Barriers to entry is one risk. Like most businesses, it is...

Barriers to entry is one risk. Like most businesses, it is exposed to a range of strategic, financial, operational, hazard, management and other types of risk. These potentially include abnormally high policy lapse/cancellation ratios leading to reduced trailing commissions (clawback), counter party risk associated with reliance upon insurers and reinsurers, regulatory risk and industry reputational risk to name a few.