Procurement Market Intelligence Report
Insurance Brokerage Services
Sourcing Guide & Market Intelligence
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Insurance Brokerage Services Global Overview
Definition
Summary
This report is intended to assist buyers of insurance brokerage services. Vendors in this market help buyers across all industries purchase insurance coverage to protect their businesses. Market providers include brokers and agents, both of which act as intermediaries between buyers and insurance carriers. Specifically, brokers shop for the best insurance policies and coverage by evaluating the offerings of multiple insurance carriers. This report focuses on vendors that offer commercial insurance brokerage services to business clients. Typical clients include mining companies, oil companies, healthcare providers, and consumers.
This Report Includes:
- Insurance Agents
- Policy Negotiation
Not in this Report:
- Insurance Claims Processing Services
- Risk Management Consulting Services
Global Insurance Brokerage Services Market - Suppliers by Region
| Country/Region | Number of Suppliers |
|---|---|
| #1 China | 177,280 |
| #2 United States | 126,000 |
| #3 Europe | 113,530 |
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Geography Drilldown - US, Canada & Europe
Average Cost of Insurance Brokerage Services
United States
2026 Market Pricing$2.00 to $XX.XX
of insurance premium valueCanada
Europe
Average Price
Prices in the Insurance Brokerage Services market range from $2.00 to $XX.XX, depending on Experience, Number of Insurance Carriers, Level of Service, Buyer's Risk Exposure and Company size. For example, lower prices are associated with Newer vendors in the market (2% to 8% of insurance premiums), whereas higher prices are associated with Highly experienced vendors (5% to 15% of insurance premium).
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Between our Europe and Canada collections, we provide price data for 350 markets so you can instantly compare prices across borders. Or, use our custom research services for intel on prices in any region across the globe.
Insurance Brokerage Services Category Price Trends
Pricing trends are indicated by the compound annual growth rate (CAGR) during a set period of time. For the Insurance Brokerage Services market, prices in the US have grown 0.2% from 2022 to 2025. and +0.5% in Europe.
United States (2022-2025)
Canada (2016-2019)
Compound Annual Growth Rate
Europe (2022-2025)
Compound Annual Growth Rate
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Price trend forecasts are available to subscribers, along with price driver projections and forward-looking cost structure data.
Cost Analysis - Total Cost of Ownership for Insurance Brokerage Services
Total cost of ownership is Low in the Insurance Brokerage Services market. The average cost of ownership differs depending on the contract but generally includes costs negotiated before the contract begins, costs billed during the contract period and unforeseen costs.
Negotiated Before
Set Up Fees
Other Fees
Billed During
Training
Buyer Power in Procurement Negotiations
In 2026, buyer power amounts to 1.1 in the United States. Buyer power is most positively impacted by Availability of Substitutes. It is most negatively impacted by Recent Price Volatility. Subscribers can access details on eight other factors that impact buyer power. Learn more
United States
Canada
Europe
Buyer power forecasts: your glimpse into the future
Develop strategies for the upcoming year and identify unforeseen opportunities for buying now
- Actionable "Buy Now" and "Buy Later" insights
- Near-real-time updates to current and forecast Buyer Power Scores
- Methodology and weightings for Buyer Power Score Components
Supply Chain Risk
The average level of supply chain risk is assessed as Medium, which has a negative impact on buyer power. The level of supply chain risk is affected by industry volatility, barriers to entry, competition, import penetration, regulation and industry financial risk. Buyers in this market can mitigate procurement and supply chain management risks by monitoring risk levels for individual first and second tier suppliers:
1st
Tier Suppliers
- Commercial Real Estate Lessors
- Computer & Packaged Software Wholesalers
- Insurance & Reinsurance Carriers
2nd
Tier Suppliers
- Commercial Bankers
- Computer Manufacturers
- Portfolio Management Firms
Biggest Insurance Brokerage Services Suppliers in the US by Revenue
The largest Insurance Brokerage Services vendors by revenue in the US are Alliant Insurance Services Inc., Lockton Companies Inc. and NFP Corp. Subscribers can sort and filter by market share concentration, profit level and other factors. Learn more
