Covering up: Increased healthcare expenditures and economic growth will mean steady demand

Demand for industry services in Illinois has increased over the five years to 2017. As more people acquired health insurance, more people sought out insurance brokers agencies to purchase their insurance policies. However, as more people have opted to rent a home or apartment, revenue generated from homeowner's insurance has declined. The Insurance Brokers and Agencies industry in Illinois is expected to continue to grow in line with the state's overall economic growth over the five years to 2022. Demand for industry operators' services for help purchasing health insurance will remain high, and as homeownership rates in Illinois are expected to increase marginally, demand for help with choosing homeowner's insurance will increase...read more.

Industry Statistics & Market Size
Revenue
$8bn
Annual Growth 12-17
1.3%
Forecast Growth 17-22
Profit
Employment
45,760
Businesses
19,294

Industry Threats & Opportunities

  • While the number of people purchasing private insurance is expected to stagnate, total healthcare expenditures are expected to continue rising
  • Industry brokers and agencies have been able to generate higher commission on health insurance policies
  • As homeownership increases, consumers will seek out industry operators to purchase their home insurance
  • Industry Report - Starting a New Business Chapter

    The Insurance Brokers and Agencies industry has medium barriers to entry; however, barriers can vary depending on the area a new entrant may target. While it is relatively easy for a small player to enter the market, to compete with the industry's major players, an industry entrant must have access to a significant level of capital to develop brand awareness and reputation, a distribution network, a broad line of complementary insurance-related services and very talented labor.Low concentrationThis industry is characterized as having low market share concentration, with the top four industry participants accounting for 6.4% of total industry revenue. As a result, the industry's major players do not have significant market power. How...purchase to read more.

    Additional Insights for the Insurance Brokers & Agencies in Illinois Industry

    IBISWorld identifies 250 Key Success Factors for a business.The most important for the Insurance Brokers & Agencies in Illinois 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 Illinois and Per Capita Disposable Income in Illinois in the Insurance Brokers & Agencies in Illinois industry impact industry performance..

    shopping_cartPURCHASE OPTIONS

    What's in this report

    What is the Insurance Brokers & Agencies in Illinois 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 fees for providing risk management consulting and other value-added services.

    Industry Products
  • P&C Commercial
  • P&C Personal
  • Health & Medical Insurance
  • Life & Accident Insurance
  • Annuities
  • 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
  • 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
  • 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 people with private health insurance in Illinois
  • Per Capita Disposable Income in Illinois
  • Homeownership rate in Illinois
  • Natural disaster index

  • Current Performance
  • Mixed demand for property and casualty insurance
  • Growth in other lines of insurance
  • Complexity drives industry participation
  • Chart: Revenue Growth

  • Industry Outlook
  • Rebound in homeownership and continued economic growth
  • Increased competition from large insurance companies
  • Table: Insurance Brokers & Agencies in Illinois Industry Revenue Outlook

  • Industry Life Cycle
  • Life cycle reasons
  • Chart: Benchmarking - Insurance Brokers & Agencies in Illinois 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
  • P&C Commercial
  • P&C Personal
  • Health & Medical Insurance
  • Life & Accident Insurance
  • Other
  • Annuities
  • Chart: Insurance Brokers & Agencies in Illinois Industry Products and Services Segmentation

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

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

  • Basis of Competition
  • Internal competition
  • External competition

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

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

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

    The Insurance Brokers & Agencies in Illinois Industry Research Report measures market size, analyses current and future trends, and provides an indication of market share for the industry’s largest companies. IBISWorld’s collection of industry market research reports gives you insightful, up-to-date information on the supply chains, economic drivers, and key buyers and markets for hundreds of industries.

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

    Contact Us

    Want to speak to a representative? Call us.

    clear