The insurance brokerage industry is a rapidly growing sector, with the global market estimated to be valued at $400 billion in 2020. North America held the largest share of this market at 37%, and it is expected to grow further over the next few years, with an average annual growth rate of 4.9% from 2020-2027. In addition, more than 450,000 insurance agents and brokers were employed in the United States alone last year.
Marsh & McLennan was identified as the world’s leading insurer broker by revenue in 2021; they had a total income of around $17.2 billion that same year. The US has seen an average annual growth rate for its own insurance brokerage industry of 3.8% between 2016-2021 while 443,535 businesses are currently operating within this field today according to Statista data from 2021 . Canada’s total revenue generated by their respective Insurance Brokerage Agencies amounted to approximately 14$1billion during 2020 whereas UK’s Insurance Brokerage Industry saw revenues amounting up to £12 7 Billion back in 2019 accordingto IBIS World reports.. Asia Pacific region will witness fastest growth among all regions due CAGR (Compound Annual Growth Rate)of 5%.3 % customers used Insurace brokers for residential property insurancesin2020and 54 percent small business owners purchased commercial insurances through them too. Online distribution channels have also been on rise since 2017 when 34 percent people opted online services which increased upto 38percentby2020accordingtoresearchandmarkets report Global usage OfonlineinsuranceDistributionChannels2017–202O). CyberInsuranceMarketisprojectedtoreachupto23 07BillionBy 2025as per BusinesswirereportCyberInsurance Market Worth 23 07 Billion By 2025 Exclusive Report By Meticulous Research ) Life insurancetookover50percentoftheinsurncebrokeringindustryinchina2019(StatistareportChinaRevenue DistributionOfInsurnceBrokergeIndustryByBusinessSegment ). LatinAmericaisexpectedtorachetotalrevenuesof13 86Billonforitsrespectivemarketbyendof 2027(ReportBuyerreportInsurnceBrokrageMaretTo2027GlobalAnalysis).
Insurance Brokerage Industry Statistics Overview
The insurance brokerage industry is expected to grow at a CAGR (Compound Annual Growth Rate) of 4.9% from 2020 to 2027.
This statistic is a key indicator of the potential for growth in the insurance brokerage industry. It shows that the industry is expected to expand at a steady rate over the next seven years, indicating that now is a great time to invest in the industry. This statistic is essential for anyone looking to gain insight into the future of the insurance brokerage industry and make informed decisions about their investments.
More than 450,000 insurance agents and brokers were employed in the United States in 2020.
This statistic is a testament to the importance of the insurance brokerage industry in the United States. It shows that the industry is a major employer, providing jobs to hundreds of thousands of people. This statistic is also indicative of the industry’s growth and success, as the number of agents and brokers employed has increased significantly over the years. It is clear that the insurance brokerage industry is an important part of the US economy and is here to stay.
The largest insurance broker worldwide in 2021, Marsh & McLennan, had a revenue of around $17.2 billion.
This statistic is a testament to the immense success of Marsh & McLennan in the insurance brokerage industry. It highlights the company’s ability to generate a staggering amount of revenue, demonstrating its dominance in the industry and its ability to remain competitive. This statistic is a clear indication of the immense potential of the insurance brokerage industry and the success that can be achieved by those who are willing to invest in it.
In the United States, the insurance brokerage industry has seen an average annual growth of 3.8% from 2016 to 2021.
This statistic is a testament to the increasing demand for insurance brokerage services in the United States. It shows that the industry is growing at a steady rate, indicating that more and more people are turning to insurance brokers for their insurance needs. This is an important statistic to consider when discussing the insurance brokerage industry, as it provides insight into the current state of the industry and its potential for future growth.
The insurance brokerages and agencies industry in the United States has around 443,535 businesses in 2021.
This statistic is a powerful indicator of the size and scope of the insurance brokerages and agencies industry in the United States. It shows that the industry is a major player in the economy, with a large number of businesses providing services to customers. This statistic is important for anyone looking to gain insight into the industry, as it provides a snapshot of the current state of the industry and can be used to compare it to other industries. It also provides a baseline for understanding the potential growth of the industry in the future.
The total revenue generated by insurance brokerages and agencies in Canada is estimated at $14.1 billion in 2020.
This statistic is a testament to the immense size and scope of the insurance brokerage and agency industry in Canada. It highlights the fact that the industry is a major contributor to the Canadian economy, generating billions of dollars in revenue each year. This statistic is an important indicator of the industry’s success and provides insight into the current state of the industry.
The UK insurance brokerage industry has an estimated revenue of £12.7 billion in 2019.
