According to a report from Insuramore, the global retail market seems to be concentrated during 2023 and this trend is likely to continue in 2024.
As new status and updated analysis from Insurancemorethe value of the global insurance coverage market in terms of income and expenses received Broker it’s worth it 168 billion dollars in 2023from a total of $151 billion in 2022 in a constant income basis, representing a growth rate of a total of 11.3% unadjusted for inflation, but close to 4.4% as inflation-adjusted certain ‘prices.
In total, according to Insuramore estimates, about 76.6 billion dollars affect commercial P&C advertising, 16.5 billion dollars concern personal P&C brokers, 54.5 billion dollars save profit P&C intermediation employees in life and health insurance, 7.4 billion dollars in reinsurance brokerage and 13. billion dollars in wholesale brokerage (these data do not take into account, among other things, the work of MGA/MGU and bounded companies).
Each of those segments recorded double-digit growth during the year, with the exception of retail stores and employee benefits and life and health insurance; Also, without considering inflation, one of the top 15 brokerages together achieved an even higher total growth of 12.3%, although this is driven in part by M&A activity.
In terms of total market value worldwide, Marsh McLennan was the first among the sellers in 2023, and followed in descending order Aon, Gallagher, WTW and HUB. Currently, the leaders in each of the five brokerage firm divisions are as follows:
– commercial P&C insurance sales – Marsh McLennan;
– private P&C insurance broker – Alliant;
– the benefits of workers compensation and life insurance and health insurance – WTW;
– reinsurance intermediation – Aon;
– wholesale insurance business – Amwins.
Overall, Insuramore believes that by 2023, the top 20 groups will control 51.9% of the total global retail industry and the top 300 groups will control 84.7%. Compared to the figures calculated for 2022 (51% and 83.2% respectively), this shows that some. Combination and the organization of the market; this is due to both the work of MA and the strength of the US dollar against most of the world’s currencies during 2023, which led to the group reporting that the US dollar gained a lot of weight at the global level.
In fact, among the top 300 groups, the United States is the headquarters of 140 of them (46.7%); followed by the United States and this is France, the United Kingdom, Canada and China, the countries that come from each other for 26, 26, 16 and 15 of the most 300 groups, while the rest of the world is represented by remaining 77 groups of ‘ research. Furthermore, the vast majority (244, or 81.3%) are privately owned, with one or a combination of family, employer, or private equity ownership.