Data on Insuramore's Brokerage Fees and Commissions
In 2024, the worldwide insurance broking market experienced a growth of nearly 12.5%, reaching a value of around USD 180 billion, according to the latest analysis by Insuramore. This growth, however, was closer to 2.6% when adjusted for inflation, reflecting a more moderate real growth rate.
The market composition in 2024 included commercial property & casualty (P&C) retail broking (~USD 83.3 billion), private P&C retail broking (~USD 18.2 billion), employee benefits plus life and health insurance retail broking (~USD 55.8 billion), reinsurance broking (~USD 8.3 billion), and wholesale broking (~USD 14.7 billion).
Notably, reinsurance and wholesale broking segments experienced the fastest revenue growth during the year, while employee benefits and life/health insurance broking grew more slowly.
Marsh McLennan topped the broking groups rankings in 2024, followed by Aon, Gallagher, WTW, and Acrisure. Marsh McLennan led in commercial P&C insurance retail broking, Alliant in private P&C insurance retail broking, WTW in employee benefits activity plus retail broking of life and health cover, Aon in reinsurance broking, and Amwins in wholesale insurance broking.
The top 15 broking groups controlled 48.7% of total global broking fees and commissions in 2024, up from 47.6% in 2023 and 45.8% in 2020. M&A activity and consolidation also played a significant role in driving aggregate broking revenue growth, with the top 15 broking groups achieving even higher aggregate growth (around 10.7%) due in part to acquisitions.
The US is the headquarters for 233 (46.6%) of the top 500 groups, followed by the UK, France, Canada, and Germany. Interestingly, the vast majority (86.0%) of the top 500 groups are privately-owned.
Looking forward, Insuramore projects a strong but moderate real growth rate for the global insurance broking market in 2025, driven by organic revenue growth and acquisition activity. The forecasted growth rate for 2025 is approximately 8.1% nominal growth (fees and commissions basis), which translates to about 2.6% when adjusted for inflation.
For more detailed rankings and analyses, visit www.insuramore.com/rankings/brokers.
Investors looking to invest in the insurance market might find interest in the reinsurance broking segment, which experienced the fastest revenue growth in 2024. Additionally, in 2025, the global insurance broking market is projected to grow moderately, with reinsurance broking possibly offering promising returns given its strong growth in the previous year.
