Insurance Brokers & Agencies in Texas
Increasing macroeconomic activity and new laws mandating certain forms of insurance have helped operators in the Insurance Brokers and Agencies industry grow over the five years to 2017. Demand for a wide range of insurance products has increased as disposable income levels in Texas have risen during the period. Additionally, the passage of the Patient Protection and Affordable Care Act (PPACA), mandated that individuals have health insurance in some capacity. Demand for services provided by insurance brokers and agencies is expected to continue to grow over the five years to 2022. Total healthcare expenditures in Texas are expected to continue to increase over the five years to 2022, leading the cost of health insurance to increase as well.
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.