Insurance Brokers & Agencies in the US - Market Size, Industry Analysis, Trends and Forecasts (2024-2029)

In Good Hands: The Industry Will Likely Continue Its Steady, Moderate Rate of Growth as the Economy Improves

The Insurance Brokers and Agencies industry has grown over the past five years, benefiting from economic growth during most of the period in addition to favorable legislation and positive trends in the insurance sector. The industry includes insurance brokers that represent the buyer instead of the insurance company and agencies which represent various insurance companies during the purchasing process. The industry is a vital component of the larger insurance sector as industry operators act as intermediaries between insurance providers and downstream clients. Operators generate income via commissions earned on policies sold. As a result, industry revenue grows as policy prices and volumes increase.

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.

This report covers the scope, size, disposition and growth of the industry including the key sensitivities and success factors. Also included are five year industry forecasts, growth rates and an analysis of the industry key players and their market shares.