Rising insurance premiums and the strong consumer preference for purchasing insurance policies from brokers have been key drivers of industry revenue growth over the past five years. Insurance brokers provide advice and expertise to both commercial clients and private individuals, explaining the insurance process and matching the client to the most suitable product. Additionally, brokers benefit insurers as they can act as a distribution network and sales team. Strong insurance sales have led to increased commissions for the industry, with industry revenue expected to rise at an annualised 2.5% over the five years through 2015-16.
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 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.