A survey taken at the Steadfast Convention in March shows brokers are optimistic about the year ahead, despite the soft market and widespread concern about the trend towards insurers buying brokerages.

The survey, conducted by Macquarie Relationship Banking, says almost 60% of the 118 respondents to the survey expect moderate growth of 5-15% over the next 12 months, and 30% of brokers expect growth of more than 15%.

Macquarie Bank's Head of Insurance Broking Services Paul Cilia is surprised by the results. He says specialisation is the key to brokers' growth strategies.

"It reflects the fact that brokers have devised ways to build the soft market and maintain profitability through focusing on lucrative niches, setting up specialist risk teams and adding value."

In the survey, brokers cite softening premiums and staff resourcing as the biggest impediments to business growth. Almost 75% of respondents said they plan to take on new employees this year, but 84% believe it will be "quite difficult" or "extremely difficult" to find new staff.

Brokers were almost unanimous (85%) in saying the trend towards insurers buying into the sector would continue. And 81% said the phenomenon creates a conflict of interest.

Mr Cilia says the concept of insurers buying brokerages strikes at the heart of the role of brokers in the distribution chain.

"Fundamentally the role of insurance brokers is to provide independent advice to their clients," he said. "If an insurer buys in, that independence could be lost."

The fear is not confined to Australia. Last week's survey by the UK Institute of Insurance Brokers highlighted similar concerns from British brokers, with 72% of independent brokerages believing insurers buying in to the sector will lead to unfair competition.