Ripening peach: Broad economic growth has brought new industry customers in Georgia

The Insurance Brokers and Agencies industry in Georgia supplies insurance products from a variety of primary insurers to clients and helps them pick the policy that best suits their specific needs. Over the five years to 2018, the industry has benefited from sustained macroeconomic growth within Georgia. As the economy grew, the number of businesses in Georgia increased an annualized 2.6% over the five years to 2018. Businesses are required by law to carry multiple lines of insurance before they can legally operate as an entity. Accordingly, as the number of businesses in Georgia grew during the period, industry operators received increased demand for their services to help these businesses pick the lines of insurance that best suited their needs...purchase to read more.

Industry Statistics & Market Size
Revenue
$5bn
Annual Growth 13-18
1.6%
Forecast Growth 18-23
Profit
Employment
33,016
Businesses
15,005

Industry Threats & Opportunities

  • Operators are expected to benefit from increased demand from consumers as their consumption of durable assets increases
  • Industry Report - Industry Locations Chapter

    In order to garner an understanding of the unique insurance needs of individuals and businesses, operators in the Insurance Brokers and Agencies industry tend to open establishments in the immediate vicinity of highly densely populated parts of the country. This is no different within Georgia, where the distribution of industry establishments largely follows the most densely populated the regions in the state. An estimated 32.2% of Georgia's population resides within the North Metro region. Accordingly, 39.8% of industry establishments are located within the region to cater to the insurance needs of individuals and businesses the region. The two other regions with more than 15.0% of industry establishments are the Northwest region, with 23.1% of industry establishments and 22.6% o...purchase to read more.

    Additional Insights for the Insurance Brokers & Agencies in Georgia Industry

    IBISWorld identifies 250 Key Success Factors for a business.The most important for the Insurance Brokers & Agencies in Georgia 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 Georgia and Number of employees in Georgia in the Insurance Brokers & Agencies in Georgia industry impact industry performance..

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    What's in this report

    What is the Insurance Brokers & Agencies in Georgia 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
  • Property and casualty - commercial lines
  • Property and casualty - personal lines
  • Health and medical
  • Life and accident
  • 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
  • Insurance Brokers & Agencies in Florida
  • 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
  • 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 Georgia
  • Number of employees in Georgia
  • Homeownership rate in Georgia
  • Regulation for the Property, Casualty and Direct Insurance Industry

  • Current Performance
    Industry Outlook
    Industry Life Cycle
  • Life cycle reasons
  • Chart: Benchmarking - Insurance Brokers & Agencies in Georgia 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
  • Property and casualty - commercial lines
  • Property and casualty - personal lines
  • Other
  • Health and medical
  • Life and accident
  • Chart: Insurance Brokers & Agencies in Georgia Industry Products and Services Segmentation

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

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

  • Basis of Competition
    Barriers to Entry
    Aon PLC, Arthur J. Gallagher & Co., Brown & Brown Insurance, Willis Towers Watson,
  • Table: Aon PLC - financial performance
  • Table: Arthur J. Gallagher & Co. - financial performance
  • Table: Brown & Brown Insurance - financial performance
  • Table: Willis Towers Watson - financial performance

  • Capital Intensity
  • Chart: Level of Capital Intensity for the Insurance Brokers & Agencies in Georgia 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 Georgia Industry
    Includes:
  • Industry Revenue (2009-2023)
  • Establishments (2009-2023)
  • Businesses (2009-2023)
  • Employment (2009-2023)
  • Wages (2009-2023)
  • Number of businesses in Georgia (2009-2023)

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

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