Product Code: nlb_us_2021
Non-Life Insurance Brokers in the USA forms part of a series of reports about the distribution of non-life insurance through brokers in 20 countries featuring (in Europe) Austria, Belgium, Denmark, Germany, France, Ireland, Italy, the Netherlands, Norway, Poland, Portugal, Spain, Sweden, Switzerland and the UK, and (in selected global markets) Australia, Brazil, Canada, China and the USA.
Some of the key questions these reports answer include:
How large is the non-life insurance market in each country?
Gross written premiums (GWP) segmented between the five categories of motor, property, liability, MAT, and other forms of non-life insurance such as legal protection and surety
GWP segmented between personal and commercial lines (with commercial lines split further between corporates and SMEs)
Which lines of business have grown fastest since 2016?
shows compound annual growth rates for 2016 to 2020
What is the share of non-life insurance premiums distributed by brokers in 2020?
includes revenue earned by brokers for broking activities and percentage share of the distribution chain
Further questions addressed include:
What are the revenues earned by non-life insurance broking?
How do broking revenues split between personal and commercial product lines?
How concentrated is the non-life broking market?
Which non-life brokers are a member of an international broker network?
Based on extensive primary research covering all substantial broking entities in the country, Non-Life Insurance Brokers in the USA's accompanying BrokerBASE ranks the leading 100 brokers according to their approximate revenues derived from commercial and personal non-life insurance.
TABLE OF CONTENTS
EXECUTIVE SUMMARY
ABOUT FINACCORD
1.0 INTRODUCTION
- What is this report about?
- The focus is uniquely on non-life (P&C) insurance, excluding other types of business...
- ...and on brokerage, even where intermediaries can act as both agents and brokers
- Rationale
- In many countries, brokers constitute an important channel for insurance products
- BrokerBASE
- Market data file
2.0 MARKET ANALYSIS
- Insurance brokers the US
- Brokers occupy a leading position in the US market…
- … and play an important role in the insurance distribution chain
- Non-life insurance the US
- Total insurance premiums in the US increased healthily between 2016 and 2020
- Liability, motor and property insurance accounted for over 90% of non-life insurance premiums in 2020
- All major lines of business grew between 2016 and 2020
- Market presence of non-life insurance brokers
- Brokers are significantly more important for commercial lines than for personal lines
- Competitor trends
- The top three competitors account for over a fifth of all non-life broking revenues...
- ... with Marsh being the largest ahead of Aon and Gallagher
- All brokers in the top 15 have a clear focus on commercial insurance
- Most US brokers offer all types of insurance
- International broker networks
- WBN has relationships with more brokers than any other network
APPENDICES
- Appendix A - Methodology
- Research program
- Market data analysis
- Appendix B - Definitions
- Distribution channels
- Product lines
- Customer size bands
- Abbreviations
LIST OF GRAPHICS / TABLES
EXECUTIVE SUMMARY
ABOUT FINACCORD
1.0 INTRODUCTION
2.0 MARKET ANALYSIS
- Representation of the insurance distribution chain
- Segmentation of non-life insurance gross written premiums in the US by personal and commercial lines, 2016 to 2020
- Segmentation of non-life insurance gross written premiums in the US by personal and commercial lines, 2016 to 2020 (table)
- Segmentation of non-life insurance gross written premiums the US by product line, 2020
- Segmentation of non-life insurance gross written premiums the US by product line, 2016 to 2020 (table)
- Growth in non-life insurance gross written premiums in the US segmented by line of business, 2016 to 2020
- Brokers' share of commercial and personal non-life insurance distribution in the US, 2020
- Brokers' revenue earned through commercial and personal non-life insurance in the US, 2020
- Brokers' revenues and share of commercial and personal non-life insurance distribution in the US, 2020 (table)
- Share of the top three and the top ten brokers in non-life insurance broking in the US, 2020
- Market shares of non-life insurance broking revenues of the top ten brokers in the US, 2020
- Estimated segmentation of all insurance broking revenues between commercial lines and personal lines, for the top 100 non-life insurance brokers in the US, 2020
- Estimated segmentation of all insurance broking revenues between commercial lines and personal lines, for the top 100 non-life insurance brokers in the US, 2020 (continued)
- Estimated segmentation of all insurance broking revenues between commercial lines and personal lines, for the top 100 non-life insurance brokers in the US, 2020 (continued)
- Estimated segmentation of all insurance broking revenues between commercial lines and personal lines, for the top 100 non-life insurance brokers in the US, 2020 (continued)
- Provision rates of major commercial and personal insurance products among the top 100 non-life insurance brokers in the US, 2020
- Partners of international broker networks in the US, 2020