Corporate insurance buyers in the United Kingdom want brokers to automatically disclose their commission earnings when arranging coverage, according to a new survey that also found a widespread lack of understanding about the level and breadth of broker remuneration.
The survey, conducted by Insurance Research and Strategy, was sponsored by the International Underwriting Association and Lloyd's Market Association.
The survey of some 500 corporate insurance decision-makers found strong support for mandatory disclosure, with between half and 60 percent 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 in the London market.
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