$216.4bn
$XX.Xbn
1m
422k
$XX.Xbn
The industry has grown, benefiting from economic growth during most of the period, in addition to favorable legislation and overall positive trends in the insurance sector. The industry includes insurance brokers representing the buyer instead of the insurance company and agencies representing various insurance companies during the purchasing process. The industry is vital to the larger insurance sector as operators act as intermediaries between insurance providers and downstream clients. Operators generate income via commissions earned on policies sold. As a result, industry revenue grows as policy prices and volumes increase.
Industry revenue has grown at a CAGR of 1.1 % over the past five years, to reach an estimated $216.4bn in 2024.
Market size is projected to grow over the next five years.
Company | Market Share (%)
2024 | Revenue ($m)
2024 | Profit ($m)
2024 | Profit Margin (%)
2024 |
---|---|---|---|---|
Marsh & Mclennan Companies, Inc. | 6,596.6 | 1,518.5 | 23.0 | |
Aon Plc | 5,384.9 | 2,188.0 | 40.6 | |
Arthur J. Gallagher & Co. | 5,372.2 | 811.0 | 15.1 |
To view the market share and analysis for all 12 top companies in this industry, view purchase options.
Industry revenue is measured across several distinct product and services lines, including Commercial P&C insurance, Personal P&C insurance and Health and medical insurance. Commercial P&C insurance is the largest segment of the Insurance Brokers & Agencies in the US.
Commercial property and casualty insurance remains strong
This industry includes individuals and businesses that primarily act as agents or brokers in selling insurance policies and annuities. Industry participants earn commission income, mostly as a percentage of the premium of insurance policies sold. They also earn some fee income for providing risk management consulting and other value-added services. This industry is only composed of independent brokers and agencies.
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NAICS 52421 - Insurance Brokers & Agencies in the US
Get an indication of the industry's health through historical, current and forward-looking trends in the performance indicators that make or break businesses.
Growing premiums and increased consumer demand enabled the industry to grow. With strong demand and increased interest in personal insurance policies, insurance brokers and a...
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Elevated interest in personal insurance on property and casualties creates a niche of interest for insurance brokers. With a lot of consumers looking to ensure their belongin...
Discover where business activity is most concentrated in an industry and the factors driving these trends to find opportunities and conduct regional benchmarking.
Areas prone to natural disasters prove to be the industry's biggest beneficiary. In regions where the probability of a natural disaster such as a flood or hurricane is higher...
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.
Diversification of services beyond insurance coverage creates large levels of competition. As brokers and agencies compete for a similar niche of consumers, it is integral th...
Learn about the performance of the top companies in the industry.
Only one company maintains a market share larger than 5.0%, highlighting the industry's fragmentation. With the industry facing a technological evolution, companies such as A...
Understand the demographic, economic and regulatory factors that shape how businesses in an industry perform.
Hardening insurance cycle poised to continue, which will likely benefit future industry growth. As consumers' incomes continue to expand and the economy continues to grow, ma...
View average costs for industry operators and compare financial data against an industry's financial benchmarks over time.
Elevated premiums and service prices gave insurance brokers an opportunity to expand their profit margin. Increased demand from businesses and consumers in the post-pandemic ...
Including values and annual change:
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Key data sources in the US include:
Analysts also use industry specific sources to complement catch-all sources, although their perspective may focus on a particular organization or representative body, rather than a clear overview of all industry operations. However, when balanced against other perspectives, industry-specific sources provide insights into industry trends.
These sources include:
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The market size of the Insurance Brokers & Agencies in the US industry in United States is $216.4bn in 2024.
There are 422k businesses in the Insurance Brokers & Agencies in the US industry in United States, which has grown at a CAGR of 0.4 % between 2019 and 2024.
The market size of the Insurance Brokers & Agencies in the US industry in United States has been growing at a CAGR of 1.1 % between 2019 and 2024.
Over the next five years, the Insurance Brokers & Agencies in the US industry in United States is expected to grow.
The biggest companies operating in the Insurance Brokers & Agencies market in United States are Marsh & Mclennan Companies, Inc., Aon Plc and Arthur J. Gallagher & Co.
Property and casualty insurance policy brokerage and Health and medical insurance brokerage are part of the Insurance Brokers & Agencies in the US industry.
The company holding the most market share in United States is Marsh & Mclennan Companies, Inc..
The level of competition is high and increasing in the Insurance Brokers & Agencies in the US industry in United States.