This statistic is a testament to the immense size and scope of the UK insurance brokerage industry. It highlights the sheer amount of money that is generated by the industry, demonstrating its importance to the economy. Furthermore, it serves as a benchmark for the industry’s performance in the coming years, providing a valuable insight into the industry’s growth and development.
About 54% of customers in the insurance market used an insurance broker for their residential property insurance in 2020.
This statistic is a powerful indicator of the success of the insurance brokerage industry in 2020. It shows that a majority of customers in the insurance market chose to use an insurance broker for their residential property insurance, demonstrating the value and trust that customers have in the services of insurance brokers. This statistic is an important piece of evidence for anyone looking to understand the current state of the insurance brokerage industry.
The global commercial insurance market generated a revenue of $730.81 billion in 2019, of which brokerage played a significant part.
This statistic is a testament to the immense size and importance of the insurance brokerage industry. It highlights the fact that brokerage plays a major role in the global commercial insurance market, which generated a staggering $730.81 billion in 2019. This figure is a clear indication of the immense potential of the insurance brokerage industry and the opportunities it presents for businesses and individuals alike.
More than 60% of small business owners in the United States purchased their commercial insurance through an insurance broker in 2019.
This statistic is a testament to the importance of insurance brokers in the small business landscape. It shows that the majority of small business owners rely on insurance brokers to provide them with the coverage they need. This highlights the value of insurance brokers in helping small business owners protect their businesses and their livelihoods.
In Australia, the total revenue generated by insurance brokers amounted to $4.4 billion in 2020.
This statistic is a testament to the immense success of the insurance brokerage industry in Australia. It highlights the fact that the industry has grown significantly over the past year, and is now a major contributor to the country’s economy. This statistic is also a reminder of the importance of insurance brokers in providing essential services to individuals and businesses alike.
In 2020, captive insurance agency distribution channels held 51.3% of the European insurance brokerage market.
This statistic is a telling indication of the power of captive insurance agency distribution channels in the European insurance brokerage market. It highlights the importance of these channels in the industry, and serves as a reminder of the need for businesses to be aware of the potential of these channels when considering their insurance brokerage options.
The projected revenue for the global cyber insurance market, which also relies on insurance brokers, is set to reach $23.07 billion by 2025.
This statistic is a testament to the immense potential of the insurance brokerage industry. It shows that the global cyber insurance market is expected to experience a significant growth in the coming years, indicating that the industry is ripe for investment and expansion. This statistic is a clear indication that the insurance brokerage industry is a lucrative and profitable venture, and one that is likely to continue to grow in the future.
In 2019, the life insurance sector accounted for over 50% of the insurance brokerage industry in China.
This statistic is a testament to the immense growth of the life insurance sector in China, highlighting its importance in the insurance brokerage industry. It is a clear indication that the life insurance sector is a major player in the industry, and its success is a reflection of the overall success of the insurance brokerage industry in China. This statistic is an important piece of information for anyone looking to gain insight into the current state of the insurance brokerage industry in China.
Conclusion
The insurance brokerage industry is a rapidly growing sector, with the global market estimated to be valued at $400 billion in 2020. North America held the largest share of this market at 37%, while Asia-Pacific is expected to witness the fastest growth from 2020 to 2027. In addition, more than 450,000 insurance agents and brokers were employed in the United States alone in 2020. The largest broker worldwide had a revenue of around $17.2 billion that same year.
In terms of regional markets, Canada’s total revenue generated by insurance brokerages was estimated at $14.1 billion in 2020; meanwhile, UK’s industry has an estimated revenue of £12.7 billion for 2019 and Australia’s totaled up to 4$4 million dollars last year as well . Latin American countries are projected to reach 13$86 million by 2027 whereas China’s life insurance sector accounted for over 50% of its overall brokerage industry back in 2019..
Furthermore, customers have been increasingly relying on online distribution channels when it comes purchasing their residential property or commercial insurances – 38% used them globally during 2017-2020 period – which also contributed significantly towards increasing revenues within this field (e.$73081billion). Additionally 12 % switched providers due mainly because they found better deals through brokers who helped them find new ones whilst 60 % small business owners purchased theirs via one too..
Overall these statistics demonstrate how dynamic and profitable this particular area can be both locally and internationally , making it clear why so many people choose careers related directly or indirectly with Insurance Brokerage Industry
References
0. – https://www.bls.gov
1. – https://www.statista.com
2. – https://www.iii.org
3. – https://www.globaldata.com
4. – https://www.researchandmarkets.com
5. – https://www.ibisworld.com
6. – https://www.grandviewresearch.com
7. – https://www..deloitte.com
8. – https://www.ibsintelligence.com
9. – https://www.businesswire.com
