Rest insured: A rise in the number of NJ businesses has helped the industry grow

Operators in the Insurance Brokers and Agencies industry in New Jersey provide various lines of insurance to downstream consumers and help them select the policy that best fits their needs. As the insurance landscape has become increasingly more complex in recent years, services provided by industry operators have become more crucial.Over the five years to 2018, the industry has grown at a steady pace in New Jersey as downstream demand increased. Increased demand for industry operators' services during the period in part stemmed from growth in the number of businesses in New Jersey. As the number of businesses in New Jersey increased an annualized 0.8%...purchase to read more.

Industry Statistics & Market Size
Revenue
$5bn
Annual Growth 13-18
0.6%
Forecast Growth 18-23
Profit
Employment
26,894
Businesses
10,534

Industry Threats & Opportunities

  • The industry is expected to continue to grow, partially due to higher demand from consumers
  • Industry Report - Industry Key Buyers Chapter

    •Market share concentration is low in the Insurance Brokers and Agencies industry in New Jersey, similar to the low level of concentration the industry displays nationally.• Market share concentration in the state is low because many industry operators are nonemployers. An estimated 74.6% of industry operators are sole proprietors.•The average employer establishment only employs about seven workers, further limiting the level of concentration employer firms can control.• The population of New Jersey is distributed evenly throughout the state. Since operators need to be in geographic proximity to clients to earn their business, this too limits market share concentration in the industry...purchase to read more.

    Additional Insights for the Insurance Brokers & Agencies in New Jersey Industry

    IBISWorld identifies 250 Key Success Factors for a business.The most important for the Insurance Brokers & Agencies in New Jersey 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 Homeownership rate in New Jersey and Number of Businesses in New Jersey in the Insurance Brokers & Agencies in New Jersey industry impact industry performance..

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    What's in this report

    What is the Insurance Brokers & Agencies in New Jersey 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 - personal lines
  • Property and casualty - commercial 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
  • 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
  • Homeownership rate in New Jersey
  • Number of Businesses in New Jersey
  • Number of people with private health insurance in New Jersey
  • Per Capita Disposable Income in New Jersey

  • Current Performance
    Industry Outlook
    Industry Life Cycle
  • Life cycle reasons
  • Chart: Benchmarking - Insurance Brokers & Agencies in New Jersey 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 New Jersey Industry Products and Services Segmentation

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

  • Basis of Competition
    Barriers to Entry
    Brown & Brown Insurance, Epic Insurance Brokers and Consultants, Marsh & McLennan Companies Inc., Willis Towers Watson,
  • Table: Brown & Brown Insurance - financial performance
  • Table: Epic Insurance Brokers and Consultants - 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 New Jersey 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 New Jersey Industry
    Includes:
  • Industry Revenue (2009-2023)
  • Establishments (2009-2023)
  • Businesses (2009-2023)
  • Employment (2009-2023)
  • Wages (2009-2023)
  • NJ - Number of Businesses in New Jersey (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 Insurance Brokers & Agencies in New Jersey Industry Research Report contains up-to-date data and analysis, allowing you to identify the strengths and potential weaknesses of major companies in the industry. Build your credibility with clients and prospects by sharing insights into the current and emerging trends driving their industry. Our market research gives you the tools to win new business and keep existing clients.

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

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