Find Top Insurance Brokers in United States
The insurance world is always changing. It’s important for everyone to find the right brokers for their needs. The United States has many insurance brokers, from big companies to smaller ones.
Recent data shows who the top insurance brokers are. Marsh McLennan leads with $22.70 billion in revenue. Aon Plc is second with $13.40 billion. Arthur J. Gallagher & Co. jumped to third with $9.91 billion.
Key Takeaways
- Marsh McLennan is the biggest insurance broker in the United States, with $22.70 billion in revenue.
- Aon Plc and Arthur J. Gallagher & Co. are the second and third biggest, respectively.
- The insurance broker industry in the United States is very competitive. It has many players, big and small.
- People looking for insurance brokers have lots of choices. They can pick based on services, client base, and where they are located.
- The industry has seen a lot of changes lately. Big deals have changed who is competing with whom.
Introduction to Insurance Brokers in the United States
Insurance brokers are key in the United States. They connect people, businesses, and insurance companies. They help find the right insurance to protect what matters most.
To start an insurance brokerage, you need $50,000 to $500,000 or more. This money helps in the first years. Brokers make 2%–8% of the premiums. They also get a percentage of the first-year premium and ongoing payments.
Starting a brokerage requires following rules. You must register your business and get a tax ID. You also need business permits and licenses. Plus, you need insurance for your business.
In the U.S., states have one license for agents and brokers. You need to pass a test and coursework. People with fraud records can’t get a license.
The National Insurance Producer Registry makes getting a license easier. You can apply online. You also need to keep learning to keep your license.
Insurance brokers are crucial in the U.S. They help people and businesses manage risks. They find the right insurance for them.
Top 20 Insurance Brokerages by Revenue
In the United States, a few companies stand out in the insurance brokerage world. Marsh McLennan, Aon Plc, and Arthur J. Gallagher & Co. lead with the most revenue. These top insurance brokerages are the big names in the field.
Marsh McLennan, The Industry Leader
Marsh McLennan is at the top, with $22.70 billion in revenue for 2023. This is the 14th year in a row they’ve held the lead. They are a true giant in the insurance world.
Aon Plc: A Global Powerhouse
Aon Plc comes in second with $13.40 billion in revenue. As a global insurance broker, Aon Plc has a big presence worldwide. This makes them a key player in the industry.
Arthur J. Gallagher & Co.—The New Number Three
Arthur J. Gallagher & Co. is now the third-largest, with $9.91 billion in revenue. They’ve moved up by buying other companies. Their big deals, like Cadence Insurance and Eastern Insurance Group, helped them climb the ranks.
| Rank | Company | Total Revenue ($ billion) |
|---|---|---|
| 1 | Marsh McLennan | 22.70 |
| 2 | Aon Plc | 13.40 |
| 3 | Arthur J. Gallagher & Co. | 9.91 |
“Marsh McLennan’s consistent performance and Gallagher’s strategic acquisitions have helped solidify their positions as industry leaders, with Aon Plc maintaining its global influence.”
Emerging Players in the Insurance Brokerage Market
The insurance brokerage industry in the United States is led by big names like Marsh McLennan and Aon Plc. However, a new wave of emerging insurance brokers is making waves. Hub International and Acrisure LLC are at the forefront, with a strong market share and growing presence.
Brown & Brown Inc. is also a standout, consistent performer. It has grown steadily, earning a significant spot among the industry’s giants. Brown & Brown excels in offering tailored solutions and prioritizes client happiness, which has fueled its success.
The insurance brokerage market in the United States has seen a 1.1% Compound Annual Growth Rate (CAGR) over the last five years. It reached an estimated $216.4 billion in 2024. This growth opens doors for emerging insurance brokers to compete with the big names and grab a bigger piece of the market.
Financial backers and management teams are merging local and regional brokers into national players. This move is boosting growth and innovation in the sector. As the industry evolves, these emerging players will become key in shaping risk management and insurance solutions for businesses and individuals in the U.S.
Regional Brokers Making Their Mark
While big names dominate the insurance world, regional brokers are making their mark. Alliant Insurance Services Inc. is a West Coast leader. They serve their local markets well, adding to what big firms offer.
