’The UK broker market is in great shape,’ says co-founder

General Insurance Brokers (GIB) has been named the best broker in the UK general insurance (UKGI) market by Insurance DataLab.

GIB received a broker rating of 73% in Insurance DataLab’s Performance Report, which analyses the financial performance of more than 100 broking firms.

This represents a four-percentage point increase on its 2023 rating, when it ranked fourth, while the firm is also 20 percentage points ahead of the market average.

GIB is joined on this list of top performers by Roanoke International Brokers with a 72% rating, JCB Insurance Services (71%), Berry Palmer & Lyle (70%), Hugh J Boswell (69%), as well as Investment Discounts On Line, Holiday Extras, Avantia, Dayinsure.com and RAC Financial Services, which all achieved a score of 68%.

“It is great to see so many new faces rising to the top of the table, as well as some serial winners proving their excellence as best-in-class broking businesses,” Insurance DataLab co-founder Matt Scott said.

Average rating

The report rates 127 providers across three key pillars – profitability, growth and productivity – with the top performers receiving an Insurance DataLab Gold Award.

This year saw the average broker rating rising by 2.4 percentage points to an all-time high of 53.2%.

“Despite continuing political and economic uncertainty, the UK broker market is in great shape, with this year’s average broker performance rating the highest yet,” Scott said.

”Encouragingly, brokers have also reported improved ratings across all three of our performance metrics, delivering clear evidence that the UK broking market is certainly on an upward swing.”