Corporate insurance buyers in the United Kingdom want brokers toautomatically disclose their commission earnings when arrangingcoverage, according to a new survey that also found a widespreadlack of understanding about the level and breadth of brokerremuneration.
The survey, conducted by Insurance Research and Strategy, wassponsored by the International Underwriting Association and Lloyd'sMarket Association.
The survey of some 500 corporate insurance decision-makers foundstrong support for mandatory disclosure, with between half and 60percent in favor, depending on the type of compensation involved.This would encompass recognized commission and fees from clients,as well as payments from underwriters–including commissions paid inthe London market.
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