Carried away: Increased market acceptance of the industry is expected to keep revenue on the rise
The rising likelihood of consumers and businesses to complete their insurance transactions over the internet has continued to drive revenue for the Online Insurance Brokers industry. Companies act as intermediaries between clients and insurance carriers through online internet portals and websites, earning commission income through brokering services. Growth in the percentage of services conducted online and a rise in critical macroeconomic variables, such as per capita disposable income, have contributed to a sharp improvement in industry commissions. The COVID-19 pandemic positively impacted online insurance purchases, even attracting new groups, such as seniors, to online marketplaces. Consequently, industry revenue has been growing at an average annualized 3.0% to $53.2 billion over the five years to 2023, including an estimated 3.8% surge in 2023 alone.
This industry includes independent individuals and businesses that act as intermediaries between consumers and insurance carriers through online internet portals and websites. Industry participants earn commission income from insurance carriers and may earn fee income for providing value-added services. Industry revenue includes sales that are initiated and completed online.
This report covers the scope, size, disposition and growth of the industry including the key sensitivities and success factors. Also included are five year industry forecasts, growth rates and an analysis of the industry's key players and their market shares.
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