2024 Insurance Agencies & Brokerages Industry Statistics Report

Insurance Agencies & Brokerages - Market Size and Industry Forecast

The 2024 Insurance Agencies and Brokerages Industry Report contains historical and forecasted statistics used by leading private equity firms and consultants. Market sizes from 2019 to 2029 reflect industry trends and growth patterns. Revenues include both public and private companies in the Insurance Agencies & Brokerages industry.

Market Size (Total Revenue)


% Growth Rate
Number of Companies
Total Employees
Average Revenue per Company
Average Employees per Company
Source: U.S. government financial data.

Industry Revenue ($ Billions)

Industry Market Size
  • 2017
  • 2018
  • 2019
  • 2020
  • 2021
  • 2022
  • 2023

Advanced econometric models forecast five years of industry growth based on short- and long-term trend analysis. Market size includes revenue generated from all products and services sold within the industry.

Insurance Agencies & Brokerages - Geographic Breakdown by U.S. State

Market size by state reveals local opportunity through the number of companies located in the region. Each state's growth rate is affected by regional economic conditions. Data by state can be used to pinpoint profitable and nonprofitable locations for Insurance Agencies & Brokerages companies in the United States.

Insurance Agencies & Brokerages Revenue by State

Market Size by State

Distribution by Company Size

Company SizeAll IndustriesInsurance Agencies & Brokerages
Small Business (< 5 Employees)


Small Business (5 - 20)
Midsized Business (20 - 100)
Large Business (100 - 500)
Enterprise (> 500)

Insurance Agencies & Brokerages - Income Statement (Average Financial Metrics)

Financial statement analysis determines averages for the following industry forces:
The report includes a traditional income statement from an "average" company (both public and private companies included).

Industry AveragePercent of Sales
Total Revenue


Operating Revenue
Cost of Goods Sold (COGS)
Gross Profit
Operating Expenses
Operating Income
Non-Operating Income
Earnings Before Interest and Taxes (EBIT)
Interest Expense
Earnings Before Taxes
Income Tax
Net Profit

Average Income Statement

Average Income Statement

Cost of Goods Sold

Salaries, Wages, and Benefits



Depreciation and Amortization

Officer Compensation

Net Income

Insurance Agencies & Brokerages - Financial Ratio Analysis

Financial ratios allow a company's performance to be compared against that of its peers.

Financial RatioIndustry Average
Profitability Ratios


Profit Margin
Liquidity Ratios
Current Ratio
Quick Ratio
Activity Ratios
Average Collection Period
Asset Turnover Ratio
Receivables Turnover Ratio
Inventory Conversion Ratio

Insurance Agencies & Brokerages - Product Mix

Product DescriptionDescriptionRevenue
($ Millions)
Industry total


Insurance brokerage and agency products - commissions
Property & casualty insurance - commercial lines - commissions
Other products related to insurance
Property & casualty insurance - personal lines - commissions
Third party admin & mgt of hlth and/or welfare funds/plans - fees
Health and medical insurance - commissions
Life and accident insurance - commissions
Annuity insurance - commissions
Claims adjustment products

Insurance Agencies & Brokerages - Compensation and Salary Surveys

TitlePercent of WorkforceBottom QuartileAverage (Median) SalaryUpper Quartile
Management Occupations6%


Chief Executives0%
General and Operations Managers3%
Business and Financial Operations Occupations17%
Business Operations Specialists12%
Claims Adjusters, Appraisers, Examiners, and Investigators8%
Claims Adjusters, Examiners, and Investigators7%
Financial Specialists5%
Computer and Mathematical Occupations7%
Computer Occupations6%
Sales and Related Occupations28%
Sales Representatives, Services26%
Insurance Sales Agents26%
Insurance Sales Agents26%
Office and Administrative Support Occupations42%
Information and Record Clerks16%
Customer Service Representatives14%
Customer Service Representatives14%
Secretaries and Administrative Assistants5%
Secretaries and Administrative Assistants5%
Other Office and Administrative Support Workers16%
Insurance Claims and Policy Processing Clerks11%
Insurance Claims and Policy Processing Clerks11%

Government Contracts

In the past, the federal government spent an annual total of $302,130,058 on the insurance agencies & brokerages industry. It has awarded 1,412 contracts to 141 companies, with an average value of $2,142,766 per company.

Insurance Agencies & Brokerages and Adjacent Industries - Top Companies

($ Millions)


Insurance Agencies & Brokerages Industry Research
GeographyUnited States  
Publication DateMay 2024
Report FormatPDF Download  PDF

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