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

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    Report

  • 88 Pages
  • July 2024
  • Region: United States
  • IBISWorld
  • ID: 16880

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.

Table of Contents

ABOUT THIS INDUSTRY
  • Industry Definition
  • Main Activities
  • Similar Industries
  • Additional Resources
INDUSTRY AT A GLANCE

INDUSTRY PERFORMANCE
  • Executive Summary
  • Key External Drivers
  • Current Performance
  • Industry Outlook
  • Industry Life Cycle
PRODUCTS & MARKETS
  • Supply Chain
  • Products & Services
  • Demand Determinants
  • Major Markets
  • International Trade
  • Business Locations
COMPETITIVE LANDSCAPE
  • Market Share Concentration
  • Key Success Factors
  • Cost Structure Benchmarks
  • Basis of Competition
  • Barriers to Entry
  • Industry Globalization
MAJOR COMPANIES

OPERATING CONDITIONS
  • Capital Intensity
  • Technology & Systems
  • Revenue Volatility
  • Regulation & Policy
  • Industry Assistance
KEY STATISTICS
  • Industry Data
  • Annual Change
  • Key Ratios
JARGON & GLOSSARY

Companies Mentioned (Partial List)

A selection of companies mentioned in this report includes, but is not limited to:

  • Marsh & Mclennan Companies, Inc.
  • Aon Plc
  • Arthur J. Gallagher & Co.
  • Hub International Ltd
  • Brown & Brown, Inc.
  • USI Insurance Services LLC
  • Alliant Insurance Services Inc.
  • IMA Financial Group Inc.
  • NFP Corp.
  • Eastern Insurance Holdings, Inc.
  • Ameritrust Group, Inc.
  • Conner Strong & Buckelew Companies, Llc

Methodology

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