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. The industry comprises independent brokerages and agencies that act as intermediaries during insurance purchases. Because the majority of income is associated with insurance transactions, industry revenue generally depends on three factors: policy pricing, demand for insurance and the popularity of using agents and brokers in distributing and purchasing insurance. Over the past five years, the industry has grown at an average annual rate of 2.4%.
The industry is forecast to generate revenue of $584.6 billion in 2013, a 5.9% increase from 2012. An estimated 88.0%... read more
The Global Insurance Brokers and Agencies industry depends heavily on labor. Companies operating in the advanced markets of Europe, North America and North Asia invest heavily in professional talent. Most employees possess various qualifications and undergo extensive training. Labor investments have increased as clients demand services that compliment insurance policy sales. Growing numbers of insurance agents and brokers now offer comprehensive financial planning services, such as retirement planning, estate planning, or assistance in setting up pension plans for businesses.
Insurance brokers and agents generally have a relatively low level of capital investment; however, the level of capital investment varies according to the size of the firm... read more