Broking fraternity split on reducing commissions to help clients

Broking fraternity split on reducing commissions to help clients | Insurance Business

Brokers are divided over whether they would reduce their commissions to help clients obtain adequate cover.

In a poll conducted by Insurance Business, 38% of readers said they would reduce commissions, while 38% said they would not. Twelve percent said maybe.

The issue was sparked by an Insurance Business story on policy affordability in Far North Queensland (FNQ). Helena Blum, principal at Big Tree Insurance, said she had reduced her commissions to help clients obtain affordable insurance in FNQ, and it seems she is not the only one who would consider doing the same thing.

The debate on how to make premiums affordable has continued to rage on, with brokers suggesting that a long-term solution would be a disaster pool.

Read related stories by clicking on the links below:

Brokers side with insurers on premium hikes
 
Brokers slash their commissions to help clients