Insurance Brokers & Agencies in Florida
Increased macroeconomic activity in Florida has benefited the Insurance Brokers and Agencies industry in Florida over the five years to 2017. Industry operators have benefited from a hardening price cycle across numerous insurance industries. Additionally, the passing and implementation of legislation during the period has led to increased demand for industry operators' services. As a result of higher commissions collected and increased demand for services provided by industry operators, industry revenue is expected to increase. Over the five years to 2022, the industry will continue to benefit from some of the same factors that helped it grow during the prior period. Total health expenditures in Florida are expected to continue to rise, leading health insurance providers to continue to raise premium prices in order to compensate for higher cost of care.
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.