Insurance Agents & Brokers in the UK - Industry Market Research Report
Insurance Agents & Brokers in the UK
Insurance Agents and Brokers' revenue has crept upwards at a compound annual rate of 8.5% to £19.2 billion over the past five years; this includes a bump of 9.6% in 2023-24, when the average profit margin is 8.6%. Commercial and speciality lines have boomed thanks to digitization and geopolitics. Cyber cover is booming as fraudulent activity rises as people spend more time online, and the cost of cyber breaches grows as criminals become equally sophisticated in their tactics. Meanwhile, the fallout from the Russia-Ukraine war is inflating MAT, energy, trade credit and political premiums. The frequency and severity of natural catastrophes intensify with climate change, and spiralling inflation only adds to the cost of payouts, depleting reserves and pushing up premiums.
This industry comprises companies that act as insurance intermediaries independent of insurance providers, either as agents on behalf of insurance providers or as brokers on behalf of a client. Industry participants earn commission, generally a percentage of the insurance premium sold. They also earn fees for providing risk management consulting and claim assessment and adjustment services.
This report covers the scope, size, disposition and growth of the industry including the key sensitivities and success factors. Also included are five year industry forecasts, growth rates and an analysis of the industry key players and their market shares.
TABLE OF CONTENTS
ABOUT THIS INDUSTRY
Industry Definition Main Activities Similar Industries Additional Resources
INDUSTRY AT A GLANCE
INDUSTRY PERFORMANCE
Executive Summary Key External Drivers Current Performance Industry Outlook Industry Life Cycle
PRODUCTS & MARKETS
Supply Chain Products & Services Major Markets Globalisation & Trade Business Locations