Industry Statistics and Trends
Market size and recent performance (2015-2030)
Industry revenue has grown at a CAGR of 3.8 % over the past five years, to reach an estimated $261.7bn in 2025.
Trends and Insights
A recent hardening cycle has kept insurance brokers and agencies resilient and boosted growth
- Insurance brokers and agencies are heavily dependent on macroeconomic conditions that determine how prices for insurance policies will fluctuate for consumers and businesses alike. Since there's little innovation in the industry, providers primarily compete based on price.
- Additional trends and insights available with purchase
Source: IBISWorld
Industry outlook (2025-2030)
Market size is projected to grow over the next five years.
Trends and Insights
Recent tariff impositions could constrain brokers' and agencies' revenue growth in the short term
- In the first half of 2025, the Trump administration imposed major tariffs on goods across all nations. These levies are expected to push up prices for consumers and bolster input costs for manufacturers, making it more challenging for consumers to afford various goods.
Biggest companies in the Insurance Brokers & Agencies in the US
| Company | Market Share (%)
2025 | Revenue ($m)
2025 | Profit ($m)
2025 | Profit Margin (%)
2025 |
|---|---|---|---|---|
Marsh & Mclennan Companies, Inc. | 7,174.9 | 1,469.6 | 20.5 |
To view the market share and analysis for all 1 top companies in this industry, view purchase options.
Products & Services Segmentation
Source: IBISWorld
Industry revenue is measured across several distinct product and services lines, including Commercial P&C insurance, Personal P&C insurance and Health and medical insurance. Commercial P&C insurance is the largest segment of the Insurance Brokers & Agencies in the US.
Trends and Insights
Commercial property and casualty (P&C) insurance is the most prominent service offering
- This product segment consists of insurance that covers the property of commercial entities while also protecting them from damage in accidents or other life-threatening events within the commercial space. Clients seeking this form of insurance often include commercial real estate owners, professional service firms, manufacturers and nonprofit organizations. Coverage for workers' compensation and commercial automobile insurance is among the most prominent types of commercial P&C insurance.
- More insights available in the full report
Table of Contents
About this industry
Industry definition
Providers are individuals or businesses that act as agents or brokers, selling insurance policies and annuities. They earn commission income, mostly as a percentage of the insurance policy premium. Brokers and agencies also earn income from fees for risk management consulting and other value-added services.
What's included in this industry?
Products and services covered in the Insurance Brokers & Agencies industry in the United States include Property and casualty insurance policy brokerage, Health and medical insurance brokerage, Life and accident insurance brokerage, Title insurance brokerage, Annuity brokerage, Risk management consulting and Insurance administration services.Companies
Companies covered in the Insurance Brokers & Agencies industry in the United States include Marsh & Mclennan Companies, Inc.Purchase this report to view all 1 major companies in this industry.
Related Terms
Related terms covered in the Insurance Brokers & Agencies industry in the United States include insurance broker, insurance agent, contingent commission arrangement, hard market and soft market.Industry Code
NAICS 52421 - Insurance Brokers & Agencies in the US
Performance
Get an indication of the industry's health through historical, current and forward-looking trends in the performance indicators that make or break businesses.
Analyst insights
The latest hardening cycle, marked by premium hikes following disasters and economic shocks, has helped brokers stay resilient and encouraged long-term growth. This has been ...
In this chapter (4)
- Current Performance
- Outlook
- Volatility
- Life Cycle
Key metrics
- Annual Revenue, Recent Growth, Forecast, Revenue Volatility
- Number of Employees, Recent Growth, Forecast, Employees per Business, Revenue per Employee
- Number of Businesses, Recent Growth, Forecast, Employees per Business, Revenue per Business
- Total Profit, Profit Margin, Profit per Business
Charts
- Revenue, including historical (2015-2024) and forecast (2025-2030)
- Employees, including historical (2015-2024) and forecast (2025-2030)
- Businesses, including historical (2015-2024) and forecast (2025-2030)
- Profit, including historical (2015-2025)
- Industry Volatility vs. Revenue Growth
- Industry Life Cycle
Detailed analysis
- Trends in supply, demand and current events that are driving current industry performance
- Expected trends, economic factors and ongoing events that drive the industry's outlook
- Key success factors for businesses to overcome volatility
- How contribution to GDP, industry saturation, innovation, consolidation, and technology and systems influence the industry's life cycle phase.
Products and Markets
Learn about an industry's products and services, markets and trends in international trade.
Analyst insight
Commercial property and casualty (P&C) insurance leads the market, fueled by growing employment and surging nonresidential construction. Brokers serve a wide range of clients...
In this chapter
- Products & Services
- Major Markets
Key metrics
- Largest market segment and value in 2025
- Product innovation level
Charts
- Products & services segmentation in 2025
- Major market segmentation in 2025
Detailed analysis
- Trends impacting the recent performance of the industry's various segments
- Innovations in the industry's product or service offering, specialization or delivery method
- Key factors that successful businesses consider in their offerings
- Buying segments and key trends influencing demand for industry products and services
Geographic Breakdown
Discover where business activity is most concentrated in an industry and the factors driving these trends to find opportunities and conduct regional benchmarking.
