Overview

Quick and easy: External compeition from insurers using online platforms will moderate industry growth

IBISWorld’s Insurance Brokers & Agencies in California Industry Research Report contains up-to-date data and analysis, allowing you to identify the strengths and potential weaknesses of major companies in the industry. Build your credibility with clients and prospects by sharing insights into the current and emerging trends driving their industry. Our market research gives you the tools to win new business and keep existing clients.

REPORT SNAPSHOT

Industry Threats & Opportunities

  • Following a period of relaxed underwriting requirements and expanded capacity, insurance markets in California are expected to harden
  • The declining homeownership rate has curbed demand for home-related insurance policies
  • Growth in the number of people with private insurance in California is forecast to slow

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    Industry Analysis & Industry Trends

    The Insurance Brokers and Agencies industry in California has exhibited healthy growth over the five years to 2017 as demand for insurance policies has strengthened. For example, written premiums for property and casualty insurance have surged as consumers and businesses alike have experienced increased income. The industry is projected to continue growing, albeit at a slightly slower rate. After a period of relaxed underwriting requirements and expanded capacity, insurance markets in California are projected to slightly harden during the next five years. Additionally, operators will experience increased external competition from direct insurance carriers as they adopt online platforms to sell insurance directly to consumers, businesses and government agencies...

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    Industry Report - Industry Analysis Chapter

    The Insurance Brokers and Agencies industry in California has exhibited healthy growth during the five years to 2017, a welcome sign following a period of decline after the US recession in 2008. As the state’s economy has grown during this period, demand for insurance policies has strengthened. In particular, as per capita personal income and corporate profit have risen, both consumers and businesses alike have been able to purchase more insurance policies. In fact, according to the National Association of Insurance Commissioners, California is the largest insurance market in the United States, with insurers earning about $259.0 billion in premiums per year.

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    Additional Insights for the Insurance Brokers & Agencies in California Industry

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

  • Having links with suppliers
  • Having an extensive distribution network
  • Having a good technical knowledge of the product
  • IBISWorld analysts also discuss how external factors such as Number of People with Private Health Insurance in California and Per Capita Disposable Income in California in the Insurance Brokers & Agencies in California industry impact industry performance..

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    Industry Products

    What is the Insurance Brokers & Agencies in California Industry?

    This industry includes individuals and businesses that primarily act as agents or brokers in selling insurance policies and annuities in California. Industry participants earn commission income, mostly as a percentage of the premium of insurance policies sold. They also earn some fee income for providing risk management consulting and other value-added services. This industry is only composed of independent brokers and agencies.

    Industry Products
    Health and medical insurance
    Personal P&C insurance
    Life and accident insurance
    Annuities
    Insurance administration and risk consulting
    Commercial P&C insurance
    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
  • Number of People with Private Health Insurance in California
  • Per Capita Disposable Income in California
  • Homeownership Rate in California
  • Number of Businesses in California

  • Current Performance
  • P&C insurance market growth
  • M&A activity rises
  • Chart: Revenue Growth

  • Industry Outlook
  • Hardening insurance markets
  • Competition
  • Table: Insurance Brokers & Agencies in California Industry Revenue Outlook

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

  • Products & Markets
    Supply Chains
    Key Buying Industries
  • Mining
  • Wholesale Trade
  • Information
  • Educational Services
  • Consumers

  • Key Selling Industries
  • Health & Medical Insurance
  • Life Insurance & Annuities
  • Property, Casualty and Direct Insurance
  • Reinsurance Carriers

  • Products & Services
  • Commercial P&C insurance
  • Personal P&C insurance
  • Health and medical insurance
  • Other
  • Life and accident insurance
  • Annuities
  • Insurance administration and risk consulting
  • Chart: Insurance Brokers & Agencies in California Industry Products and Services Segmentation

  • 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 Insurance Brokers & Agencies in California Industry

  • 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 Insurance Brokers & Agencies in California

  • Basis of Competition
    Internal competitionExternal competition
    Barriers to Entry
  • Table: Barrier to Entry Checklist for the Insurance Brokers & Agencies in California Industry

  • Major Companies
    Alliant Insurance Services Inc.Aon CorporationArthur J. Gallagher & Co.Marsh & McLennan Companies Inc.Willis Towers Watson PLC
  • Table: Alliant Insurance Services Inc. - financial performance
  • Table: Aon Corporation - financial performance
  • Table: Arthur J. Gallagher & Co. - financial performance
  • Table: Marsh & McLennan Companies Inc. - financial performance
  • Table: Willis Towers Watson PLC - financial performance

  • Operating Conditions
    Capital Intensity
  • Chart: Level of Capital Intensity for the Insurance Brokers & Agencies in California 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 Insurance Brokers & Agencies in California Industry
    Includes:
  • Industry Revenue (2008-2022)
  • Establishments (2008-2022)
  • Businesses (2008-2022)
  • Employment (2008-2022)
  • Wages (2008-2022)
  • Per Capita Personal Income in California (2008-2022)

  • Table: Annual Percentage Change for Key Industry Data
    Table: Key Ratios for Industry Key Data
    Jargon & Glossary
    Contingent Commission Arrangement
  • An arrangement in which an insurance broker is paid by the insurer for the placement of business. These arrangements have been deemed inappropriate because of the conflict of interest that they cause.
  • Hard Market
  • A market in which insurance prices are increasing. Insurance markets harden when demand for insurance overshoots supply. The supply of insurance depends on insurers' capital positions.
  • Insurance Agent
  • An individual who is licensed by a state to sell insurance products and services for one or more specific insurance carriers or companies.
  • Insurance Broker
  • An independent agent who represents the buyer during an insurance transaction by trying to find the best policy in regard to coverage and pricing; insurance brokers do not represent the insurer.
  • Soft Market
  • A market in which insurance prices are falling. Insurance markets soften when strong balance sheets cause the supply of insurance to exceed demand.
  • 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 Insurance Brokers & Agencies in California:
    • 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 Insurance Brokers & Agencies in California 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 Insurance Brokers & Agencies in California, you can expect thoroughly researched, reliable and current information that will help you to make faster, better business decisions.

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