Australian brokers will be able to benchmark their performance against their British counterparts later this year.

Macquarie Relationship Banking will launch the third Australian insurance broking benchmarking survey in July/August to examine trends, challenges and opportunities in the market.

A similar survey was conducted in the UK last month by the bank, allowing it to compare the two markets.

A Macquarie spokesman told insuranceNEWS.com.au the Australian survey is still being developed. The UK survey contains financial performance indicators such as commissions, fees and staffing and looks at trends in valuations, funding, growth aspirations and opportunities.

The Head of Macquarie Relationship Banking’s London Office, Aden Nguyen, says the UK survey enables brokers to benchmark their businesses against their peers and provides information that can help with growth strategies.