| Supplier | Operational Size | Headquarters | Number of Employees | Market Share (%) | Market Share Performance (3yr trend) | Total Revenue ($ million) | Profit Level (%) | Risk Level |
|---|---|---|---|---|---|---|---|---|
| Marsh & Mclennan Companies, Inc. | Global | NEW YORK | >10,000 | < 5 | ||||
| Truist Financial Corporation | National | CHARLOTTE, NC | >10,000 | < 5 | ||||
| Aon Plc | DUBLIN 2 | >10,000 | < 5 | |||||
| Arthur J. Gallagher & Co. | Global | ROLLING MEADOWS, IL | >10,000 | < 5 | ||||
| Hub International Ltd | International | Chicago, IL | >10,000 | < 5 | ||||
| Willis Towers Watson Plc | Global | LONDON ENGLAND | >10,000 | < 5 | ||||
| Brown & Brown Inc. | National | DAYTONA BEACH, FL | >10,000 | < 5 | ||||
| Alliant Insurance Services Inc. | National | Newport Beach, CA | 1,001-10,000 | < 5 | ||||
| Lockton Companies Inc. | Global | Kansas City, MO | 1,001-10,000 | < 5 | ||||
Looking for a list of suppliers by country?
Subscribers can access vendor information on Canadian and European suppliers, too. We also offer custom research services to help with vendor sourcing anywhere in the world.
Profit Analysis
The average profit margin across vendors in the Insurance Brokerage Services market is 18.2% and steady. Profit levels shift depending on suppliers' spend on wages, purchases and overhead. The highest cost component for vendors is Overhead. The cost trend for this component is stagnating, when considering movement between 2025 and 2026. To understand cost forecasts for 2027 and uncover the implications on profit, start your subscription. Learn more
Vendor & Supply Chain Analysis
Each state establishes its own laws for regulating insurance brokers, agents, and carriers, and the state insurance commissioner in each state is therefore responsible for regulatory oversight of this market. Although the laws on insurance brokers, agents, and carriers vary from state to state, all providers in this market must be licensed to sell insurance in whichever state, or states, they operate in.
Average vendor risk in the market is moderate, indicating that some buyers may experience service disruptions due to complications such as financial distress among vendors.
The market has a low level of concentration, indicating that leading vendors in the market are not influencing market rates or trends. As a result, this market is competitive. However, market share concentration is increasing as mergers and acquisition activity among top players in the market increases. For example, in recent history, Marsh McLennan has conducted a strategic acquisition increasing their presence along the east coast and major Canadian vendor, Westland Insurance, completed an acquisition that has allowed them to enter the United States market as a player.
The market has a moderate level of supply chain risk, indicating that buyers may experience some service disruptions as vendors are subjected to fluctuations in their key upstream providers.
Vendors in the market regularly use computers to provide services, and the United States is a net importer of computers, indicating a wide availability of computers to select from at a competitive price point. However, due to the overhead nature of this equipment and lack of frequency in purchases, the tariffs enacted on semiconductors and computer equipment have not have a profound impact on the market.
Supplier Information
Alliant Insurance Services Inc.
Alliant Insurance Services Inc. is a private company operating nationally in the finance & insurance sector. The company's offerings include insurance brokerage services. Founded in 1925, the company is currently headquartered in Irvine, California, United States of America with an estimated employee count... Subscribe to learn more
Aon Plc
Aon plc is engaged in the marketing and servicing of a range of management and financial services spanning risk managementm insurance and reinsurance brokerage, and human resource consulting and outsourcing. Its business is divided into two segments: Risk Solutions (risk management through insurance advisory,... Subscribe to learn more
Arthur J. Gallagher & Co.
Arthur J. Gallagher & Co. is a public company operating globally in the finance and insurance and professional, scientific and technical services sectors. The company's offerings include risk management consulting services, compensation & benefits planning services, insurance claims processing services, professional... Subscribe to learn more
Brown & Brown Inc.
