurers to place business with is the price/premiums. This has shifted from the previous leading factor, which was flexibility in underwriting and cover. The shift can be attributed to businesses facing economic struggles due to inflation, interest rates, as well as increasing premiums seen in most product lines. This has led to a heightened emphasis on cost-effective insurance solutions. Brokers continue to place emphasis on insurers that can help fill gaps across their spectrum of clients. The quality of product material continues to be a growing factor when choosing an insurer, with ESG-related policies growing in popularity. Scope - Aviva was rated the best-in-class insurer by brokers in nine out of 11 categories, showcasing consistent performance. - Brokers prioritize price/premiums when selecting insurers, with a significant increase from 18% in 2023 to 26% in 2024. - Provincial brokers place a higher emphasis on price/premiums and flexibility in underwriting/cover. Super-regional brokers prioritize price/premiums and quality of the insurer's product materials. National brokers prioritize flexibility in underwriting/cover and price/premiums. Reasons to Buy - Understand which aspects brokers are placing increasing emphasis on when choosing an insurer with which to place business. - Compare yourself with market leaders and see how they are strategizing going forward. - Enable yourself to continue adapting to the cost-of-living crisis and economic climate in line with brokers’ expectations.