The global market for commercial property and casualty (P&C) insurance retail broking was valued at approximately $76.6 billion in revenue in 2023, reflecting a 13.1% increase from 2022 without adjusting for inflation, and 6.2% accounting for inflation, according to research firm Insuramore.
The top five groups in this sector by revenue were Marsh McLennan, Aon, Gallagher, WTW, and Acrisure, collectively representing 37% of the global market. The top 15 broking groups accounted for 56.8% of the market, while the top 300 groups generated around 88.1% of the global revenues, amounting to $67.5 billion.
Insuramore’s research highlighted significant growth in the commercial P&C retail broking sector, driven by rising commercial specialty premiums and the US commercial excess and surplus lines segment.
More than half of the top 300 broking groups achieved a compound annual growth rate of over 10% in fees and commissions from 2020 to 2023, with over 20 groups experiencing a threefold increase in revenues.
Leading this growth was UK-based Jensten Group, with its commercial P&C retail broking revenues in 2023 being more than 12 times higher than in 2020. Other notable groups based outside the US that tripled their revenues during this period included: Alper, Billyard Insurance Group, David Roberts & Partners Group, Groupe Guémas, Howden, JMG Group, McGill and Partners, Navacord, Partners&, and Yellow Hive.
In the US, groups such as Alera Group, BRP Group, Cobbs Allen Capital Holdings, Correll Insurance Group, Highstreet Insurance Partners, Inszone Insurance Services, Patriot Growth Insurance Services, PCF Insurance Services, Sequoia, The Liberty Company, and World Insurance Associates also saw their revenues triple or more over the same period.
Mergers and acquisitions have been the main driver of this growth. Notably, MLP and OneDigital entered the top 300 groups in the sector through acquisitions. MLP, a Germany-based group, acquired RVM in January 2021, while OneDigital has made several acquisitions in the P&C space since 2020.
Insuramore suggests that future trends may include larger US-based groups seeking acquisitions outside their home market and non-US headquartered groups targeting the US market for growth.
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