The insurance brokerage industry is a fragmented one, with many insurance brokers competing to offer the most attractive packages and services. It’s a lucrative market, with more than $19 billion in growth predicted between 2020 and 2024. Several of the industry’s key players have been in business for more than a century, but newer companies are still holding their own. Mergers and acquisitions are common, and are causing the industry to gradually become more concentrated. Industry giants are acquiring smaller business to expand their global presence, but there have also been some mergers between large corporations to consolidate their market shares. Find out which insurance brokerage firms are leading the global market this year.
Aon
Aon is one of the biggest players in the insurance broking industry, offering professional services in the areas of risk, retirement, and health. Its offerings include commercial risk solutions, reinsurance solutions, retirement solutions, health solutions, and data and analytic services. The company employs over 50,000 people across 120 countries and works to help its clients identify, quantify, and manage risk exposure, reduce volatility, and improve performance.
Suggested reading: Top 10 Deep Learning Companies in the World
It was recently announced that Aon would be buying Willis Towers Watson, another market leader, in a move that would make the new company the largest insurance broker in the world. Aon had previously announced last March that it was considering the purchase, but shortly after decided against it. The new company will have estimated total revenues of $19 billion.
Arthur J. Gallagher & Co.
Gallagher is an insurance, risk management, and consulting services provider that operates across the globe. The company was founded in Chicago in 1927 and has since grown into an industry leader, completing nearly 400 acquisitions between 2010 and 2018 as it expanded globally. Gallagher is not only one of the world’s largest insurance brokers, it’s also well regarded – the company has been recognized by Ethisphere Institute as one of the World’s Most Ethical Companies for several years in a row, and has also been named one of the Best Places to Work for LGBTQ Equality by the Human Rights Campaign Corporate Equality Index 2020.
Brown & Brown, Inc.
Founded in 1939 in Florida, US, Brown & Brown has grown into one of the largest insurance brokers in the country with over 290 locations. The company offers insurance products and services through four business segments: retail, national programs, wholesale, and services. Brown & Brown provides personalized solutions to businesses, corporations, governmental institutions, professional organizations, trade associations, families, and individuals. Through mergers and acquisitions, the corporation has joined with over 500 agencies to serve a range of niche, underserved markets.
HUB International
HUB was formed in 1998 when eleven Canadian brokerages merged to form a new organization. Today, HUB has 12,000 employees in over 475 offices across North America and is one of the world’s largest insurance brokers. HUB offers risk services, claims management, and compliance support, and tailors its insurance coverage to individual industries and associations.
Lockton
Lockton is a family-owned company that has over 100 offices around the world, with global headquarters in Kansas City, London, and Dubai. The organization has over 7,500 associates providing risk management, insurance, employee benefits consulting, and retirement services to more than 52,000 clients.
Marsh & McLennan
Marsh & McLennan had its beginnings as a Chicago insurance agency in 1871, and over the years has developed into a professional services firm with 75,000 employees and clients in over 130 countries. The organization is made up of 4 companies working under two operating segments. Marsh and Guy Carpenter operate in risk and insurance services, while Mercer and Oliver Wyman provide consulting services. Marsh & McLennan is a Fortune 250 company and reports annual revenue of $17 billion.
NFP
NFP is an insurance broker and consultant with over 5,400 employees and a global reach. The company provides employee benefits, property and casualty, retirement, and individual private client solutions. Founded in 1998 with headquarters in New York, NFP is one of the largest global insurance brokers in the world and invests in innovative technologies in the industry.
Truist Financial Corporation
Truist was formed in late 2019 through a merger between financial institutions SunTrust and BB&T. With a combined 275 years of experience, Truist is now the sixth largest bank holding company in the US. The organization’s services include retail, small business, and commercial banking; asset management; capital markets; commercial real estate; corporate and institutional banking; insurance; mortgage; payments; specialized lending; and wealth management.
USI
Founded in 1994, USI grew from a single office with 40 associates into a leading insurance broker with over 7,000 associates across 200 offices. Through acquisitions, the company has gained access to agencies with many decades of experience. The company offers property and casualty, employee benefit, personal risk, and retirement services, and designs customized commercial insurance programs.
Willis Towers Watson
Willis Towers Watson is one of the world’s leading insurance brokers, with over 45,000 employees and operations in more than 140 countries. The company offers solutions for risk management, benefits delivery, human capital, investment, and more. Aon has announced that it will be buying Willis Towers Watson in a $30 billion all-share deal.
Suggested reading: IoT Security: Why It’s Critical for Modern Businesses?
Global Insurance Brokerage Market Insights
Insurance markets in developed countries are becoming saturated, but there are still many growth opportunities in developing countries such as India and China. Despite approaching a saturation point, North America is expected to be a source of growth for the market over the next few years, though at a slower rate than APAC, MEA, and South America.
Learn more about the global insurance brokerage industry with Technavio’s market research report, including:
- CAGR of the market during the forecast period 2020-2024
- Detailed information on factors that will drive insurance brokerage market growth during the next five years
- Precise estimation of the insurance brokerage market size and its contribution to the parent market
- Accurate predictions on upcoming trends and changes in consumer behavior
- The growth of the insurance brokerage market industry across APAC, Europe, MEA, North America, and South America
- A thorough analysis of the market’s competitive landscape and detailed information on insurance brokers
- Comprehensive details of factors that will challenge the growth of insurance brokerage market vendors
Try a FREE sample today!
