As a vital part of the insurance sector, the Insurance Brokers and Agencies industry has grown steadily in the wake of a strengthening economic backdrop, from rising disposable income levels and lower unemployment rates. Since 2012, the industry has faced increased competition from underwriters that provide insurance services directly to clients. These companies are attempting to reduce their reliance on independent brokerages and agencies by expanding their sales abilities through investing in company-owned sales websites and diversifying their sales divisions. Over the next five years, the industry is anticipated to grow moderately as the macroeconomic landscape continues to improve.
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.