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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 is a comprehensive guide to market size and growth prospects. Our industry reports offer strategic industry analysis of the factors influencing companies, including new product developments, economic, lifestyle and demographic influences, distribution and supply chain factors and pricing issues. Full analysis accompanies our data forecasts to illustrate how the market responds to emerging industry trends.

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 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 - Starting a New Business Chapter

The Insurance Brokers and Agents Industry has medium barriers to entry; however, barriers vary depending on the area a new entrant may target. While it is relatively easy for a small player to enter the market, in order to compete with the industry’s major players, a new entrant must have access to a significant level of capital to develop brand awareness and reputation, a broad line of complementary insurance-related services, a skilled workforce and a strong distribution network.

Reputation and skilled workforce

Barriers for entry are often higher in the commercial sector as clients in this sector typically have specialist needs. Lar.. purchase to read more

 


Industry ProductsRelated ReportsTable of Contents

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


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