The Insurance Brokerage industry is a vital player in the insurance market and is beneficial to both consumers and insurers. Insurance brokers provide impartial advice and expertise to consumers, both commercial and private, that want to purchase insurance. Brokers are able to explain the insurance process and match the client to the most suitable products. Brokers benefit insurers in that they act as a distribution network and sales team. Industry revenue depends on three things: policy pricing, demand for insurance and the popularity of agents and brokers as a medium for distributing and purchasing insurance.
This industry includes individuals and businesses that act primarily as agents or brokers in selling annuities and insurance policies. Industry participants earn commission income, mostly as a percentage of the premium of insurance policies sold. They also earn fee income for the provision of risk management consulting and claim assessment and adjustment services. Foreign-based insurance underwriters that mainly engage in insurance broking domestically are also included in this industry.
The report covers the scope, size, disposition and growth of the industry including the key sensitivities and success factors. Also included are five year industry forecast, growth rates and an analysis of the industry key players and their market shares.