Global Insurance Brokers & Agencies
The Global Insurance Brokers and Agencies industry is a critical part of the insurance market, distributing policies and providing advisory services to insurance underwriters and consumers. Given the transaction-based nature of the industry, revenue primarily depends on three factors: policy pricing, demand for insurance and the popularity of using agents and brokers in the distribution process. Despite a softening insurance market during the first half of the five-year period, operators' efforts to boost the industry's attractiveness as a purchasing channel have been able to counteract this trend. Macroeconomic improvements and policy prices are anticipated to benefit the industry over the five years to 2022. Demand for insurance products in developed nations will steadily increase and emerging markets will continue to provide opportunities for expansion. Moreover, the industry's increased focus on its ancillary risk assessment and consulting services will keep profit margins elevated and, to a certain degree, temper external competition.
Industry participants act as brokers or agents in selling annuities and insurance policies. Brokers act on behalf of clients, whereas agents represent insurance companies. Insurance brokers and agents earn commission income that is calculated as a percentage of the premium of policies sold. They also earn some fee income for risk-management consulting and other value-added services, including insurance program administration.
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.
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