A survey conducted by the Association of Insurance and Risk Managers (Airmic) has found that 99% of its members want brokers to disclose in full the commission that they receive on selling premiums.
More than 200 risk managers responded to the survey from Airmic, which represents insurance buyers at 80% of the companies in the FTSE 100, as well as other companies, charities and universities.
The findings are being presented to a meeting of leading UK risk managers today and will put significant pressure on insurance brokers. In the wake of the Spitzer scandal in the US, the three largest brokers in the world, Marsh & McLennan Companies, Aon and Willis, have already pledged to remove any agreements relating to commission from insurers.
