Consultative Broker Briefing - 2002 Year-End Readership Survey Results

The Consultative Broker™ Briefing
A Free Publication of C.R. Ekern & Company
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Copyright, C. R. Ekern & Company, 2003

At the end of 2002 we surveyed the readers of our Consultative Broker Briefing to create a mosaic of the marketplace and brokerage industry conditions. Below is a summary of the results. You may also click here to see the Consultative Broker Briefing that further summarizes and interprets the survey results.

Question - On average, how many insurance carriers had an appetite for your year-end renewals?

1 or 2 Carriers	44%
3 or 4	44%
5 or 6	5%
7 +	7%

Question - On average, what type of premium increase did you experience for your year-end renewals?

0 to 20% Increase	32%
21 to 40%	58%
41 to 60%	7%
61% +	2%

Question - As regards competition, how would you characterize the marketplace at year-end?

Fierce	10%
Above Average	23%
Average	42%
Below Average	24%

Less than 6 Months	0%
6 - 12 Months	31%
12 - 18 Months	55%
No End in Sight	14%

In your opinion, how important are loss control / risk control resources to your clients?

Very Important	41%
Somewhat Important	54%
Not Important	5%

Question - In your opinion, how important are Alternative Marketplace options (e.g. Captives, Risk Retention Groups) to your clients?

Very Important	25%
Somewhat Important	48%
Not Important	27%

Question - In terms of new business for 2003, what is the average account size (commissions/fees) that you are targeting?

$50,000 +	12%
$25,000 - 49,999	31%
$10,000 - 24,999	40%
$5,000 - 9,999	14%
$2,500 - 4,999	1%
Less than $2,499	2%

Question - If you could get one of the following from your carriers this year, which would it be?

Stable Pricing	42%
Consistent Underwriting	48%
More Commission	3%
Increased Client Resources	7%

Click here to see the Consultative Broker Briefing that further summarizes and interprets the survey results.

Consultative Brokerage® Techniques are utilized by agents and brokers across North America in the development and retention of upper middle market revenues. The Consultative Broker Briefing is delivered electronically free of charge to selected agents, brokers, and other insurance professionals across North America. To subscribe to The Consultative Broker Briefing, please click here.