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Commercial Property/Casualty Retail Brokerage Market To Surge In 2023

Shine by Shine
06/06/2024
in News
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According to research firm Insuramore, the global market for commercial property and casualty (P&C) insurance retail broking witnessed significant growth in 2023, reaching approximately $76.6 billion in revenue. This reflects a notable 13.1% increase from the previous year, with a 6.2% adjustment for inflation.

The top performers in this sector included industry giants such as Marsh McLennan, Aon, Gallagher, WTW, and Acrisure, collectively commanding 37% of the global market share. Furthermore, the top 15 broking groups accounted for 56.8% of the market, while the top 300 groups generated a staggering 88.1% of global revenues, totaling $67.5 billion.

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Insuramore’s research attributed this growth surge to several factors, notably the rise in commercial specialty premiums and the flourishing US commercial excess and surplus lines segment.

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Of particular note was the remarkable performance of UK-based Jensten Group, whose commercial P&C retail broking revenues in 2023 were more than 12 times higher than in 2020, showcasing unparalleled growth within the industry. Additionally, numerous other non-US-based groups, such as Alper, Billyard Insurance Group, and Groupe Guémas, experienced a threefold increase in revenues during the same period.

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In the US market, several key players including Alera Group, BRP Group, and Highstreet Insurance Partners witnessed similar exponential revenue growth, with some seeing their revenues triple or more over the three-year period.

The driving force behind much of this growth has been the surge in mergers and acquisitions activity within the sector. Notably, MLP, a Germany-based group, entered the top 300 groups following its acquisition of RVM in January 2021, while OneDigital’s strategic acquisitions in the P&C space since 2020 have propelled it into the upper echelons of the market.

Looking ahead, Insuramore suggests that future trends may include larger US-based groups seeking acquisitions beyond their domestic market, while non-US headquartered groups may target the lucrative US market for further expansion.

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Shine is a dedicated and experienced insurance consultant, committed to helping clients navigate the complexities of insurance with ease and confidence. With a deep understanding of the industry, Shine provides personalized advice and tailored solutions that meet each client's unique needs. Whether you're looking for the best health, life, or property insurance, Shine's expertise and client-focused approach ensure that you get the optimal coverage at the most competitive rates. Trust Shine to safeguard your future with reliable and comprehensive insurance solutions.

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