Brown & Brown Inc. is a public company operating nationally in the finance and insurance sector. The company's offerings include insurance claims processing services and insurance brokerage services. Founded in 1939, the company is currently headquartered in DAYTONA BEACH, Florida, United States of America... Subscribe to learn more
Hub International Ltd
Hub International Ltd is a private company operating internationally in the finance & insurance sector. The company's offerings include group travel insurance and insurance brokerage services. Founded in 1998, the company is currently headquartered in Chicago, Illinois, United States of America with an estimated... Subscribe to learn more
Lockton Companies Inc.
Lockton Companies Inc. is a private company operating globally in the finance & insurance sector. The company's offerings include supply chain insurance and insurance brokerage services. Founded in 1966, the company is currently headquartered in Kansas City, Missouri, United States of America with an estimated... Subscribe to learn more
Marsh & Mclennan Companies, Inc.
Marsh & McLennan Companies, Inc. is an insurance and advisory services provider to commercial and consumer clients. It organizes its products into two segments: the Risk and Insurance Services segment, which delivers risk management activities, insurance, and reinsurance broking and services, and the Consulting... Subscribe to learn more
NFP Corp.
NFP Corp. is a private company operating internationally in the finance & insurance sector. The company's offerings include insurance brokerage services. Founded in 1998, the company is currently headquartered in New York, New York, United States of America with an estimated 4700 employees. Subscribe to learn more
Truist Financial Corporation
Truist Financial Corporation is a public company operating nationally in the finance and insurance sector. The company's offerings include lockbox services, payroll card services, equipment financing services, commercial lending services, mortgage subservicing. Founded in 2019, the company is currently headquartered... Subscribe to learn more
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Procurement Management KPIs for the Insurance Brokerage Services Market
Managing vendor performance throughout the contract period is easier when tracking specific key performance indicators (KPIs). For example, buyers should monitor Average Resolution Time and Average Response Time. Buyers may experience better performance throughout their contracts if they establish service level agreements (SLAs) based on Policy Description and other factors.
| KPI | Level of Importance (1-5) | Measurements | Key Considerations |
|---|---|---|---|
| Average Resolution Time |
|
Average time until minor conflicts are resolved Average time major conflicts are resolved |
Buyers should consider how promptly vendors can resolve conflicts to assess their level of customer service. Buyers should consider the severity of the conflicts separately, as poor conflict resolution on minor issues may not warrant a change in vendors or contract renegotiation. |
| Average Response Time |
|
Time to respond to phone outreach Time to respond to e-mail outreach |
Buyers should gauge the level of customer service by assessing how prompt vendors are to respond to buyer outreach. Buyers should weigh how responsive a vendor is separately for different modes of contact. |
|
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Questions to Ask During Procurement Negotiations
How can I gain leverage during negotiations?
Experience and Expertise
How long have you been working as an insurance broker or agent?
Do you have experience working with clients in our industry?
Competition
How do you attract new clients and retain their business?
What sets your insurance brokerage services apart from the services your competitors offer?
Policies
What is your commission rate and how does that compare to the rates of your competitors?
What services do your fees cover? Do you ever charge for work beyond that?
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Insurance Brokerage Services RFP Guidelines
What should my RFP include?
Organizational Overview
Buyers should provide a brief description of their organization.
Buyers should provide details about the size and geographic location of their operations.
Statement Of Need
Buyers should provide a detailed description of the type(s) of insurance coverage they wish to purchase.
Buyers should describe any underlying risk exposure that they may have.
Project Budget
Buyers should indicate the total value of the contract.
Buyers should specify their expectations for payment timelines and methods.
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We display average pricing information, trends and market data.
Our Reports include:
- Opportunity assessment
- Market dynamics
- Recent developments
- Positive and warning trends
- Buyer power levers
- Price environment and market pricing
- Geographic wage rates
- Global market updates
- Total cost of ownership
- Cost structure benchmarks and analysis
- Supply chain and vendors
- Global supplier breakdown
- Market share concentration
- Regulation and business requirements
- Vendor management and KPIs
- Sourcing strategy guidance
