Brokers giving off ‘mixed signals’ over confidence in non-standard market

Brokers have ‘waning confidence’ in the non-standard insurance market, despite a consistent increase in enquiries.

That was according to Prestige Underwriting’s latest broker survey, released today (24 March 2025), which said the results presented “mixed signals”.

The survey found that 79% of brokers experienced an increase in non-standard insurance enquiries over the past year, a response consistent with the results of the summer 2024 survey (79%).

However, confidence in the market amongst brokers has fallen. Only 38% of brokers expressed strong confidence in the market, down from 65% in the previous survey.

Alison Williams, managing director at Prestige Underwriting, said: “We suspect that the core reason for this drop is concern around a contraction in capacity.”

Growth expected

Despite the drop in broker confidence, the survey reported strong growth potential in the market. Some 76% of brokers expect growth in the non-standard insurance market, up from 65% last summer.

According to Prestige Underwriting, this apparent contradiction “suggests a market where brokers recognise growth opportunities, but remain cautious amid potential challenges”.

The survey also highlighted the trust brokers place in MGAs, with 89% of brokers “feeling supported” by MGAs when placing non-standard risks.

Williams said: “The survey results paint a picture of a dynamic but cautious market, where sustained growth potential exists alongside a call for greater stability and support. As the non-standard insurance sector evolves, MGAs like Prestige Underwriting will play a critical role in bridging the gap between opportunity and assurance for brokers.”