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2024 U.S. Industry Statistics & Market Forecast - Insurance Agencies and Brokerages
Market Size & Industry Statistics
The total U.S. industry market size for Insurance Agencies and Brokerages:
Industry statistics cover all companies in the United States, both public and private, ranging in size from small businesses to market leaders.
In addition to revenue, the industry market analysis shows information on employees, companies, and average firm size.
Investors, banks, and business executives use growth rates and industry trends to understand the market outlook and opportunity.
| Statistics | 2019 2020 2021 2022 2023 | |
|---|---|---|
| Market Size (Total Sales/Revenue) |
Order at top of page | |
| Total Firms | ||
| Total Employees | ||
| Average Revenue Per Firm | ||
| Average Employees Per Firm | ||
| Average Revenue Per Employee | ||
Market Forecast
Market forecasts show the long term industry outlook and future growth trends. The following extended five-year forecast projects both short-term and long-term trends.
| Forecast / Industry Outlook | 2024 | 2025 | 2026 | 2027 | 2028 | |
|---|---|---|---|---|---|---|
| Market Forecast ($ millions) | ||||||
| Projected Industry Growth Rate (%) | ||||||
Industry Insights
The Insurance Agencies & Brokers industry is constantly evolving and facing new challenges, trends and opportunities. Some of the key trends affecting the industry include the rise of insurtech companies, changing consumer expectations and behaviours, increasing regulation and compliance requirements, and the growing prevalence of cyber threats.Insurtech companies are disrupting traditional insurance models by leveraging new technologies such as artificial intelligence, advanced analytics and blockchain. This is leading to greater efficiency and automation in the sales and underwriting processes, as well as more personalized products and services.
Consumer expectations are also changing, with a preference for digital engagement, personalized experiences and greater transparency. Insurance agencies and brokers must adapt to these expectations by investing in digital capabilities, offering omni-channel solutions, and providing greater transparency in pricing and coverage options.
Furthermore, regulatory and compliance requirements continue to become more complex and stringent. This requires insurers to invest in compliance systems, data privacy protection, and cyber risk management.
Finally, cyber threats pose a significant risk to both insurers and their clients. Therefore, the insurance industry must be proactive in developing and implementing cyber risk management strategies that help mitigate these risks. This includes educating clients about cyber risks and how to minimize them, and offering cyber insurance products tailored to specific industries and risk profiles.
Product & Services Breakdown
Research products and services in the Insurance Agencies and Brokerages industry generating sales. Note that products are broken into categories with different levels of classification.| Product Description | Number of Companies | Sales ($ millions) | Percent of Total Sales |
|---|---|---|---|
Industry Total |
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Brokering And Dealing Services For Equities |
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Financial Planning And Investment Management Services |
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Personal Financial Planning And Advice Services |
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Personal Investment Management Services |
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Insurance Brokerage And Agency Services - Commissions |
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Life And Accident |
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Health And Medical |
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Property And Casualty - Personal Lines |
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Property And Casualty - Commercial Lines |
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Annuity |
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Title |
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Other |
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Claims Adjustment Services |
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Consulting Services For Insurance |
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Insurance Support Services - Third Party Administration |
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Third Party Administration And Management Of Pension Funds/Plans - Fees |
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Third Party Administration And Management Of Health And/Or Welfare Funds/Plans - Fees |
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Other Fees Associated With Third Party Administration |
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Title Search, Title Reconveyance, And Title Abstract Service Fees |
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Other Services |
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U.S. Geographic Distribution: Revenue Statistics by State
Market Size by State ($ millions) indicates how the industry's competition is distributed throughout the country. State-level information can identify areas with higher and lower industry market share than average.
