The insurance brokers and agents market is primarily engaged in acting as intermediaries (i.e., agents, brokers) in selling annuities and insurance policies. They represent consumers in insurance transactions.
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Insurance brokers and agents can be contracted with single or multiple insurance companies as they try to meet different client needs with suitable insurance products. This market excludes the direct selling of insurance products by insurance companies.
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The reason for substantial growth of the market from $408 billion in 2017 to $506 billion is that the non-traditional companies such as Google, Amazon and Walmart are entering the insurance intermediary market to capitalize on their brand image, large capital and customer base. Their primary focus is on distribution of health, property and casualty insurance products.
The market in the report is segmented into: agencies, brokers, bancassurance and other intermediaries.
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The USA was the largest country in the Insurance Brokers and Agents market in 2017, accounting for one-third of the market share. This was mainly due to the presence of a large number commercial establishments seeking property & casualty insurance. The USA was followed by China and Japan.
The top five competitors in the market made up 6.5% of the total market in 2017. Marsh & McLennan Cos. Inc. was the largest competitor, followed by Willis Towers Watson P.L.C., Aon P.L.C., Arthur J. Gallagher & Co. and Brown & Brown Inc. Marsh & McLennan Cos. Inc. was the largest competitor in the insurance brokers and agents market in 2017 with a 1.75% share of market. The company offers insurance brokerage, risk management, reinsurance services, talent management, investment advisory, and management consulting services. Marsh & McLennan Cos. Inc. was founded in 1871 with headquarters in New York, USA. It has more than 10,000 staff.
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