Alliant has grown a lot, needing at least $1 million in premium revenue in 2023 to be top. They focus on commercial property and casualty, with 50% of their business in this area. Their steady growth shows they’re doing well in the changing insurance brokers market.
Regional west coast brokerages like Alliant succeed because they know their local markets well. They offer specialized services in construction, real estate, and distribution. This expertise is hard for big firms to match.
The importance of regional insurance brokers is growing. They meet local needs and add diversity to the insurance brokerage industry.
| Broker | Specialization | Revenue Growth |
|---|---|---|
| Alliant Insurance Services Inc. (Pleasant Hill, CA) | Construction, Real Estate, Distribution | 5% total commission revenue growth |
| Broker from Jackson, MS | Public Entities, Manufacturing, Non-Profit Organizations, Construction/Surety | 31% total commission revenue increase |
As the insurance world changes, regional brokers play a key role. They meet local needs and help the industry stay diverse and strong.
Insurance broker in the United States: A Look at the Top Players
The insurance industry in the United States is booming. Top insurance brokers are key players, shaping the market. They’ve kept most of their cyber business, even in tough times.
These brokers come from all walks of the industry. They bring diverse skills and new ideas to the table.
Marsh McLennan, Aon Plc, and Arthur J. Gallagher & Co. lead the pack. They have a big share of the market and make a lot of money. They’re experts at solving complex insurance problems, helping both businesses and individuals.
Newcomers like Hub International and Acrisure LLC are also making waves. Brown & Brown Inc. is another standout, showing the industry’s depth and talent.
But it’s not just the big names. Alliant Insurance Services Inc. is a strong player on the West Coast. This mix of big and small players shows the industry’s strength and the need for specialized skills.
| Top Insurance Brokers in the US | Net Premiums Written (US$ 000) | Change from Previous Year |
|---|---|---|
| State Farm Group | 92,601,744 | 19.1% increase |
| Progressive Ins Group | N/A | 20.4% increase |
| American Intl Group (AIG) | N/A | 2.4% decrease |
| The Hartford Ins Group | N/A | 9.5% increase |
| CSAA Ins Group | N/A | 22.7% increase |
| Citizens Property Ins Corporation | N/A | 26% increase |
| MAPFRE North America Group | N/A | 6.4% increase |
| Swiss Reinsurance Group | N/A | 43.7% decrease |
| TX Mutual Insurance | N/A | 3.8% increase |
| Kinsale Ins Cos | N/A | 34.9% increase |
The top insurance brokers in the United States are leaders and innovators. They keep up with changing client needs. They focus on technology and digital changes, ready to lead the industry into the future.
The Role of Insurance Brokers in Risk Management
Insurance brokers are key in the complex world of insurance. They know how to assess risks and find the right coverage. They help protect their clients’ assets and interests.
As trusted advisors, they guide clients through insurance options. This ensures they have the right coverage.
Navigating Complex Insurance Needs
Insurance products and rules change often. It’s hard for people and businesses to make good choices. Insurance brokers help by using their knowledge and connections.
They make the process easier and offer advice that fits each client’s needs.
Customized Solutions for Businesses and Individuals
Working with an insurance broker means getting customized solutions. Brokers help everyone, from small startups to big companies. They understand each client’s risks and create strategies for protection.
“Insurance brokers are not just intermediaries; they are trusted partners who advocate for their clients’ best interests. Their expertise and personalized approach make all the difference in securing the right coverage.” – John Doe, CEO of ABC Insurance
Insurance brokers are vital in managing risks. They match clients with the right insurance. This way, clients can focus on their main work.
Trends Shaping the Insurance Brokerage Industry
The insurance brokerage industry is changing fast. This is thanks to new technology and the need for digital solutions. Insurance industry trends, digital transformation, and technological innovation are making big changes. They bring both challenges and chances for brokers.
Technological Advancements and Digital Transformation
The industry is moving towards digital to get better, serve customers better, and keep up with the competition. Brokers use technology to make things easier, automate tasks, and give clients what they want.
- Brokers use AI and chatbots to help customers faster and better.
- Cloud and mobile apps let brokers offer easy access to insurance anytime, anywhere.
- Data and predictive models help brokers understand clients better, spot risks, and offer the right solutions.
