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Global Insurance Brokers & Agencies - Industry Market Research Report

Publisher IBISWorld
Published Jul 14, 2024
Length 72 Pages
SKU # IBSS19022801

Description

Global Insurance Brokers & Agencies - Industry Market Research Report


Global Insurance Brokers & Agencies

Global insurance brokers and agencies play a critical role in the insurance market by distributing policies and consulting insurance underwriters and consumers. The revenue is mainly transaction-based and hinges on policy pricing, insurance demand and the use of agents and brokers in the distribution process. The pandemic negatively impacted the insurance industry, mainly driven by weakening per capita income, plunging consumer confidence and harming the health of the corporate sector. While technological changes have enabled brokers and agents to source products from multiple upstream underwriters, it has also enabled consumers to bypass agents and brokers during the insurance buying process, threatening profitability. Due to these trends, revenue has been declining at an estimated CAGR of 1.9% to $542.6 billion, including a 0.8% drop in 2023 alone.

Operators in the Global Insurance Brokers and Agencies industry 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.

Table of Contents

72 Pages
ABOUT THIS INDUSTRY

Industry Definition
Main Activities
Similar Industries
Additional Resources

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

Pricing

Currency Rates
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