$21.3bn
$X.Xbn
21,914
5,488
$X.Xbn
The Insurance Brokerage industry has capitalised on rising insurance premiums. Severe natural disaster events have compelled insurers to spike premiums and incentivised consumers to avoid risks and seek out insurance brokers. Industry revenue is expected to grow at an annualised 7.7% over the five years through 2023-24 to $21.3 billion. This trend includes anticipated growth of 5.4% in the current year. The COVID-19 pandemic has led to more businesses relying on insurance brokers to purchase suitable insurance products amid a changing environment. Brokers are broadening their service offerings, delving into risk consulting, advisory and insurance support services to maintain their share of insurance distribution. Some brokers have focused on more profitable markets like commercial clients, where the risk coverage is more complicated and new-age risks like cyber security are more prevalent. This shift will continue as insurers' competition in the retail market intensifies.
Industry revenue has grown at a CAGR of 7.7 % over the past five years, to reach an estimated $21.3bn in 2024.
Market size is projected to grow over the next five years.
Company | Market Share (%)
2024 | Revenue ($m)
2024 |
---|---|---|
Steadfast | 12,600.0 | |
AUB | 3,550.2 | |
PSC Insurance | 1,322.5 |
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Industry revenue is measured across several distinct product and services lines, including Commercial general products, Private general products and Life insurance. Commercial general products is the largest segment of the Insurance Brokerage in Australia.
Commercial general products have expanded as risks become too costly to ignore
The industry includes individuals and businesses that act primarily as agents or brokers in selling annuities and insurance policies. Industry brokers earn commission income, mostly as a percentage of the premium of insurance policies sold. The industry also includes providers earning fee income for risk management consulting and claim assessment and adjustment services.
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ANZSIC 6420 - Insurance Brokerage in Australia
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Including values and annual change:
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Key data sources in Australia include:
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These sources include:
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The market size of the Insurance Brokerage industry in Australia is $21.3bn in 2024.
There are 5,488 businesses in the Insurance Brokerage industry in Australia, which has declined at a CAGR of 1.3 % between 2019 and 2024.
The market size of the Insurance Brokerage industry in Australia has been growing at a CAGR of 7.7 % between 2019 and 2024.
Over the next five years, the Insurance Brokerage industry in Australia is expected to grow.
The biggest companies operating in the Insurance Brokerage market in Australia are Steadfast, AUB and PSC Insurance
Commercial general products and Private general products are part of the Insurance Brokerage industry.
The company holding the most market share in Australia is Steadfast.
The level of competition is high and increasing in the Insurance Brokerage industry in Australia.