Insurance brokers believe that changing distribution trends present them with both their biggest challenge and their greatest opportunity, according to a new study.

Lloyd’s and the British Insurance Brokers’ Association (Biba) commission the research entitled What British Insurance Brokers Think, which found that new distribution trends such as direct writers, the internet, and the creation of ‘Super-brokers’ through the acquisition of firms are the big issues facing UK brokers.

It also found that over 80% of brokers questioned believe that maintaining profit throughout the insurance cycle is still the greatest challenge for the insurance industry on the whole.

Julian James, Director, Worldwide Markets at Lloyd’s, said: “This research gives a clear indication that, to be successful, brokers need to tackle the challenges of changing distribution trends and embrace the opportunities they present. It also shows, quite rightly, that maintaining profitability throughout the insurance cycle remains a key industry challenge.