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    Insurance Agencies & Brokerages Industry Profile

    Report Page Length: 10-12
    Last Quarterly Update: 3/29/2021
    SIC Codes: 6411
    NAICS Codes: 524210
    Chapters Include:
    Industry Overview Trends & Challenges Industry Forecast
    Quarterly Industry Update Call Prep Questions Website & Media Links
    Business Challenges Financial Information Glossary & Acronyms
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    Excerpt from Insurance Agencies & Brokerages Industry Profile

    Companies in this industry act as agents to sell insurance policies and annuities underwritten by insurance carriers. Major companies include Arthur J Gallagher & Co, Brown & Brown, and Marsh & McLennan (all based in the US), as well as Aon, Lloyd's, and Willis Towers Watson (all based in the UK).

    The global insurance industry, which includes carriers as well as agents and brokers, generates about $5.3 trillion in premium volume each year, according to Statista. The largest global insurance markets are the US, China, and Japan, followed by the UK, France, and Germany.

    The US insurance agencies and brokerages industry includes about 140,000 establishments (single-location companies and units of multi-location companies) with annual revenue of about $140 billion.

    Many companies that primarily offer insurance products to businesses function mainly as brokers. Captive agencies operate as a sales agent for a single insurer, working on its behalf; independent brokers sell products from several providers. Insurance carriers are covered in separate industry profiles.

    COMPETITIVE LANDSCAPE

    Low interest rates, sluggish premium growth, and rising catastrophe losses are putting downward pressure on margins for insurance agencies and brokerages. Soft market conditions drive consolidation in the industry as companies look to maximize revenue growth.

    While the traditional intermediation model remains dominant worldwide, direct-to-consumer digital distribution of insurance policies threatens brokerage sales in many established and emerging markets. Companies also face growing competition from banks, financial ...

     
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