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Insurance Brokers & Agencies in the US: Market Research Report

Market Research • Market Size • Industry Statistics • Industry Analysis • Industry Trends

Insurance Brokers & Agencies Market Research Report | NAICS 52421 | Feb 2017

Taking cover: Increasing car sales and homeownership rates will boost demand

The Insurance Brokers & Agencies market research report provides key industry analysis and industry statistics, measures market size, analyzes current and future industry trends and shows market share for the industry’s largest companies. IBISWorld publishes the largest collection of industry reports so you can see an industry’s supply chain, economic drivers and key buyers and markets.

Report Snapshot
Industry Statistics & Market Size
Revenue
$157bn
Annual Growth 12-17
3.7%
Annual Growth 17-22
Annual Growth
Profit
Profit
Employment
995,152
Businesses
424,425
Industry Threats & Opportunities
  • The industry will face considerable pricing pressure from competitors like online carriers
  • Online brokerage businesses and direct insurance sales have threatened the industry
  • Life and health insurers will likely benefit from improvements in the general economy
  • ... purchase to read more

Industry Analysis & Industry Trends

As a vital part of the insurance sector, the Insurance Brokers and Agencies industry has grown steadily in the wake of a strengthening economic backdrop, from rising disposable income levels and lower unemployment rates. Since 2012, the industry has faced increased competition from underwriters that provide insurance services directly to clients. These companies are attempting to reduce their reliance on independent brokerages and agencies by expanding their sales abilities through investing in company-owned sales websites and diversifying their sales divisions. Over the next five years, the industry is anticipated to grow moderately as the macroeconomic landscape continues to improve... ... purchase to read more

Industry Report - Industry Locations Chapter

Brokerages and agencies are widely used as the primary distribution network of insurance products for property and casualty (P&C), health, life and other insurance carriers. As a result, the geographic distribution of brokerages and agencies generally reflects population trends and demographics because it is important for participants to have direct access to consumers and potential clients. At the same time, it is vital to note that the distribution of industry participants is also reflective of state regulation and weather patterns. Areas with high risks of natural disasters, such as Florida, typically have higher rates and more industry operators than low-risk locations due to the greater demand for insurance coverage.

.. ... purchase to read more

Additional Insights for the Insurance Brokers & Agencies Industry

IBISWorld identifies 250 Key Success Factors for a business.The most important for the Insurance Brokers & Agencies 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 and Number of motor vehicle registrations in the Insurance Brokers & Agencies industry impact industry performance... purchase to read more

     


    Industry ProductsRelated Reports

    What is the Insurance Brokers & Agencies 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 insurancePersonal P&C insuranceHealth and medical insuranceLife and accident insuranceInsurance administration and risk consultingAnnuities
     
    Industry Activities
    Property and casualty insurance policy brokerageHealth and medical insurance brokerageLife and accident insurance brokerageReinsurance brokerage and administrationAnnuity brokerageRisk 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
  • Homeownership rate
  • Number of motor vehicle registrations
  • Number of people with private health insurance
  • Per capita disposable income
  • Natural disaster index
  • Current Performance
  • Hardening cycle leads to growth
  • Competition heightens
  • M&A activity escalates
  • Chart: Revenue Growth
  • Industry Outlook
  • Expansion of car, life and health insurance coverage
  • Revenue rebounds despite competition
  • Table: Insurance Brokers & Agencies Industry Revenue Outlook
  • Industry Life Cycle
  • Life cycle reasons
  • Chart: Benchmarking - Insurance Brokers & Agencies 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
  • Commercial P&C insurance
  • Personal P&C insurance
  • Health and medical insurance
  • Other
  • Life and accident insurance
  • Annuities
  • Insurance administration and risk consulting
  • Chart: Insurance Brokers & Agencies Industry Products and Services Segmentation
  • Demand Determinants
  • Consumer and business spending
  • Investment performance of life insurance
  • Healthcare costs
  • Product innovation
  • The insurance cycle
  • Major Markets
  • Businesses
  • Individuals aged 45 to 54
  • Individuals aged 35 to 44
  • Individuals aged 65 and older
  • Individuals aged 34 and younger
  • Individuals aged 55 to 64
  • Government
  • Chart: Major Market Segmentation for the Insurance Brokers & Agencies Industry
  • International Trade
    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
  • Basis of Competition
  • Internal competition
  • External competition
  • Barriers to Entry
  • Table: Barrier to Entry Checklist for the Insurance Brokers & Agencies Industry
  • Industry Globalization
    Major Companies
    Aon Corporation
    Marsh & McLennan Companies Inc.
    Willis Towers Watson PLC
    Arthur J. Gallagher & Co.
  • Table: Aon Corporation - financial performance
  • Table: Marsh & McLennan Companies Inc. - financial performance
  • Table: Willis Towers Watson PLC - financial performance
  • Table: Arthur J. Gallagher & Co. - financial performance
  • Operating Conditions
    Capital Intensity
  • Chart: Level of Capital Intensity for the Insurance Brokers & Agencies 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 Industry
  • Includes:
  • Industry Revenue (2008-2022)
  • Industry Gross Product (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
  • Table: Industry Financial Ratios
  • 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:
    • 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 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 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, you can expect thoroughly researched, reliable and current information that will help you to make faster, better business decisions.

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