Magazine date:
Nov 2013 The revenues of general insurance agents are going down, a trend that begun 18 months ago. The increase in the number of intermediaries has complicated the situation. From 2004 to 2013, the number of general agents has increased from 800 to 1660 while the number of brokers has gone threefold attaining 300. The most serious threat comes from the companies’ direct offices whose competition is deemed unfair by the general agents. Many direct office managers have been accused of exercising without qualification. It is estimated that over 30% of the unpaid premiums are detained by intermediaries.