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Insurance Agents & Brokers in the UK: Market Research Report

Market Research • Market Size • Industry Statistics • Industry Analysis • Industry Trends

Insurance Agents & Brokers Market Research Report | SIC K66.220 | Mar 2017

Unsure performance: Industry performance has been constrained by a soft insurance cycle

IBISWorld’s Insurance Agents & Brokers market research report provides the latest industry statistics and industry trends, allowing you to identify the products and customers driving revenue growth and profitability. The industry report identifies the leading companies and offers strategic industry analysis of the key factors influencing the market.

Report Snapshot
Market Share of Companies
Aon plc Aon plc market share
Arthur J Gallagher & Co Arthur J Gallagher & Co market share
JLT Group JLT Group market share
Marsh & McLennan Companies Marsh & McLennan Companies market share
Willis Group Holdings plc Willis Group Holdings plc market share
Industry Statistics & Market Size
Revenue
£12bn
Annual Growth 12-17
-1.2%
Annual Growth 17-22
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Profit
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Employment
62,978
Businesses
3,156
Industry Threats & Opportunities
  • A soft insurance cycle has constrained the industry’s revenue performance in recent years
  • The industry is in a softcycle, which has limited revenue performance over the past five years
  • New legislation affecting people’s access to their pensions is expected to boost industry demand
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Industry Analysis & Industry Trends

The United Kingdom has been an important global hub for insurance since the 17th century. Today, the United Kingdom is one of the largest insurance centres in the world, only surpassed in size by Japan and the United States. Insurance agents and brokers act as intermediaries between clients and insurers. The main sources of competition for insurance brokers and agents are banks, financial advisors and underwriters, all of which circumvent agents by selling insurance directly to customers. Brokers and agents also provide risk management consulting and other value-added services to their clients for additional fees. These advisory services are becoming an increasingly important revenue stream... purchase to read more

Industry Report - Industry Products Chapter

Insurance brokers and agents sell the entire spectrum of insurance products on behalf of insurers to businesses, households and other insurers. These include life and health insurance, as well as property and casualty (P&C) insurance for both personal and commercial properties. The industry also provides a variety of fee-based consulting and management services, which are expected to account for approximately 4.3% of revenue in 2016-17. These services include third-party fund administration and management, insurance claims and consulting services, title services, risk consulting and wealth management services. Larger players in the industry offer these services to increase their competitiveness.

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Additional Insights for the Insurance Agents & Brokers Industry

IBISWorld identifies 250 Key Success Factors for a business.The most important for the Insurance Agents & Brokers Industry are

  • Having links with suppliers
  • Having an extensive distribution/collection network
  • Having a good technical knowledge of the product
  • IBISWorld analysts also discuss how external factors such as Real household disposable income and Demand from general insurance in the Insurance Agents & Brokers industry impact industry performance... purchase to read more

     


    Industry ProductsRelated Reports

    What is the Insurance Agents & Brokers Industry?

    This industry comprises companies that act as insurance intermediaries independent of insurance providers, either as agents on behalf of insurance providers or as brokers on behalf of a client. Industry participants earn commission, generally a percentage of the insurance premium sold. They also earn fees for providing risk management consulting, and claim assessment and adjustment services.

    Industry Products
    Life insuranceHealth, medical and accident insuranceProperty and casualty insurance AnnuitiesConsulting and management servicesOther insurance
     
    Industry Activities
    Annuity distribution and brokerageAdministration of insurance initiatives such as employee benefit and captive insurance programmesRisk management consultingReinsurance distribution and brokerageLife, health and medical insurance policy distribution and brokerageProperty and casualty insurance policy distribution and brokerage


