Overview

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 offers insightful industry analysis and research into the market at an international level. IBISWorld’s in-depth industry market research is presented in a logical and consistent format. The industry report contains key industry statistics, market size, industry trends, and growth and profit forecasts for a 5-year outlook period.

REPORT SNAPSHOT

Market Share of Companies
There are no companies with a dominant market share in this industry
Industry Statistics & Market Size
Revenue
$460bn
Annual Growth
2012 - 2017
2.9%
Annual Growth
2017 - 2022
Profit
Employment ('000)
2,315
Business
1,211,000

Industry Analysis & Industry Trends

Operators' efforts to boost the Global Insurance Brokers and Agencies industry's attractiveness as an insurance distribution and purchasing channel have been successful in slowing any head winds over the five years to 2017. This trend and a rebound in demand since the height of the global economic crisis have been significant contributors to revenue growth. Over the next five years, the industry is anticipated to benefit from an improving business environment and rising prices for policies underwritten by primary insurance carriers. Downstream demand from the financial sector will drive the recovery in fees, as an improved economy and intensified regulations boosts the need for insurance products...

Industry Key Buyers

The Global Insurance Brokers and Agencies industry is highly fragmented and operates with a low level of market share concentration. The top four companies account for an estimated 5.4% of total industry revenue in 2017, remaining at the same level since 2012. The industry is dominated by small players; for example, in the US market, an estimated 67.6% of enterprises are nonemployers. Moreover, among employer operators, an estimated 75.8% employ four or fewer individuals.

In addition, rising industry concentration has been subdued as an outcome of the elimination of market services agreements with insurers (i.e. contingent commissions) among the industry's largest players. Maj..

Additional Insights for the Global Insurance Brokers & Agencies Industry

IBISWorld identifies 250 Key Success Factors for a business.The most important for the Global Insurance Brokers & Agencies Industry are

  • Having links with suppliers
  • Having an extensive distribution/collection network
  • Having a good technical knowledge of the product
  • IBISWorld analysts also discuss how external factors such as Downstream Demand - Finance and Insurance and Global per capita income in the Global Insurance Brokers & Agencies industry impact industry performance..

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    Industry Products

    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
    Property and casualty - commercial lines
    Property and casualty - personal lines
    Health and medical insurance
    Life and accident insurance
    Other annuity and insurance
    Insurance administration and consulting services
    Other insurance support services - third party administration
    Industry Activities
    Property and casualty insurance policy brokerage
    Health and medical insurance brokerage
    Life and accident insurance brokerage
    Reinsurance brokerage and administration
    Annuity brokerage
    Risk-management consulting

    Table of Contents

    About this Industry
    Industry Definition
    Main Activities
    Similar Industries
    Additional Resources
    Industry at a Glance
    Industry Statistics Snapshot
    Industry Structure
    Executive Summary
    Industry Performance
    Executive Summary
    Key External Drivers
  • Downstream Demand - Finance and Insurance
  • Global per capita income
  • Global population
  • Global damage caused by natural disasters
  • MSCI World Index

  • Current Performance
  • Agents, brokers and the insurance market
  • Policy pricing trends
  • Regional differences and industry structure
  • Chart: Revenue Growth

  • Industry Outlook
  • Insurance market implications
  • Trends in developing and emerging markets
  • Table: Global Insurance Brokers & Agencies Industry Revenue Outlook

  • Industry Life Cycle
  • Life cycle reasons
  • Chart: Benchmarking - Global Insurance Brokers & Agencies Industry Lifecycle vs The Economy

  • Products & Markets
    Supply Chains
    Key Buying Industries
  • Global Agriculture, Hunting, Forestry and Fishing
  • Global Mining
  • Global Manufacturing
  • Global Construction
  • Global Financial Intermediation
  • Global Consumers

  • Key Selling Industries
  • Global Direct General Insurance Carriers
  • Global Life & Health Insurance Carriers
  • Global Reinsurance Carriers