Income Statement (Average Financial Metrics)
Financial metrics provide a snapshot view of a benchmark "average" company. Key business metrics show revenue and operating costs. The data collected covers both public and private companies.| Industry Average | Percent of Sales (Industry Benchmark) | |
|---|---|---|
| Total Revenue | Order at top of page |
|
| Operating Revenue | ||
| Cost of Goods Sold | ||
| Gross Profit | ||
Operating Expenses | ||
| Pension, profit sharing plans, stock, annuity | ||
| Repairs | ||
| Rent paid on business property | ||
| Charitable Contributions | ||
| Depletion | ||
| Domestic production activities deduction | ||
| Advertising | ||
| Compensation of officers | ||
| Salaries and wages | ||
| Employee benefit programs | ||
| Taxes and Licenses | ||
| Bad Debts | ||
| Depreciation | ||
| Amortization | ||
| Other Operating Expenses | ||
| Total Operating Expenses | ||
| Operating Income | ||
| Non-Operating Income | ||
| EBIT (Earnings Before Interest and Taxes) | ||
| Interest Expense | ||
| Earnings Before Taxes | ||
| Income Tax | ||
| Net Profit Net Income | ||
Financial Ratio Analysis
Financial ratio information can be used to benchmark how a Insurance Agencies and Brokerages company compares to its peers. Accounting statistics are calculated from the industry-average for income statements and balance sheets.| Profitability & Valuation Ratios | Industry Average |
|---|---|
| Company valuation can be measured based on the firm's own performance, as well as in comparison against its industry competitors. These metrics show how the average company in the Insurance Agencies and Brokerages industry is performing. | |
| Profit Margin Gross Profit Margin, Operating Profit Margin, and Net Profit Margin. Show company earnings relative to revenues. |
|
| Return on Equity (ROE) Return on Equity (ROE) is net income as a percentage of shareholders' equity. Shareholders' Equity is defined as the company's total assets minus total liabilities. ROE shows how much profits a company generates with the money shareholders invested (or with retained earnings). |
|
| Return on Assets (ROA) Return on Assets (ROA) is net income relative to total assets. The market research on Insurance Agencies and Brokerages measures how efficiently the company leverages its assets to generate profit. ROA is calculated as Net Income divided by Total Assets. |
|
| Liquidity Ratios | Industry Average |
|---|---|
| Bankers and suppliers use liquidity to determine creditworthiness and identify potential threats to a company's financial viability. | |
| Current Ratio Measures a firm's ability to pay its debts over the next 12 months. |
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| Quick Ratio (Acid Test) Calculates liquid assets relative to liabilities, excluding inventories. |
|
| Efficiency Ratios - Key Performance Indicators | Industry Average |
|---|---|
| Measure how quickly products and services sell, and effectively collections policies are implemented. | |
| Receivables Turnover Ratio If this number is low in your business when compared to the industry average in the research report, it may mean your payment terms are too lenient or that you are not doing a good enough job on collections. |
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| Average Collection Period Based on the Receivables Turnover, this estimates the collection period in days. Calculated as 365 divided by the Receivables Turnover |
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| Inventory Turnover A low turnover rate may point to overstocking, obsolescence, or deficiencies in the product line or marketing effort. |
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| Fixed-Asset Turnover Generally, higher is better, since it indicates the business has less money tied up in fixed assets for each dollar of sales revenue. |
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Compensation & Salary Surveys for Employees
