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Insurance Brokers & Agencies in the US - Industry Market Research Report

Insurance Brokers & Agencies in the US - Industry Market Research Report

  • July 2021
  • 50 pages
  • ID: 199043
  • Format: PDF
  • Ibisworld

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In good hands: The industry will likely continue its steady, moderate rate of growth as the economy improves

Abstract

Insurance Brokers & Agencies in the US
The Insurance Brokers and Agencies industry has grown steadily over the five years to 2019 due to macroeconomic growth, beneficial legislation and positive trends in the insurance sector. The industry is a vital component of the larger insurance sector, as industry operators act as intermediaries between insurance providers and downstream consumers. Operators generate income via commissions earned on policies sold. As a result, industry revenue increases as policy prices and volumes increase. Over the five years to 2024, 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. Consequently, consumers will be more able to afford items like automobiles and private health insurance. However, the repeal of the individual mandate in the PPACA is expected to lead to slightly slower demand during the outlook 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.

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