Global fees and commissions earned from insurance broking rose 11.3% to $US168 billion ($252 billion) last year, consultancy Insuramore says.

The rise from about $US151 billion ($226 billion) the previous year represents an increase of about 4.4% on an inflation-adjusted measure.

Marsh McLennan ranked first among the broking groups, followed by Aon, Gallagher, WTW and HUB, with total figures including commercial and private property and casualty, employee benefits plus retail life and health cover, reinsurance and wholesale.

The analysis shows the top 15 broking groups had an aggregate growth rate of 12.3%, driven in part by mergers and acquisitions, outpacing the industry as a whole.

In the various segments, Marsh McLennan led commercial property and casualty, Alliant topped private property and casualty, WTW led in employee benefits plus life and health, Aon was largest in reinsurance and Amwins in wholesale broking.

Overall, the top 20 groups are thought to have controlled 51.9% of total global broking fees and commissions last year, and the top 300 groups accounted for 84.7%.

The US is the headquarters for 140 of the top 300, with France and the UK each accounting for 26 head offices. The rankings show 244 of the groups, or 81.3%, are privately owned, involving one or a combination of family ownership, employee ownership or private equity.

“Looking ahead, it will be apposite to see whether a continuing stream of M&A activity causes the worldwide market to consolidate further in 2024,” Insuramore says. “Significantly, eight of the top 300 groups were in the process of being acquired during the first half of the year.”