Analyst insights
The Southeast leads the nation with nearly 30.0% of all US insurance establishments, thanks to its fast-growing population and a heightened demand for coverage. Florida’s exp...
In this chapter (1)
- Business Locations
Charts
- Share of revenue, establishment, wages and employment in each state
- Share of population compared to establishments in each region in 2025
Tables
- Number and share of establishments in each state in 2025
- Number and share of revenue each state accounts for in 2025
- Number and share of wages each state accounts for in 2025
- Number and share of employees in each state in 2025
Detailed analysis
- Geographic spread of the industry across North America, and trends associated with changes in the business landscape
- Key success factors for businesses to use location to their advantage
Competitive Forces
Get data and insights on what's driving competition in an industry and the challenges industry operators and new entrants may face, with analysis built around Porter's Five Forces framework.
Analyst insights
Diversification of services beyond insurance coverage creates large levels of competition. As brokers and agencies compete for a similar niche of consumers, it's integral tha...
In this chapter (4)
- Concentration
- Barriers to Entry
- Substitutes
- Buyer & Supplier Analysis
Key metrics
- Industry concentration level
- Industry competition level and trend
- Barriers to entry level and trend
- Substitutes level and trend
- Buyer power level and trend
- Supplier power level and trend
Charts
- Market share concentration among the top 4 suppliers from 2020-2025
- Supply chain including upstream supplying industries and downstream buying industries, flow chart
Detailed analysis
- Factors impacting the industry’s level of concentration, such as business distribution, new entrants, or merger and acquisition activity.
- Key success factors for businesses to manage the competitive environment of the industry.
- Challenges that potential industry entrants face such as legal, start-up costs, differentiation, labor/capital intensity and capital expenses.
- Key success factors for potential entrants to overcome barriers to entry.
- Competitive threats from potential substitutes for the industry’s own products and services.
- Key success factors for how successful businesses can compete with substitutes.
- Advantages that buyers have to keep favorable purchasing conditions.
- Advantages that suppliers have to maintain favorable selling conditions.
- Key success factors for how businesses can navigate buyer and supplier power.
Companies
Learn about the performance of the top companies in the industry.
Analyst insights
Low market share concentration prevents any broker from making up more than 3.0% of revenue. Consolidation is muted because of geographic and product differentiation.
In this chapter
- Market Share Concentration
- Companies
- Company Spotlights
Charts
- Industry market share by company in 2021 through 2025
- Major companies in the industry, including market share, revenue, profit and profit margin in 2025
- Overview of Marsh & Mclennan Companies, Inc.'s performance by revenue, market share and profit margin from 2019 through 2025
Detailed analysis
- Description and key data for Marsh & Mclennan Companies, Inc., and factors influencing its performance in the industry
External Environment
Understand the demographic, economic and regulatory factors that shape how businesses in an industry perform.
Analyst insights
The National Association of Insurance Commissioners (NAIC) is made up of insurance regulators from all 50 states, Washington, DC and the four US territories. Its core mission...
In this chapter
- External Drivers
- Regulation & Policy
- Assistance
Key metrics
- Regulation & policy level and trend
- Assistance level and trend
Charts
- Regulation & Policy historical data and forecast (2015-2030)
- Assistance historical data and forecast (2015-2030)
Detailed analysis
- Demographic and macroeconomic factors influencing the industry, including Regulation & Policy and Assistance
- Major types of regulations, regulatory bodies, industry standards or specific regulations impacting requirements for industry operators
- Key governmental and non-governmental groups or policies that may provide some relief for industry operators.
Financial Benchmarks
View average costs for industry operators and compare financial data against an industry's financial benchmarks over time.
Analyst insights
Skilled talent comes at a premium for insurance brokers and agencies, driving wage costs. Wages represent the largest expense, topping one-third of revenue, because agencies ...
In this chapter
- Cost Structure
- Financial Ratios
- Key Ratios
Key metrics
- Profit margin, and how it compares to the sector-wide margin
- Average wages, and how it compares to the sector-wide average wage
- Largest cost component as a percentage of revenue
- Industry average ratios for days' receivables, industry coverage and debt-to-net-worth ratio
Charts
- Average industry operating costs as a share of revenue, including purchases, wages, depreciation, utilities, rent, other costs and profit in 2025
- Average sector operating costs as a share of revenue, including purchases, wages, depreciation, utilities, rent, other costs and profit in 2025
- Investment vs. share of economy
Data tables
- Industry Multiples (2018-2023)
- Industry Tax Structure (2018-2023)
- Income Statement (2018-2023)
- Balance Sheet (2018-2023)
- Liquidity Ratios (2018-2023)
- Coverage Ratios (2018-2023)
- Leverage Ratios (2018-2023)
- Operating Ratios (2018-2023)
- Cash Flow & Debt Service Ratios (2015-2030)
- Revenue per Employee (2015-2030)
- Revenue per Enterprise (2015-2030)
- Employees per Establishment (2015-2030)
- Employees per Enterprise (2015-2030)
- Average Wage (2015-2030)
- Wages/Revenue (2015-2030)
- Establishments per Enterprise (2015-2030)
- IVA/Revenue (2015-2030)
- Imports/Demand (2015-2030)
- Exports/Revenue (2015-2030)
Detailed analysis
- Trends in the cost component for industry operators and their impact on industry costs and profitability
Key Statistics
Industry Data
Data Tables
Including values and annual change:
- Revenue (2015-2030)
- IVA (2015-2030)
- Establishments (2015-2030)
- Enterprises (2015-2030)
- Employment (2015-2030)
- Exports (2015-2030)
- Imports (2015-2030)
- Wages (2015-2030)
Top Questions Answered
Unlock comprehensive answers and precise data upon purchase. View purchase options.
