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A BGA is a agency that distributes insurance coverage merchandise and supplies help providers for insurance coverage brokers.
A typical IMO is larger than a typical BGA and should function an umbrella group for a lot of completely different BGAs.
Final yr: When the individuals had been surveyed, about 68% stated gross sales had been larger in 2023 than in 2022, and solely 15% stated gross sales had been decrease.
Due to the rise in annuity crediting charges and the easing of the COVID-19 pandemic, the share of individuals’ gross sales coming from life insurance coverage fell to 58%, from 67% in 2021, and the share coming from annuities elevated to 23%, from 19%.
Sizzling merchandise: Along with asking about development prospects for providers, the survey crew requested about development prospects for particular merchandise.
About 45% named life insurance coverage because the product with the highest three-year outlook and 26% named annuities. Solely 3% thought incapacity insurance coverage can be the expansion chief.
Credit score: Bram Janssens/Thinkstock
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