Fully covered: Rising health expenditure in Florida will increase industry commissions and revenue

Increased macroeconomic activity in Florida has benefited the Insurance Brokers and Agencies industry in Florida over the five years to 2017. Industry operators have benefited from a hardening price cycle across numerous insurance industries. Additionally, the passing and implementation of legislation during the period has led to increased demand for industry operators' services. As a result of higher commissions collected and increased demand for services provided by industry operators, industry revenue is expected to increase. Over the five years to 2022, the industry will continue to benefit from some of the same factors that helped it grow during the prior period...purchase to read more.

Industry Statistics & Market Size
Revenue
$10bn
Annual Growth 12-17
1.7%
Forecast Growth 17-22
Profit
Employment
73,764
Businesses
33,444

Industry Threats & Opportunities

  • Since the Florida market is inherently riskier due to natural disasters, operators benefit from supplying consumers with costlier premiums
  • In order to capitalize on increased demand for services, new operators entered the industry
  • Increased demand and premium prices are expected to lead industry revenue to increase
  • Industry Report - Industry Locations Chapter

    Operators in the Insurance Brokers and Agencies industry in Florida provide value to their customers by being in close geographic proximity to them. When in proximity to the client, an operator can more easily review the client's potential insurance options and help them choose the plan that best suits their needs. As a result of this, industry establishments are usually located in highly populated areas in order to cater to the most individuals and businesses possible. Accordingly, the highest share of industry establishments is located where the highest share of Florida's population resides. As the Miami-South region has the highest share of the state's population with 29.4%, it comes as no surprise the region also is home to 35.4% of industry establishments. The...purchase to read more.

    Additional Insights for the Insurance Brokers & Agencies in Florida Industry

    IBISWorld identifies 250 Key Success Factors for a business.The most important for the Insurance Brokers & Agencies in Florida 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 businesses in Florida and Total health expenditure in Florida in the Insurance Brokers & Agencies in Florida industry impact industry performance..

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    What's in this report

    What is the Insurance Brokers & Agencies in Florida Industry?

    This industry includes individuals and businesses that primarily act as agents or brokers in selling insurance policies and annuities. 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
  • Personal P&C insurance
  • Commercial P&C insurance
  • Health and medical insurance
  • Life and accident insurance
  • Title insurance and annunities
  • 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
  • Similar Industries
  • Life Insurance & Annuities
  • Health & Medical Insurance
  • Property, Casualty and Direct Insurance
  • Reinsurance Carriers
  • Insurance Brokers & Agencies in California
  • Insurance Brokers & Agencies in New York
  • Insurance Brokers & Agencies in Illinois
  • Third-Party Administrators & Insurance Claims Adjusters in Illinois
  • Third-Party Administrators & Insurance Claims Adjusters in Texas
  • Insurance Brokers & Agencies in Texas
  • Third-Party Administrators & Insurance Claims Adjusters in Florida
  • Insurance Brokers & Agencies in Massachusetts
  • Third-Party Administrators & Insurance Claims Adjusters in Massachusetts
  • Third-Party Administrators & Insurance Claims Adjusters in Ohio
  • Insurance Brokers & Agencies in Pennsylvania
  • Third-Party Administrators & Insurance Claims Adjusters in Pennsylvania
  • Insurance Brokers & Agencies in New Jersey
  • Third-Party Administrators & Insurance Claims Adjusters in New Jersey
  • Insurance Brokers & Agencies in Georgia
  • Third-Party Administrators & Insurance Claims Adjusters in Georgia
  • Insurance Brokers & Agencies in Michigan
  • Third-Party Administrators & Insurance Claims Adjusters in Michigan
  • Insurance Brokers & Agencies in Wisconsin
  • Insurance Brokers & Agencies in Washington
  • Insurance Brokers & Agencies in Virginia
  • Insurance Brokers & Agencies in Tennessee
  • Insurance Brokers & Agencies in Missouri
  • Third-Party Administrators & Insurance Claims Adjusters in Missouri
  • Insurance Brokers & Agencies in North Carolina
  • Insurance Brokers & Agencies in Minnesota
  • Insurance Brokers & Agencies in Maryland
  • Insurance Brokers & Agencies in Colorado
  • Table of Contents

    Industry Definition
    Main Activities
    Similar Industries
    Additional Resources
    Industry Statistics Snapshot
    Industry Structure
    Executive Summary
    Executive Summary
    Key External Drivers
  • Number of businesses in Florida
  • Total health expenditure in Florida
  • Per capita disposable income in Florida
  • Homeownership rate in Florida

  • Current Performance
  • Macroeconomic and legislative trends
  • Pricing conditions in Florida
  • Chart: Revenue Growth

  • Industry Outlook
  • Continued macroeconomic growth
  • Continued premium growth
  • Table: Insurance Brokers & Agencies in Florida Industry Revenue Outlook

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

  • 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
  • Title insurance and annunities
  • Chart: Insurance Brokers & Agencies in Florida Industry Products and Services Segmentation

  • Major Markets
  • Businesses
  • Consumers
  • Government
  • Chart: Major Market Segmentation for the Insurance Brokers & Agencies in Florida Industry

  • Business Locations
    Chart: Business Locations by State
    Market Share Concentration
    Key Success Factors
    Cost Structure Benchmarks
  • Profit
  • Wages
  • Other
  • Chart: Cost Structure Benchmarking – Sector vs Insurance Brokers & Agencies in Florida

  • Basis of Competition
    Barriers to Entry
  • Table: Barrier to Entry Checklist for the Insurance Brokers & Agencies in Florida Industry

  • Aon PLC, Arthur J. Gallagher & Co., Marsh & McLennan Companies Inc., Willis Towers Watson,
  • Table: Aon PLC - financial performance
  • Table: Arthur J. Gallagher & Co. - financial performance
  • Table: Marsh & McLennan Companies Inc. - financial performance
  • Table: Willis Towers Watson - financial performance

  • Capital Intensity
  • Chart: Level of Capital Intensity for the Insurance Brokers & Agencies in Florida Industry
  • Chart: Tools of the Trade: Growth Strategies for Success

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

  • Regulation & Policy
    Industry Assistance
    Table: Industry Data for the Insurance Brokers & Agencies in Florida Industry
    Includes:
  • Industry Revenue (2008-2022)
  • Establishments (2008-2022)
  • Businesses (2008-2022)
  • Employment (2008-2022)
  • Wages (2008-2022)
  • FL - Total health expenditure in Florida (2008-2022)

  • Table: Annual Percentage Change for Key Industry Data
    Table: Key Ratios for Industry Key Data
    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.
  • What Our Customers Say

    Why buy this report?

    IBISWorld’s industry research report on Insurance Brokers & Agencies in Florida can be used to help you understand the industry’s market size, growth potential and major companies. Five-year forecasts provide insight into the industry’s prospects, so you can make decisions with confidence. This information is perfectly suited to informing your business plans, pitch books, benchmarking and SWOT analysis.

    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 Florida:
    • 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 Florida 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 Florida, you can expect thoroughly researched, reliable and current information that will help you to make faster, better business decisions.

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