As the industry keeps changing, brokers who use digital transformation well will have a big advantage. They’ll be ready to take advantage of new chances.
| Metric | Value |
|---|---|
| Market Size (2024) | USD 67.89 Billion |
| Market Size (2029) | USD 82.43 Billion |
| CAGR (2024 – 2029) | 3.96% |
| United States Insurance Brokerage Market size in 2023 | USD 65.20 Billion |
The insurance brokerage industry is set to grow. This growth comes from digital transformation and more people wanting custom insurance. Brokers who follow these insurance industry trends will be ready to meet the changing needs of their clients.
Choosing the Right Insurance Broker for Your Needs
Protecting your assets and managing risks is key. Finding the right insurance broker is crucial. It’s important to look at several factors to find a broker who meets your needs.
Consider the broker’s expertise and specialization. Choosing insurance broker with deep knowledge in your field is vital. They can tailor solutions for you. Also, look for a broker known for great customer service and quick communication.
- Evaluate the broker’s range of insurance products and solutions to ensure they can meet your coverage requirements.
- Consider the broker’s industry experience and any specialized certifications or designations they hold.
- Look for a broker who is transparent about their fees and commissions and who can provide a clear explanation of the costs involved.
Research and compare different insurance brokers to find the right one. The right broker can give you peace of mind and protect your assets. They help you navigate the insurance world.
“A good insurance broker can be the cornerstone of your risk management strategy, helping you identify and mitigate potential threats to your business or personal finances.”
Choosing the right insurance broker means finding someone who understands your needs. They should offer personalized, high-quality service. Investing time upfront ensures you have the right partner to protect what matters most.
Life Insurance Brokers: Securing Your Future
As a life insurance broker, I help people and families plan for their future. I know a lot about different life insurance types, like term, whole, and universal life. I work with clients to find the best insurance for their needs and goals.
Working with a broker means getting help with all the insurance choices. I have access to over 80 top insurance companies in the U.S. This means my clients get a wide range of options. With over 50 years of experience, I offer personalized advice and solutions.
Life insurance is key in today’s financial world. It helps protect your family, pay off debts, and cover living costs. Thanks to new technology, getting a policy is faster and easier, often in just 48 hours.
I aim to give my clients the knowledge to make smart financial choices. I help with things like annuities, disability insurance, and planning for the future. My goal is to help you and your family secure a bright future.
| Key Advantages of Working with a Life Insurance Broker |
|---|
| Access to a wide range of top-rated insurance carriers |
| Personalized guidance and customized solutions |
| Streamlined application process with faster approvals |
| Comprehensive financial planning integration |
| Ongoing education and growth opportunities for clients |
Working with a skilled life insurance broker is a big step towards a secure future. Contact me today to see how I can help you find the right life insurance and reach your goals.
Health Insurance Brokers: Navigating the Healthcare Landscape
Health insurance brokers are key in the complex healthcare world. They help people and businesses find the right health coverage. They know a lot about different plans, like those from employers, individuals, and the government.
These brokers keep up with the latest in healthcare. They make sure clients are protected from high costs. They stay updated on new policies and plans from big names like Aetna and Blue Cross Blue Shield.
Working with a broker means access to many plan options. Brokers have connections with many insurance companies. They can find the best policy for each client, often with special deals not available to everyone.
Brokers are essential in the healthcare world. They use their knowledge to help clients get the right coverage. This ensures they pay the right amount for their medical needs.
“Health insurance brokers are essential partners in navigating the complex healthcare system. Their knowledge and advocacy make all the difference in ensuring individuals and businesses have the right coverage at the right price.”
Finding the right health insurance broker can start with referrals. Make sure the broker is licensed and has a good reputation for service.
In summary, health insurance brokers are crucial in the healthcare world. They help people and businesses find the right coverage. With a skilled broker, clients can be sure their healthcare needs are well taken care of.
Property and Liability Insurance Brokers: Protecting Your Assets
As a property and liability insurance broker, I protect valuable assets for individuals and businesses. I know the risks of different properties, like homes and commercial buildings. I also understand the dangers of accidents, lawsuits, and other incidents.
I work with clients to create insurance plans that cover their assets well. This includes property insurance brokers for physical assets and liability insurance brokers for third-party claims and legal issues.
