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Online Insurance Brokers in the US: Market Research Report

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

Online Insurance Brokers Market Research Report | Advisory & Financial Services | Specialist Insurance Lines | May 2012

Rest insured: Rising home and car owner rates will drive demand for insurance brokers

IBISWorld’s Online Insurance Brokers 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 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 & Market Size
Revenue
$17bn
Annual Growth 07-12
4.9%
Annual Growth 12-17
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Profit
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Employment
292,704
Businesses
114,284
Industry Analysis & Industry Trends

Online insurance brokers have benefited in part from an increasing percentage of services conducted online and in part from the economic recession. These factors contribute to estimated revenue growth of 4.9% per year on average during the five years to 2012, including 8.6% growth in 2012 that will push revenue to $16.9 billion. The majority of insurance policies are now initiated online; however, most are still completed using an agent. The potential to convert more consumers to completing the purchase online points to stronger growth during the next five years. Annualized revenue growth is forecast to accelerate to 14.2% during this period, fostered by further consumer movement to online services, the improving economy and healthcare reform.... purchase to read more

Industry Report - Industry Locations Chapter

The geographical distribution of insurance brokers generally reflects population trends. At the same time, the distribution of industry participants is also reflective of state regulations and weather patterns. Regions with high risks of natural disasters, like the Southeast, typically have a greater need for insurance coverage, higher insurance rates and, in turn, more brokers.

In 2012, the Southeast and Mid-Atlantic regions will account for an estimated 40.6% of industry employment. The Southeast region is expected to account for about 23.6% of total industry employment, while population is forecast to account for 25.2%. The region is also heavily exposed to natural disasters, particularly hurricanes... purchase to read more

 


Industry ProductsRelated ReportsTable of Contents

What is the Online Insurance Brokers Industry?

This industry includes independent individuals and businesses that act as intermediaries between consumers and insurance carriers through online web portals and websites. Industry participants earn commission income from insurance carriers and may earn fee income for providing value-added services. Industry revenue includes sales that are initiated and completed online.

Industry Products
Web-based auto insurance brokeringWeb-based commercial insurance brokering
 
Industry Activities
Annuity brokerage Life and health insurance policy brokerageProperty and casualty insurance policy brokerageReinsurance brokerage and administrationRisk management consulting


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