Data Reveals Brokerage Fees and Commission Rates of Insuramore
Global Insurance Broking Market Grows Moderately with Notable Consolidation
The global insurance broking market reached an estimated $180 billion in fees and commissions in 2024, marking an 8.1% nominal increase (2.6% inflation-adjusted) from $166.5 billion in 2023, according to Insuramore.
The market growth was notably stronger among the top 15 broking groups, which experienced a 10.7% aggregate increase, largely driven by merger and acquisition activity. The top 15 groups controlled 48.7% of total global broking fees and commissions in 2024, up from 47.6% in 2023 and 45.8% in 2020.
Market segmentation shows the industry divided mainly into five primary segments. Retail insurance brokerage accounts for roughly 76.5% of the total brokerage market, with property & casualty (P&C) insurance comprising about 56.2% within retail broking. Reinsurance and wholesale broking grew most quickly during the year, while employee benefits plus life and health insurance retail broking recorded the least growth.
In 2024, commercial P&C (non-life) retail broking accounted for around USD 83.3 billion, private P&C (non-life) retail broking for USD 18.2 billion, employee benefits plus life and health insurance retail broking for USD 55.8 billion, reinsurance broking for USD 8.3 billion, and wholesale broking for USD 14.7 billion.
Marsh McLennan led commercial P&C insurance retail broking, Alliant led private P&C insurance retail broking, WTW led employee benefits activity plus retail broking of life and health cover, Aon led reinsurance broking, and Amwins led wholesale insurance broking.
The US hosts the largest share of major broking firms, with 233 of the top 500 firms based in the country. The UK, France, Canada, and Germany follow, each with a significant number of firms. It's worth noting that the vast majority (86.0%) of the top 500 groups are privately-owned.
For more detailed analyses and the latest rankings, visit www.insuramore.com/rankings/brokers.
- Investors in the reinsurance segment may find growth opportunities as this area grew most quickly among the various market segments in the global insurance broking market in 2024.
- With the growing size and consolidation of the top 15 broking groups, financing these businesses through technology-driven data and cloud computing solutions can be a promising venture in personal-finance.
- Event-driven market changes, such as mergers and acquisitions, have played a significant role in the recent growth of the global insurance broking market, specifically among the top 15 broking groups.
- As technology continues to transform various aspects of the business world, insurance brokerage is no exception, with corporations increasingly seeking consulting services from technology-focused firms to optimize their insurance policies and decrease financial risks.