What is the market size of the Insurance Brokers & Agencies industry in the United States in 2025?
The market size of the Insurance Brokers & Agencies industry in the United States is $261.7bn in 2025.
How many businesses are there in the Insurance Brokers & Agencies industry in the United States in 2025?
There are 443k businesses in the Insurance Brokers & Agencies industry in the United States, which has grown at a CAGR of 1.0 % between 2020 and 2025.
How may import tariffs affect the Insurance Brokers & Agencies industry in the United States?
The Insurance Brokers & Agencies industry in the United States is unlikely to be materially impacted by import tariffs with imports accounting for a low share of industry revenue.
How may export tariffs affect the Insurance Brokers & Agencies industry in the United States?
The Insurance Brokers & Agencies industry in the United States is unlikely to be materially impacted by export tariffs with exports accounting for a low share of industry revenue.
Has the Insurance Brokers & Agencies industry in the United States grown or declined over the past 5 years?
The market size of the Insurance Brokers & Agencies industry in the United States has been growing at a CAGR of 3.8 % between 2020 and 2025.
What is the forecast growth of the Insurance Brokers & Agencies industry in the United States over the next 5 years?
Over the next five years, the Insurance Brokers & Agencies industry in the United States is expected to grow.
What are the biggest companies in the Insurance Brokers & Agencies industry in the United States?
The biggest company operating in the Insurance Brokers & Agencies industry in the United States is Marsh & Mclennan Companies, Inc.
What does the Insurance Brokers & Agencies industry in the United States include?
Property and casualty insurance policy brokerage and Health and medical insurance brokerage are part of the Insurance Brokers & Agencies industry in the United States.
Which companies have the highest market share in the Insurance Brokers & Agencies industry in the United States?
The company holding the most market share in the Insurance Brokers & Agencies industry in the United States is Marsh & Mclennan Companies, Inc..
How competitive is the Insurance Brokers & Agencies industry in the United States?
The level of competition is high and increasing in the Insurance Brokers & Agencies industry in the United States.
Methodology
How are IBISWorld reports created?
IBISWorld has been a leading provider of trusted industry research for over 50 years to the most successful companies worldwide. With offices in Australia, the United States, the United Kingdom, Germany and China, we are proud to have local teams of analysts that conduct research, data analysis and forecasting to produce data-driven industry reports.
Our analysts start with official, verified and publicly available sources of data to build the most accurate picture of each industry. Analysts then leverage their expertise and knowledge of the local markets to synthesize trends into digestible content for IBISWorld readers. Finally, each report is reviewed by one of IBISWorld’s editors, who provide quality assurance to ensure accuracy and readability.
IBISWorld relies on human-verified data and human-written analysis to compile each standard industry report. We do not use generative AI tools to write insights, although members can choose to leverage AI-based tools within the platform to generate additional analysis formats.
What data sources do IBISWorld analysts use?
Each industry report incorporates data and research from government databases, industry-specific sources, industry contacts, and our own proprietary database of statistics and analysis to provide balanced, independent and accurate insights.
Key data sources in the US include:
- US Census Bureau
- US Bureau of Labor Statistics
- US International Trade Commission
Analysts also use industry specific sources to complement catch-all sources, although their perspective may focus on a particular organization or representative body, rather than a clear overview of all industry operations. However, when balanced against other perspectives, industry-specific sources provide insights into industry trends.
These sources include:
- Industry and trade associations
- Industry federations or regulators
- Major industry players annual or quarterly filings
Finally, IBISWorld’s global data scientists maintain a proprietary database of macroeconomic and demand drivers, which our analysts use to help inform industry data and trends. They also maintain a database of statistics and analysis on thousands of industries, which has been built over our more than 50-year history and offers comprehensive insights into long-term trends.
How does IBISWorld forecast its data?
IBISWorld’s analysts and data scientists use the sources above to create forecasts for our proprietary datasets and industry statistics. Depending on the dataset, they may use regression analysis, multivariate analysis, time-series analysis or exponential smoothing techniques to project future data for the industry or driver. Additionally, analysts will leverage their local knowledge of industry operating and regulatory conditions to impart their best judgment on the forecast model.
IBISWorld prides itself on being a trusted, independent source of data, with over 50 years of experience building and maintaining rich datasets and forecasting tools. We are proud to be the keystone source of industry information for thousands of companies across the world.
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