$11.3bn
$X.Xbn
52,754
21,272
$X.Xbn
Over the past few years, the industry's performance has been a mixed bag. COVID-19 introduced unprecedented challenges. Business sentiment took a significant hit during the pandemic, curtailing private investment sharply. However, initiatives by the Federal Reserve to lower interest rates also encouraged homeownership, providing some respite to the industry through heightened demand for real estate insurance advisory services. As global restrictions eased, there was a marked resurgence in consumer spending, which buoyed business sentiment and contributed to a substantial revenue jump in 2021. Despite recent headwinds from inflation and rising interest rates, the industry has managed to stave off negative growth, bolstered by resilient stock prices and moderate corporate profits. Overall, revenue for risk management, insurance advisory and consulting companies is expected to surge at a CAGR of 4.6% during the current period, reaching $11.3 billion in 2024. This includes a 2.2% increase in revenue in that year.
Industry revenue has grown at a CAGR of 4.6 % over the past five years, to reach an estimated $11.3bn in 2024.
Market size is projected to grow over the next five years.
Company | Market Share (%)
2024 | Revenue ($m)
2024 | Profit ($m)
2024 | Profit Margin (%)
2024 |
---|---|---|---|---|
Marsh & Mclennan Companies, Inc. | 1,503.2 | 388.5 | 25.8 | |
Aon Plc | 687.6 | 220.2 | 32.0 | |
Willis Towers Watson Plc | 490.2 | 112.4 | 22.9 |
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Industry revenue is measured across several distinct product and services lines, including Insurance support services, Health-related consulting and Other consulting. Insurance support services is the largest segment of the Risk Management, Insurance Advisory & Consulting in the US.
Health consulting and advisory services require highly skilled professionals
The Risk Management, Insurance Advisory and Consulting industry helps individuals and businesses identify, assess and manage potential risks. Services provided include health-related consulting, insurance support and other relevant services.
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NAICS 54161 - Risk Management, Insurance Advisory & Consulting in the US
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Including values and annual change:
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Key data sources in the US include:
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The market size of the Risk Management, Insurance Advisory & Consulting in the US industry in United States is $11.3bn in 2024.
There are 21,272 businesses in the Risk Management, Insurance Advisory & Consulting in the US industry in United States, which has declined at a CAGR of 1.4 % between 2019 and 2024.
The market size of the Risk Management, Insurance Advisory & Consulting in the US industry in United States has been growing at a CAGR of 4.6 % between 2019 and 2024.
Over the next five years, the Risk Management, Insurance Advisory & Consulting in the US industry in United States is expected to grow.
The biggest companies operating in the Risk Management, Insurance Advisory & Consulting market in United States are Marsh & Mclennan Companies, Inc., Aon Plc and Willis Towers Watson Plc
Providing insurance support services and Providing health-related consulting services are part of the Risk Management, Insurance Advisory & Consulting in the US industry.
The company holding the most market share in United States is Marsh & Mclennan Companies, Inc..
The level of competition is moderate and increasing in the Risk Management, Insurance Advisory & Consulting in the US industry in United States.