Confidence is failing among insurance brokers, according to the CBI.

Brokers recorded one of the sharpest falls in the latest Financial Services Survey. Confidence in the industry generally has fallen for the first time in a year-and-a-half.

The survey shows 16% of firms are less optimistic about business conditions than three months ago. The drop mirrors a slowdown in business volume growth, which now stands at 17%, compared with 56% last year.

“Confidence has taken a knock,” admitted the CBI's Sudhir Junankar, “Firms are becoming increasingly concerned about the level of domestic business over the coming year.”