The worldwide insurance broking market generated approximately $180 billion in fees and commissions during 2024, marking an 8.1% increase from the previous year’s $166.5 billion, according to new data from Insuramore released Monday.
The growth represents a 2.6% increase when adjusted for inflation, with the top 15 broking groups achieving an even higher aggregate growth rate of 10.7%, driven partly by merger and acquisition activity.
The insurance broking industry showed further consolidation in 2024, with the top 15 groups controlling 48.7% of total global broking fees and commissions, up from 47.6% in 2023 and 45.8% in 2020. This trend appears likely to continue into 2025, with eight of the top 500 groups in acquisition processes during the first half of the year.
“The market appears to have consolidated further during 2024, and this trend seems likely to continue during 2025,” the Insuramore analysis said.
The $180 billion market divided across five primary segments:
Reinsurance and wholesale broking experienced the fastest growth during the year, while employee benefits plus life and health insurance retail broking recorded the least growth.
Among the top 15 groups, Alliant and Howden expanded their broking revenues most rapidly during 2024.
Segment leaders included:
The United States serves as headquarters for 233 of the top 500 broking groups, representing 46.6% of the largest firms globally. The United Kingdom follows with 49 groups, then France with 35, Canada with 31, and Germany with 21.
Private ownership dominates the industry, with 430 groups (86%) operating under private ownership structures including family ownership, employee ownership, or private equity arrangements.
The rankings and analysis drew from Insuramore’s comprehensive database tracking global insurance broking activity.
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