Overview

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

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.

REPORT SNAPSHOT

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

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    Industry Analysis & Industry Trends

    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...

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    Industry Report - Industry Analysis Chapter

    The Insurance Brokers and Agencies industry in Illinois is an important component of the insurance sector, as insurance brokerages and agencies represent clients and insurance carriers during the insurance transaction process. Brokers are generally independent agents who represent the buyer, rather than the insurance company, during the insurance purchasing process. In contrast, agents represent various insurance companies during the transaction process.

    The industry generates most of its revenue from commission on insurance sales. In turn, commissions depend on the level of transaction activity and premium pricing, which differ among insurance products. Demand for insurance products varies based on the underlying product’s own life cycle phase. For..

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    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..

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    Industry Products

    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

    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 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

  • 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
  • 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
    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 Illinois

  • Basis of Competition
  • Internal competition
  • External competition

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

  • Major Companies
    Aon PLCArthur 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

  • Operating Conditions
    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
    Key Statistics
    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
    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 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.

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