Insurance is a global business. In developed countries, the advantage of working through Brokers is well established, so much so that, more than 90% of corporates manage their insurance and risk management through brokers.
In India, the concept is only a decade old, and is still evolving. Brokers have still not reached the scale to reach out to a vast majority of the commercial world. At the same time, the market is changing and isestimated that about 20-25% of the commercial lines insurances are placed through Brokers and among larger corporates, it is significantly higher. Broking will be playing a significant role in the years to come, both in spreading insurance and increasing penetration and in offering significant value to enterprises in managing their risk, effectively.