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Global Insurance Brokers & Agencies: Market Research Report

Global Market Research • Global Market Size • Industry Statistics • Industry Analysis • Industry Trends

Global Insurance Brokers & Agencies Market Research Report | Dec 2013

The global economy presents its own set of opportunities and threats for businesses in a range of industries. IBISWorld’s Global Insurance Brokers & Agencies global market research report provides the latest industry statistics and industry trends, allowing you to identify the products and customers driving revenue growth and profitability. The industry report identifies the leading companies globally and offers strategic industry analysis of the key factors influencing the market.

Report Snapshot
Market Share of Companies
There are no companies with a dominant market share
Industry Statistics & Forecast
Revenue
$413bn
Annual Growth 08-13
3.2%
Annual Growth 13-18
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Profit
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Employment ('000)
2,967
Businesses
1,291,000
Industry Analysis & Industry Trends

The Global Insurance Brokers and Agencies industry is a critical part of the insurance market, distributing policies and providing advisory services to insurance underwriters and consumers. Given the transaction-based nature of the industry, revenue primarily depends on three factors: policy pricing, demand for insurance and the popularity of using agents and brokers in the distribution process. Despite a softening insurance market in recent years, operators' efforts to boost the industry's attractiveness as a purchasing channel have largely offset this trend. Consequently, over the five years to 2013, industry revenue is anticipated to grow at an annualized rate of 3.2% to reach $413.3 billion.

An estimated 86.8%... read more

Industry Analysis

Subdued demand and price conditions among primary insurance markets have tempered the performance of the Global Insurance Brokers and Agencies industry over the five-year period. For example, in the US market, the producer price index for insurance brokers and agencies is only anticipated to increase at an annualized rate of 0.5% from 2008 to 2013, according to the latest available data from the Bureau of Labor Statistics; this reflects softening in underwriting prices. Fortunately for the industry, operators' efforts to boost the industry's attractiveness as an insurance distribution and purchasing channel have been successful in slowing these head winds... read more

 


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What is the Global Insurance Brokers & Agencies Industry?

Industry participants 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 is 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.

Industry Products
Commercial P&C insurancePersonal P&C insuranceHealth and medical insuranceLife and accident insuranceOther annuity and insuranceInsurance administration and risk consultingAnnuities
 
Industry Activities
Property and casualty insurance policy brokerageHealth and medical insurance brokerageLife and accident insurance brokerageReinsurance brokerage and administrationAnnuity brokerageRisk management consulting


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