Top 15 Brokers Now Control Nearly Half of the Market
The global insurance broking industry has hit a significant milestone&mdash;crossing US $180 billion in fees and commissions earned during 2024. This figure marks an 8.1% increase compared to 2023, according to new research released by Insuramore.
Market Consolidation Accelerates
One of the most notable findings is the rapid consolidation among top-tier brokers. The 15 largest insurance broking groups now account for approximately 49% of global intermediary revenues. This growing concentration highlights a strategic shift toward scale-driven advantages, with mega-brokers aggressively acquiring smaller rivals to expand their global reach and diversify their offerings.
Among the top performers are household names like:
<ul type="disc">
<li class="MsoNormal" style="mso-margin-top-alt: auto; mso-margin-bottom-alt: auto; mso-pagination: widow-orphan; mso-list: l1 level1 lfo1; tab-stops: list 36.0pt; text-autospace: ideograph-numeric ideograph-other;">Marsh McLennan</li>
<li class="MsoNormal" style="mso-margin-top-alt: auto; mso-margin-bottom-alt: auto; mso-pagination: widow-orphan; mso-list: l1 level1 lfo1; tab-stops: list 36.0pt; text-autospace: ideograph-numeric ideograph-other;">Aon</li>
<li class="MsoNormal" style="mso-margin-top-alt: auto; mso-margin-bottom-alt: auto; mso-pagination: widow-orphan; mso-list: l1 level1 lfo1; tab-stops: list 36.0pt; text-autospace: ideograph-numeric ideograph-other;">Gallagher</li>
<li class="MsoNormal" style="mso-margin-top-alt: auto; mso-margin-bottom-alt: auto; mso-pagination: widow-orphan; mso-list: l1 level1 lfo1; tab-stops: list 36.0pt; text-autospace: ideograph-numeric ideograph-other;">Howden Group</li>
<li class="MsoNormal" style="mso-margin-top-alt: auto; mso-margin-bottom-alt: auto; mso-pagination: widow-orphan; mso-list: l1 level1 lfo1; tab-stops: list 36.0pt; text-autospace: ideograph-numeric ideograph-other;">Willis Towers Watson</li>
</ul>
These firms dominate both the retail and reinsurance segments, driving innovation and digital transformation while capturing a larger share of the total revenue pie.
Sector Breakdown
<ul type="disc">
<li class="MsoNormal" style="mso-margin-top-alt: auto; mso-margin-bottom-alt: auto; mso-pagination: widow-orphan; mso-list: l0 level1 lfo2; tab-stops: list 36.0pt; text-autospace: ideograph-numeric ideograph-other;">Retail Broking continues to lead the charge, contributing the lion&rsquo;s share of overall revenue.</li>
<li class="MsoNormal" style="mso-margin-top-alt: auto; mso-margin-bottom-alt: auto; mso-pagination: widow-orphan; mso-list: l0 level1 lfo2; tab-stops: list 36.0pt; text-autospace: ideograph-numeric ideograph-other;">Reinsurance Broking saw moderate growth, driven by complex risk transfer needs amid climate, geopolitical, and cyber risks.</li>
<li class="MsoNormal" style="mso-margin-top-alt: auto; mso-margin-bottom-alt: auto; mso-pagination: widow-orphan; mso-list: l0 level1 lfo2; tab-stops: list 36.0pt; text-autospace: ideograph-numeric ideograph-other;">Employee Benefits &amp; Health Broking also saw uplift, especially in high-growth emerging markets.</li>
</ul>
What&rsquo;s Fueling the Growth?
The 8.1% year-on-year growth is being propelled by several key trends:
<ul type="disc">
<li class="MsoNormal" style="mso-margin-top-alt: auto; mso-margin-bottom-alt: auto; mso-pagination: widow-orphan; mso-list: l2 level1 lfo3; tab-stops: list 36.0pt; text-autospace: ideograph-numeric ideograph-other;">Rising demand for risk advisory services across sectors</li>
<li class="MsoNormal" style="mso-margin-top-alt: auto; mso-margin-bottom-alt: auto; mso-pagination: widow-orphan; mso-list: l2 level1 lfo3; tab-stops: list 36.0pt; text-autospace: ideograph-numeric ideograph-other;">Increasing frequency and severity of catastrophic events</li>
<li class="MsoNormal" style="mso-margin-top-alt: auto; mso-margin-bottom-alt: auto; mso-pagination: widow-orphan; mso-list: l2 level1 lfo3; tab-stops: list 36.0pt; text-autospace: ideograph-numeric ideograph-other;">Expansion into cyber, parametric, and ESG-related products</li>
<li class="MsoNormal" style="mso-margin-top-alt: auto; mso-margin-bottom-alt: auto; mso-pagination: widow-orphan; mso-list: l2 level1 lfo3; tab-stops: list 36.0pt; text-autospace: ideograph-numeric ideograph-other;">Continued private equity investment fueling M&amp;A activity</li>
</ul>
What This Means for UK Brokers
UK-based intermediaries are at the epicenter of this transformation. With players like Howden Group growing aggressively and acquiring brokers across Europe and beyond, competition is heating up at every level&mdash;from boutique specialists to corporate juggernauts.
At the same time, smaller and mid-size brokers may face pressure to consolidate, differentiate, or pivot to niche segments to stay competitive.
<div class="MsoNormal" style="text-align: center; mso-pagination: widow-orphan; text-autospace: ideograph-numeric ideograph-other;" align="center"><hr align="center" size="2" width="100%"></div>
Looking Ahead
As the market matures, expect further shifts:
<ul type="disc">
<li class="MsoNormal" style="mso-margin-top-alt: auto; mso-margin-bottom-alt: auto; mso-pagination: widow-orphan; mso-list: l3 level1 lfo4; tab-stops: list 36.0pt; text-autospace: ideograph-numeric ideograph-other;">AI, data analytics, and embedded insurance models will redefine client engagement.</li>
<li class="MsoNormal" style="mso-margin-top-alt: auto; mso-margin-bottom-alt: auto; mso-pagination: widow-orphan; mso-list: l3 level1 lfo4; tab-stops: list 36.0pt; text-autospace: ideograph-numeric ideograph-other;">Regulatory scrutiny&mdash;especially around pricing transparency and fair value&mdash;will continue tightening in regions like the UK.</li>
<li class="MsoNormal" style="mso-margin-top-alt: auto; mso-margin-bottom-alt: auto; mso-pagination: widow-orphan; mso-list: l3 level1 lfo4; tab-stops: list 36.0pt; text-autospace: ideograph-numeric ideograph-other;">Brokers who invest in tech, talent, and trust are best positioned to lead in this evolving landscape.</li>
</ul>

Top 15 Brokers Now Control Nearly Half of the Market
The global insurance broking industry has hit a significant milestone—crossing US $180 billion in fees..

Global Insurance Broking Market Surges Past $180 Billion