  • Products & Services
  • Other insurance support services - third party administration
  • Property and casualty - commercial lines
  • Property and casualty - personal lines
  • Other annuity and insurance
  • Health and medical insurance
  • Insurance administration and consulting services
  • Life and accident insurance
  • Other
  • Chart: Global Insurance Brokers & Agencies Industry Products and Services Segmentation

  • Demand Determinants
  • Policy volume
  • Life insurance investment outcomes
  • Healthcare costs
  • Product innovation
  • Mode of insurance distribution

  • Major Markets
  • Businesses
  • Individuals aged 45 to 54
  • Individuals aged 35 to 44
  • Individuals aged 65 and older
  • Individuals aged 34 and younger
  • Individuals aged 55 to 64
  • Government
  • Chart: Major Market Segmentation for the Global Insurance Brokers & Agencies Industry

  • International Trade
    Business Locations
    Chart: Business Locations by State
    Competitive Landscape
    Market Share Concentration
    Key Success Factors
    Cost Structure Benchmarks
  • Profit
  • Wages and depreciation
  • Other
  • Chart: Cost Structure Benchmarking – Sector vs Global Insurance Brokers & Agencies

  • Basis of Competition
  • Upstream suppliers and self-insurance options
  • Heightened competition

  • Barriers to Entry
  • Table: Barrier to Entry Checklist for the Global Insurance Brokers & Agencies Industry

  • Industry Globalization
    Major Companies
    There are no major players in this industry
    Operating Conditions
    Capital Intensity
  • Chart: Level of Capital Intensity for the Global Insurance Brokers & Agencies Industry
  • Chart: Tools of the Trade: Growth Strategies for Success

  • Technology & Systems
    Revenue Volatility
  • Chart: Volatility vs Industry Growth

  • Regulation & Policy
    Industry Assistance
    Key Statistics
    Table: Industry Data for the Global Insurance Brokers & Agencies Industry
    Includes:
  • Industry Revenue (2008-2022)
  • Industry Gross Product (2008-2022)
  • Establishments (2008-2022)
  • Businesses (2008-2022)
  • Employment (2008-2022)
  • Wages (2008-2022)
  • Global per capita income (2008-2022)

  • Table: Annual Percentage Change for Key Industry Data
    Table: Key Ratios for Industry Key Data
    Jargon & Glossary
    Bancassurance
  • A business model that involves both banking and the sale of insurance policies. In many cases, the policy is underwritten by an aligned insurer, but in some cases, the bank itself is also an insurer.
  • Life And Health Insurance
  • Insurance that protects people against the income loss associated with the loss of life and issues with their health.
  • Property And Casualty Insurance
  • Insurance on homes, cars and businesses that protects the owner against physical losses and liability claims.
  • Underwriting
  • The process of measuring risk and determining the premium that needs to be paid to insure that risk.
  • Why buy this report?

    IBISWorld industry market research reports enable you to:
    • Find out about key industry trends
    • Identify threats and opportunities
    • Inform your decisions for marketing, strategy and planning
    • Quickly build competitive intelligence
    This report on Global Insurance Brokers & Agencies:
    • Provides Market Size information to assist with planning and strategic decisions.
    • Includes the necessary information to perform SWOT, PEST and STEER analysis.
    • Helps you understand market dynamics to give you a deeper understanding of industry competition and the supply chain.
    • Analyses key performance and operational metrics so that you can benchmark against your own business, that of your customers’ businesses, or your competitors’ businesses.
    The Global Insurance Brokers & Agencies market research report includes:
    • Historical data and analysis for the key drivers of this industry
    • A five-year forecast of the market and noted trends
    • Detailed research and segmentation for the main products and markets
    • An assessment of the competitive landscape and market shares for major companies
    • And of course, much more

    IBISWorld reports on thousands of industries around the world. Our clients rely on our information and data to stay up-to-date on industry trends across all industries. With this IBISWorld Industry Research Report on Global Insurance Brokers & Agencies, you can expect thoroughly researched, reliable and current information that will help you to make faster, better business decisions.

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