Compensation statistics provides an accurate assessment of industry-specific jobs and national salary averages. This information can be used to identify which positions are most common, and high, low, and average annual wages.| Title | Percent of Workforce | Bottom Quartile | Average (Median) Salary | Upper Quartile |
|---|---|---|---|---|
| Management Occupations | 9% | Order at top of page |
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| Chief Executives | 0% | |||
| General and Operations Managers | 5% | |||
| Business and Financial Operations Occupations | 16% | |||
| Business Operations Specialists | 9% | |||
| Financial Specialists | 6% | |||
| Sales and Related Occupations | 38% | |||
| Sales Representatives, Services | 36% | |||
| Insurance Sales Agents | 35% | |||
| Insurance Sales Agents | 35% | |||
| Office and Administrative Support Occupations | 32% | |||
| Information and Record Clerks | 14% | |||
| Customer Service Representatives | 12% | |||
| Customer Service Representatives | 12% | |||
| Other Office and Administrative Support Workers | 11% | |||
| Insurance Claims and Policy Processing Clerks | 7% | |||
| Insurance Claims and Policy Processing Clerks | 7% | |||
Insurance Agencies and Brokerages Competitor Landscape & Key Companies [PREMIUM]
The most influential companies in the Insurance Agencies and Brokerages industry and adjacent industries either have large market share or are developing new business models and methods that could disrupt the status quo. We look at leading and emerging companies in the Insurance Agencies and Brokerages industry and adjacent sectors:| Market Leaders: Direct Competitors Companies with the largest market share, focused in this industry |
Market leaders: Diversified Competitors Largest companies that have diversified operations in this and other industries |
| Innovators: Direct Competitors Innovative, Emerging, and Disruptive Companies that may influence the future direction of the industry. |
Innovators: Diversified Competitors Innovators and Disruptors in adjacent industries that may also affect the Insurance Agencies and Brokerages industry. |
Source:
Innovation News
- Apr 11, 2024: Insurance Services Office patents Systems And Methods For Lean Ortho Correction For Computer Models Of Structures
- Apr 11, 2024: Insurance Services Office patents Systems And Methods For Lean Ortho Correction For Computer Models Of Structures
- Apr 11, 2024: Root patents Managing And Providing A Rule Independent Data Model
- Mar 07, 2024: Rainwalk Technology raises $4 million in funding.
- Feb 29, 2024: zizzl holding raises $8 million in funding.
- Feb 15, 2024: Smith Health raises $60 million in funding.
- Jan 29, 2024: Family First Insurance Advisors trademarks "FAMILY FIRST INSURANCE ADVISORS" - Providing counseling, consulting and enrollment in the field of healthcare insurance benefits
- Jan 25, 2024: Life Insurance Settlements trademarks "LIFE INSURANCE SETTLEMENTS, INC." - Viatical settlement services; Insurance services
- Jan 24, 2024: Advocate Healthllc trademarks "MY ADVOSTORY" - Providing a web site featuring the ratings, reviews and recommendations on products and services for commercial purposes posted by users
Recent Federal Contracts for Insurance Agencies and Brokerages- Apr 01, 2024: PAK-QATAR FAMILY TAKAFUL LIMITED (Karachi, SINDH) awarded $15,649
- Mar 29, 2024: VERLINGUE (Quimper, ) awarded $45,215
- Mar 28, 2024: MUTUELLE GENERALE DE L'EDUCATION NATIONALE (Paris Cedex 15, ) awarded $101,211
- Mar 27, 2024: ACACIA HEALTH INSURANCE (Accra, ) awarded $63,377
- Mar 26, 2024: TBC INSURANCE, JSC (Tbilisi, ) awarded $28,753
- Mar 26, 2024: BULSTRAD LIFE VIENNA INSURANCE GROUP EAD (Sofia, STOLICHNA) awarded $40,748
- Apr 01, 2024: PAK-QATAR FAMILY TAKAFUL LIMITED (Karachi, SINDH) awarded $15,649
- Mar 29, 2024: VERLINGUE (Quimper, ) awarded $45,215
- Mar 28, 2024: MUTUELLE GENERALE DE L'EDUCATION NATIONALE (Paris Cedex 15, ) awarded $101,211
- Mar 27, 2024: ACACIA HEALTH INSURANCE (Accra, ) awarded $63,377
- Mar 26, 2024: TBC INSURANCE, JSC (Tbilisi, ) awarded $28,753
- Mar 26, 2024: BULSTRAD LIFE VIENNA INSURANCE GROUP EAD (Sofia, STOLICHNA) awarded $40,748
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