Go for broke: As per capita disposable income increases, individuals will purchase goods that require insurance

Operators in the Insurance Brokers and Agencies industry in Michigan act as an intermediary between purchasers and providers of insurance. Industry operators provide consumers with a variety of insurance policies from several insurance providers and help them select the policy that best suits their needs. Over the five years to 2018, macroeconomic conditions in Michigan have gradually improved, leading the number of businesses in the state to increase an annualized 0.8% over the five years to 2018. As new businesses in the state have opened during the period, demand for industry operators' services have increased. To fill increased demand, the number of industry establishments have increased an annualized 0.2% to 11,358 locations over the five years to 2018...purchase to read more.

Industry Statistics & Market Size
Revenue
$4bn
Annual Growth 13-18
1.2%
Forecast Growth 18-23
Profit
Employment
30,459
Businesses
11,358

Industry Threats & Opportunities

  • As new businesses in the state have opened during the period, demand for industry operators’ services have increased
  • Additional Insights for the Insurance Brokers & Agencies in Michigan Industry

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

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    What's in this report

    What is the Insurance Brokers & Agencies in Michigan 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
  • Insurance Brokers & Agencies in Georgia
  • Third-Party Administrators & Insurance Claims Adjusters in Georgia
  • 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 Michigan
  • Number of employees in Michigan
  • Homeownership rate in Michigan
  • 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 Michigan 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
  • Health and medical
  • Other
  • Life and accident
  • Chart: Insurance Brokers & Agencies in Michigan Industry Products and Services Segmentation

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

  • Basis of Competition
    Barriers to Entry
    AmeriTrust Group Inc., Aon PLC, Arthur J. Gallagher & Co., Brown & Brown Insurance,
  • Table: AmeriTrust Group Inc. - financial performance
  • Table: Aon PLC - financial performance
  • Table: Arthur J. Gallagher & Co. - financial performance
  • Table: Brown & Brown Insurance - financial performance

  • Capital Intensity
  • Chart: Level of Capital Intensity for the Insurance Brokers & Agencies in Michigan 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 Michigan Industry
    Includes:
  • Industry Revenue (2009-2023)
  • Establishments (2009-2023)
  • Businesses (2009-2023)
  • Employment (2009-2023)
  • Wages (2009-2023)
  • Per Capita Disposable Income (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?

    The Insurance Brokers & Agencies in Michigan industry market report contains strategic analysis of the key drivers influencing the industry. Save hours of time on research and prospecting using IBISWorld’s standardized, up-to-date reports on thousands of industries. Our industry research provides growth and profit forecasts for a five-year outlook period, presented in a clear and user-friendly format.

    IBISWorld industry market research reports enable you to:
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    This report on Insurance Brokers & Agencies in Michigan:
    • 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 Michigan 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 Michigan, you can expect thoroughly researched, reliable and current information that will help you to make faster, better business decisions.

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