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Companies in this industry act as agents to sell insurance policies and annuities underwritten by insurance carriers. Major companies include Arthur J Gallagher, Brown & Brown, and Marsh & McLennan (all based in the US), as well as Aon, Lloyd's of London, and Willis Towers Watson (all based in the UK), and CNinsure (China).
The global insurance industry, which includes carriers as well as agents and brokers, generates about $5 trillion in premium volume each year. The non-life insurance (property/casualty and health) market is experiencing strong growth in developed countries in Asia and North America, while growth in life insurance premiums is driven by strong sales in emerging markets in Asia and Latin America, according to Swiss Re.
The US insurance agencies and brokerages industry includes about 133,000 establishments (single-location companies and units of multi-location companies) with annual revenue of about $120 billion.
Many companies that primarily offer insurance products to businesses function mainly as brokers. Captive agencies operate as a sales agent for a single insurer, working on its behalf; independent brokers sell products from several providers. Insurance carriers are covered in separate industry profiles.
Demand is related to consumer income and commercial activity. When the economy grows, so does the demand for personal and business insurance. When the economy contracts, as it did in the late 2000s, demand for insurance falls. Despite the prominence of large companies ...
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