‘There’s always a place for proper advice selling well-constructed and priced products that have been carefully thought through,’ says director
The number of UK insurance brokers has fallen each year since 2015, with the total count dropping 1,121 over the decade.
This is according to data released by the FCA, which showed that the amount active brokers fell from 6,637 in 2015 to 5,516 in 2024 – a drop of 16.9%.
One of the reasons for the drop could be attributed to M&A, with large firms looking to improve their regional presence with the consolidation of smaller, local firms.
Deals also increased last year. According to January 2025 figures published by professional services firm Ernst and Young (EY), the number of UK insurance deals rose from 112 in 2023 to 188 in 2024, with the total publicly disclosed deal value increasing from £3.7bn to £4.6bn between 2023 and 2024.
New brokers
Branko Bjelobaba, director at compliance consultancy Branko, believes that while large brokers will always chase M&A to drive efficiency, a continued flux of new brokers will keep the sector healthy.
Bjelobaba explained: “Sometimes critical mass is needed to work with insurers and MGAs to bring a certain volume to then benefit from better pricing and coverage and cover for certain risks that only larger brokers can access.
“But at the same time, there are new brokerages being set up all the time – people that want to work together and redefine service and approach or target a certain niche and bring that to a new or different client base.
“There’s always a place for proper advice selling well-constructed and priced products that have been carefully thought through at design stage.”
He graduated in 2017 from the University of Manchester with a degree in Geology. He spent the first part of his career working in consulting and tech, spending time at Citibank as a data analyst, before working as an analytics engineer with clients in the retail, technology, manufacturing and financial services sectors.View full Profile
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