The Horton Group, founded in 1971, offers personalized insurance services. They consider assets, risk tolerance, and budget for each client. They make sure Commercial General Liability policies are complete.
CF&P Insurance Brokers, a family business since 1937, covers many areas. They offer commercial property and liability insurance, auto insurance, and more. They also have personal insurance for cars, homes, and umbrellas.
By choosing property and liability insurance brokers, clients know their assets are safe. These experts keep up with trends and changes. They ensure clients have the right coverage for their most valuable items and reduce financial risks.
Commercial Insurance Brokers: Safeguarding Business Interests
In the complex world of business, commercial insurance brokers are key. They know a lot about different insurance products and options. This includes property, liability, workers’ compensation, and professional liability insurance.
They work closely with business owners to understand their unique risks. Then, they create insurance plans that fit each company’s needs. This helps protect against disruptions, lawsuits, and other unexpected events.
Now, small businesses can find insurance that fits their budget thanks to digital platforms. A good insurance provider offers competitive rates and advice on managing risks. They help businesses choose the right coverage.
Providers that focus on specific industries can spot hidden risks. They offer insurance that covers these risks well. Quick and fair claim resolution helps reduce stress and financial loss for businesses.
Choosing a broker or advisor can make the insurance process easier. They act as advocates for your business, ensuring its interests are protected.
Companies like The Safegard Group, Inc., Alpha Apex Group, Hiscox, and Nationwide Business Insurance lead in commercial insurance. They offer various coverage options and risk assessment services. These are designed to protect small and medium-sized businesses.
“Our partnership with Safegard has been invaluable in managing the risks and complexities of our business. Their knowledgeable agents and exceptional customer service have been instrumental in protecting our company’s assets and ensuring our long-term success.”
– Lisa A. Harshman, Jonasz Precast, Inc.
With the help of commercial insurance brokers, businesses can manage risks better. This ensures their assets, operations, and future are safe. As the business world changes, the role of commercial insurance brokers becomes even more important.
Conclusion
Insurance brokers are key players in the United States. They act as trusted advisors and middlemen between people, businesses, and insurance companies. The market is full of big names like Marsh McLennan and Aon Plc, as well as new and local brokerages. This makes the insurance world diverse and always changing.
These brokers know how to handle the complex world of insurance. They figure out risks and create special plans to protect what matters most to their clients. As technology and markets keep changing, their role in helping people and businesses stay safe is more important than ever.
If you need insurance or want to protect your business, working with a good insurance broker can make a big difference. They use their knowledge and skills to help you find the right insurance. This way, you can face the challenges of today’s world with confidence and protection.
FAQ
What is the role of insurance brokers in the United States?
Insurance brokers in the United States act as middlemen. They help people and businesses find the right insurance. They look at risks and find the best coverage to protect what matters most.
Who are the top insurance brokerages by revenue in the United States?
The top insurance brokerages by revenue in 2023 are: 1. Marsh McLennan: $22.70 billion in total revenue 2. Aon Plc: $13.40 billion in total revenue 3. Arthur J. Gallagher & Co.: $9.91 billion in total revenue
What are some emerging players in the insurance brokerage market?
Hub International, Acrisure LLC, and Brown & Brown Inc. are making a name for themselves. They are growing fast and becoming big players in the market.
Are there any notable regional insurance brokers in the United States?
Yes, Alliant Insurance Services Inc. is a big name on the West Coast. They know the local market well. This helps them offer better services to their clients.
What are the key factors to consider when choosing an insurance broker?
Look at the broker’s expertise and what they specialize in. Also, consider their customer service and the insurance products they offer. This helps you find the right broker for your needs.
What is the role of life insurance brokers?
Life insurance brokers help secure your financial future. They know a lot about life insurance and can help you find the right policy. They consider your needs and goals to make a good choice.
How do health insurance brokers assist their clients?
Health insurance brokers are experts in health plans. They help you find the best plan for your health needs and budget. They make sure you’re protected from high healthcare costs.
What is the role of property and liability insurance brokers?
Property and liability insurance brokers protect your assets. They understand the risks of different properties and liabilities. They create custom insurance plans to keep your assets safe.
What is the role of commercial insurance brokers?
Commercial insurance brokers help businesses with insurance. They know about different insurance products and coverage options. They work with businesses to find the right insurance for their risks.