(Reuters) -Insurance broker Brown & Brown posted a higher third-quarter adjusted profit on Monday, helped by stronger commissions and fees as demand continued to rise.

Insurance spending has kept rising as businesses and individuals cut back elsewhere, driven by efforts to protect against climate-related disasters and new risks like cyber threats.

The sector’s resilience comes from its role as a financial safety net, leaving it less affected by changes in discretionary spending or broader economic slowdowns.

Its commissions and fees jumped 34.2% to $1.55 billion in the three months ended September 30.

Insurance brokerages like Brown & Brown act as intermediaries between insurers and customers, helping clients choose policies that best suit their coverage needs.

Unlike agents who usual

See Full Page