$547.0bn
$XXX.Xbn
3m
991k
$XXX.Xbn
The Global Insurance Brokers and Agents industry has displayed remarkable resilience and adaptability over the past few years, navigating a volatile macroeconomic landscape shaped by factors such as natural disasters, economic fluctuations and regulatory changes. Brokers and agents, who earn commissions tied to insurance policy premiums, play an essential role in helping consumers and businesses manage risk. The increased incidence of environmental hazards such as floods and wildfires has boosted demand for property and casualty insurance, subsequently benefiting the providers. On top of this, growing global per capita income, especially in emerging markets, has resulted in heightened spending on insurance services to safeguard new wealth.
Industry revenue has declined at a CAGR of 1.3 % over the past five years, to reach an estimated $547.0bn in 2024.
Market size is projected to grow over the next five years.
Company | Market Share (%)
2024 | Revenue ($m)
2024 | Profit ($m)
2024 | Profit Margin (%)
2024 |
---|---|---|---|---|
Marsh & McLennan Companies Inc. | 14.1 | N/A | N/A | |
Arthur J. Gallagher & Co. | 8.1 | N/A | N/A | |
Aon PLC | 7.1 | N/A | N/A |
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Industry revenue is measured across several distinct product and services lines, including Commercial and personal P&C insurance, Health and medical insurance and Life and accident insurance. Commercial and personal P&C insurance is the largest segment of the Global Insurance Brokers & Agencies.
P&C insurance enables consumers to protect their valuables
Companies in this industry act as brokers or agents in selling annuities and insurance policies. Brokers act on behalf of clients, whereas agents represent insurance companies. Insurance brokers and agents earn commission income that's calculated as a percentage of the premium of policies sold. They also earn some fee income for risk management consulting and other value-added services, including insurance program administration.
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Get an indication of the industry's health through historical, current and forward-looking trends in the performance indicators that make or break businesses.
Environmental and economic conditions play a significant role in the insurance industry's dynamics. Increased natural disasters and higher global incomes have led to higher d...
Learn about an industry's products and services, markets and trends in international trade.
P&C insurance is essential for safeguarding valuable assets. From cars to homes, these policies cover losses from accidents, damage and natural disasters, providing crucial p...
Discover where business activity is most concentrated in an industry and the factors driving these trends to find opportunities and conduct regional benchmarking.
The United States leads the market for global insurance brokers and agencies, capturing nearly 40.0% of it. Mandatory health and property insurance requirements significantly...
Get data and insights on what's driving competition in an industry and the challenges industry operators and new entrants may face, with analysis built around Porter's Five Forces framework.
Insurance companies generate less revenue in countries with strong government-sponsored programs. These programs often provide individuals with health insurance, lowering the...
Learn about the performance of the top companies in the industry.
There are no major players in this industry. The industry is composed of many small- and medium-sized companies operating locally, preventing large, international companies f...
Understand the demographic, economic and regulatory factors that shape how businesses in an industry perform.
The level of regulations impacting insurance companies varies across countries. While some countries strictly regulate insurance brokers and agents, others have looser requir...
View average costs for industry operators and compare financial data against an industry's financial benchmarks over time.
While brokers and agencies often enjoy high profit, their net income largely hinges on primary insurance market conditions. When insurance rates expand during market hardenin...
Including values and annual change:
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Key data sources globally include:
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The market size of the Global Insurance Brokers & Agencies industry in Global is $547.0bn in 2024.
There are 991k businesses in the Global Insurance Brokers & Agencies industry in Global, which has declined at a CAGR of 2.6 % between 2019 and 2024.
The market size of the Global Insurance Brokers & Agencies industry in Global has been declining at a CAGR of 1.3 % between 2019 and 2024.
Over the next five years, the Global Insurance Brokers & Agencies industry in Global is expected to grow.
The biggest companies operating in the Global Insurance Brokers & Agencies market in Global are Marsh & McLennan Companies Inc., Arthur J. Gallagher & Co. and Aon PLC
Property and casualty insurance policy brokerage and Health and medical insurance brokerage are part of the Global Insurance Brokers & Agencies industry.
The company holding the most market share in Global is Marsh & McLennan Companies Inc..
The level of competition is high and increasing in the Global Insurance Brokers & Agencies industry in Global.