Insurance broking globally generated fees and commissions of $US151.4 billion ($226.4 billion) last year, according to consultancy Insuramore. 

Marsh McLennan ranked first in terms of broking revenues earned, followed by Aon, WTW, Gallagher and Michigan-headquartered Acrisure. 

Last year’s figures represent a rise of almost 10.5% from $US137 billion ($205 billion) in 2021 and around 2% when adjusted for inflation. 

Commercial property and casualty (P&C) retail broking contributed about $US68.8 billion ($103 billion) to the global pie last year; private P&C retail broking $US14.6 billion ($21.9 billion); employee benefits plus life and health retail $US50 billion ($74.93 billion); reinsurance broking $US6.4 billion ($9.6 billion); and wholesale broking $US11.6 billion ($17.4 billion). 

“Each of the segments registered a double-digit growth rate during the year apart from employee benefits plus life and health insurance retail broking,” the insurance-focused consultancy says. 

Marsh McLennan led in commercial P&C insurance retail broking; HUB in private P&C insurance retail broking; WTW in employee benefits activity plus retail broking of life and health cover; Aon in reinsurance broking; and Amwins in wholesale insurance broking. 

The top 20 brokerages accounted for 51.5% of total global broking fees and commissions last year and the top 300 have a share of 83.2%, up from 50.7% and 79.4% in 2021. 

“This shows that there has been some consolidation in the market structure,” Insuramore said. “This is due both to M&A activity and to the strengthening of the US dollar against most global currencies during 2022, causing US-based groups to achieve a higher weighting within the worldwide ranking.” 

The US has the largest share of top 300 broking groups, with about 47% headquartered in the country. Next was France (29%), the UK (27%), Canada (17%) and India (13%). 

“Looking ahead, it will be apposite to see whether a continuing stream of M&A activity causes the worldwide market to consolidate further in 2023 or if the dynamic growth of some smaller and medium-sized competitors causes the share of the top 20 groups to hold at just over a half of global broking revenues,” Insuramore said.