    Table of Contents
    About this Industry
    Industry Definition
    Main Activities
    Similar Industries
    Additional Resources
    Industry at a Glance
    Industry Statistics Snapshot
    Industry Structure
    Executive Summary
    Industry Performance
    Executive Summary
    Key External Drivers
  • Real household disposable income
  • Demand from general insurance
  • Damage caused by natural disasters
  • Demand from life insurance
  • Population
  • Current Performance
  • Below par
  • Soft cycle
  • Regulatory changes
  • In commission
  • Enterprises, establishments and employment
  • Taxing new legislation
  • Shrinking margins
  • Chart: Revenue Growth
  • Industry Outlook
  • Imminent retirees
  • New entrants
  • Assured profitability
  • Table: Insurance Agents & Brokers Industry Revenue Outlook
  • Industry Life Cycle
  • Life cycle reasons
  • Chart: Benchmarking - Insurance Agents & Brokers Industry Lifecycle vs The Economy
  • Products & Markets
    Supply Chains
  • Key Buying Industries
  • Consumers
  • Key Selling Industries
  • Classic Car Insurance
  • General Insurance
  • Life Insurance
  • Reinsurance
  • Products & Services
  • Property and casualty insurance
  • Life insurance
  • Annuities
  • Health, medical and accident insurance
  • Consulting and management services
  • Other insurance
  • Chart: Insurance Agents & Brokers Industry Products and Services Segmentation
  • Demand Determinants
  • Economic conditions
  • Product innovation
  • Distribution channels
  • Prices
  • Changing demographics
  • Major Markets
  • Commercial market
  • Personal buyers
  • Chart: Major Market Segmentation for the Insurance Agents & Brokers Industry
  • International Trade
    Business Locations
  • Chart: Business Locations by State
  • Competitive Landscape
    Market Share Concentration
    Key Success Factors
    Cost Structure Benchmarks
  • Profit
  • Wages
  • Purchases
  • Rent
  • Depreciation
  • Other
  • Chart: Cost Structure Benchmarking – Sector vs Insurance Agents & Brokers
  • Basis of Competition
  • Internal competition
  • External competition
  • Barriers to Entry
  • Table: Barrier to Entry Checklist for the Insurance Agents & Brokers Industry
  • Industry Globalization
    Major Companies
    Jardine Lloyd Thompson Group plc
    Marsh & McLennan Companies UK Limited
    Aon plc
    Willis Towers Watson plc
    Arthur J Gallagher & Co
  • Table: Jardine Lloyd Thompson Group plc - financial performance
  • Table: Marsh & McLennan Companies UK Limited - financial performance
  • Table: Aon plc - financial performance
  • Table: Willis Towers Watson plc - financial performance
  • Table: Arthur J Gallagher & Co - financial performance
  • Operating Conditions
    Capital Intensity
  • Chart: Level of Capital Intensity for the Insurance Agents & Brokers Industry
  • Chart: Tools of the Trade: Growth Strategies for Success
  • Technology & Systems
    Revenue Volatility
  • Chart: Volatility vs Industry Growth
  • Regulation & Policy
    Industry Assistance
    Key Statistics
  • Table: Industry Data for the Insurance Agents & Brokers Industry
  • Includes:
  • Industry Revenue (2008-2022)
  • Industry Gross Product (2008-2022)
  • Establishments (2008-2022)
  • Businesses (2008-2022)
  • Employment (2008-2022)
  • Wages (2008-2022)
  • Table: Annual Percentage Change for Key Industry Data
  • Table: Key Ratios for Industry Key Data
  • Jargon & Glossary
    Bancassurance
  • A business model that involves both banking and the sale of insurance policies. In many cases the policy is underwritten by an aligned insurer, but in some cases the bank itself is also an insurer.
  • Captive Insurer
  • A company that is wholly owned and controlled by its parent, established with the sole objective to cover the risk of its owners
  • Market Hardening
  • A market where insurance premium prices are increasing. Insurance markets harden when the demand for insurance overshoots supply. The supply of insurance depends on an insurer's capital position.
  • Market Softening
  • A market where insurance prices are falling. Insurance markets soften when insurers have excess capital, i.e. when the supply of insurance is greater than demand. This instigates a price war.
  • Pecuniary Loss
  • A loss that can be evaluated in precise monetary terms.
  • Underwriting
  • The process of measuring risk and determining the premium that needs to be paid to insure it.

  • Why Buy this Report?
    IBISWorld industry market research reports enable you to:
    • Find out about key industry trends
    • Identify threats and opportunities
    • Inform your decisions for marketing, strategy and planning
    • Quickly build competitive intelligence
    This report on Insurance Agents & Brokers:
    • Provides Market Size information to assist with planning and strategic decisions.
    • Includes the necessary information to perform SWOT, PEST and STEER analysis.
    • Helps you understand market dynamics to give you a deeper understanding of industry competition and the supply chain.
    • Analyses key performance and operational metrics so that you can benchmark against your own business, that of your customers’ businesses, or your competitors’ businesses.
    The Insurance Agents & Brokers market research report includes:
    • Historical data and analysis for the key drivers of this industry
    • A five-year forecast of the market and noted trends
    • Detailed research and segmentation for the main products and markets
    • An assessment of the competitive landscape and market shares for major companies
    • And of course, much more

    IBISWorld reports on thousands of industries around the world. Our clients rely on our information and data to stay up-to-date on industry trends across all industries. With this IBISWorld Industry Research Report on Insurance Agents & Brokers, you can expect thoroughly researched, reliable and current information that will help you to make faster, better business decisions.

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