The UK Financial Conduct Authority (FCA) has launched a market study to assess how competition is working in the wholesale insurance broker sector. The FCA wants to ensure that the sector is working well and fosters innovation and competition in the interests of its diverse range of clients.
The London insurance market is one of the world's leading centres for large-scale, complex commercial and specialist risks, controlling more than £68bn in gross written premium.
There have been significant changes in the wholesale insurance sector in recent years, which have seen brokers developing new services and business practices. The FCA plans to explore how competition is currently working and whether it could work better.
The FCA believes that effective competition contributes to ensuring London remains an international centre for insurance.
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