The Insurance Brokers and Agencies industry has grown steadily over the five years to 2018 due to macroeconomic growth, beneficial legislation being passed and positive trends in the insurance sector. As disposable income levels rose during the period, consumers were better suited to pay for more expensive insurance policies. Furthermore, some legislation such as the Private Patient Affordable Care Act (PPACA), mandates that consumers have health insurance, which industry operators help consumers purchase. This helped provide constant demand for insurance products and services provided by industry operators during the period. Over the five years to 2023, the industry is anticipated to grow moderately as the macroeconomic landscape continues to improve. Continued macroeconomic growth will lead to sustained per capita disposable income growth during the period.
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.