Insurance Brokers & Agencies in Illinois - Industry Market Research Report

Covering Up: Increased Healthcare Expenditures and Economic Growth Will Likely Mean Steady Demand

Insurance Brokers & Agencies in Illinois

Demand for industry services in Illinois has increased over the five years to 2017. As more people acquired health insurance, more people sought out insurance brokers agencies to purchase their insurance policies. However, as more people have opted to rent a home or apartment, revenue generated from homeowner's insurance has declined. The Insurance Brokers and Agencies industry in Illinois is expected to continue to grow in line with the state's overall economic growth over the five years to 2022. Demand for industry operators' services for help purchasing health insurance will remain high, and as homeownership rates in Illinois are expected to increase marginally, demand for help with choosing homeowner's insurance will increase. However, growth will partially be stymied as large insurance companies look to bypass insurance brokers and agencies and sell directly to consumers.

This industry includes individuals and businesses that primarily act as agents or brokers in selling insurance policies and annuities. Industry participants earn commission income, mostly as a percentage of the premium of insurance policies sold. They also earn fees for providing risk management consulting and other value-added services.

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 key players and their market shares.