Sure thing: As total healthcare expenditures in Texas rise, industry demand will increase

Increasing macroeconomic activity and new laws mandating certain forms of insurance have helped operators in the Insurance Brokers and Agencies industry grow over the five years to 2017. Demand for a wide range of insurance products has increased as disposable income levels in Texas have risen during the period. Additionally, the passage of the Patient Protection and Affordable Care Act (PPACA), mandated that individuals have health insurance in some capacity. Demand for services provided by insurance brokers and agencies is expected to continue to grow over the five years to 2022. Total healthcare expenditures in Texas are expected to continue to increase over the five years to 2022, leading the cost of health insurance to increase as well...purchase to read more.

Industry Statistics & Market Size
Revenue
$11bn
Annual Growth 12-17
1.7%
Forecast Growth 17-22
Profit
Employment
82,353
Businesses
36,510

Industry Threats & Opportunities

  • As disposable income levels rise, consumers are more likely to seek out brokers to purchase insurance
  • Due to the complexity of the national healthcare exchange and uncertainty, consumers will need the help of industry brokers
  • Continued uncertainty stemming from the PPACA is expected to continue to lead new entrants into the industry
  • Industry Report - Industry Locations Chapter

    Participation in the Insurance Agencies and Brokerage industry by enlarge follow population density. Industry operators look to foster personal relationships with customers to help them further understand each customer's unique insurance needs. Unsurprisingly, the North region of Texas, which is home to 27.1% of the state's population is also home to the highest percentage of industry establishments at 31.6%. The North region is home to the Dallas-Fort Worth metropolitan area. Industry operators have opened locations in this region to cater to insurance needs of above average share of businesses and residents in the region.Another region which this trend is evident in is the Gulf region, which is home to the Houston metropolitan area. As ...purchase to read more.

    Additional Insights for the Insurance Brokers & Agencies in Texas Industry

    IBISWorld identifies 250 Key Success Factors for a business.The most important for the Insurance Brokers & Agencies in Texas 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 Regulation for the Health and Medical Insurance industry and Homeownership rate in Texas in the Insurance Brokers & Agencies in Texas industry impact industry performance..

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    What's in this report

    What is the Insurance Brokers & Agencies in Texas 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
  • Commercial P&C insurance
  • Personal P&C insurance
  • Health and medical insurance
  • Life and accident insurance
  • 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 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
  • Regulation for the Health and Medical Insurance industry
  • Homeownership rate in Texas
  • Number of businesses in Texas
  • Total health expenditure in Texas

  • Current Performance
  • Growing demand for insurance
  • Increasing premium prices
  • Industry landscape
  • Chart: Revenue Growth

  • Industry Outlook
  • Continued demand
  • Sustained premium growth
  • Industry landscape
  • Table: Insurance Brokers & Agencies in Texas Industry Revenue Outlook

  • Industry Life Cycle
  • Life cycle reasons
  • Chart: Benchmarking - Insurance Brokers & Agencies in Texas 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
  • Commercial P&C insurance
  • Personal P&C insurance
  • Other
  • Health and medical insurance
  • Life and accident insurance
  • Chart: Insurance Brokers & Agencies in Texas Industry Products and Services Segmentation

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

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

  • Basis of Competition
    Barriers to Entry
  • Table: Barrier to Entry Checklist for the Insurance Brokers & Agencies in Texas 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 Texas 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 Texas Industry
    Includes:
  • Industry Revenue (2008-2022)
  • Establishments (2008-2022)
  • Businesses (2008-2022)
  • Employment (2008-2022)
  • Wages (2008-2022)
  • Number of businesses in Texas (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?

    IBISWorld’s Industry Market Report on Insurance Brokers & Agencies in Texas is a comprehensive guide to market size and growth prospects. Ensure due diligence in your research with our strategic analysis of the factors influencing companies, including new product developments; economic, lifestyle and demographic influences; distribution and supply chain factors; and pricing issues.

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

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