Insurance Brokerage in Australia Industry Market Research Report Now Updated by IBISWorld
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The Insurance Brokerage industry is a vital player in the insurance market and is beneficial to both consumers and insurers. According to IBISWorld industry analyst
However, the Insurance Brokerage industry faces intensifying competition from underwriters and banks. Underwriters are investing in online sales capabilities and new sales channels (e.g. bancassurance, which is selling insurance through banks) to reduce their reliance on agents and brokers. Brokers are guarding their distribution share by providing knowledge-intensive services to augment traditional insurance policy sales, and by focusing on more profitable markets such as the commercial segment. Looking forward, the industry is forecast to enter a stronger five-year period. Stephen adds, “industry performance will be solid as premium prices rise and many brokers consolidate to save costs on administration”. The number of registered insurance brokers is forecast to decline as the average company gets bigger.
IBISWorld classifies the Insurance Brokerage industry as having a low level of concentration. There are a large number of very small firms operating in the industry that do not have the resources or expertise to service large clients and/or clients that require specialist services, such as risk consultation in addition to regular broking services. Merger and acquisition activity has increased in recent years, indicative of an industry that is in the mature stage of its economic life cycle. The major players in the industry are
For more information, visit IBISWorld’s Insurance Brokerage in
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IBISWorld industry Report Key Topics
This industry includes individuals and businesses that act primarily as agents or brokers in selling annuities and insurance policies. Industry participants earn commission income, mostly as a percentage of the premium of insurance policies sold. They also earn fee income for the provision of risk management consulting and claim assessment and adjustment services. Foreign-based insurance underwriters that mainly engage in insurance broking domestically are also included in this industry.
Industry Performance
Executive Summary
Key External Drivers
Current Performance
Industry Outlook
Industry Life Cycle
Products & Markets
Supply Chain
Products & Services
Major Markets
International Trade
Business Locations
Competitive Landscape
Market Share Concentration
Key Success Factors
Cost Structure Benchmarks
Basis of Competition
Barriers to Entry
Industry Globalisation
Major Companies
Operating Conditions
Capital Intensity
Technology & Systems
Revenue Volatility
Regulation & Policy
Industry Assistance
Key Statistics
Industry Data
Annual Change
Key Ratios
About
Recognised as the nation’s most trusted independent source of industry and market research, IBISWorld offers a comprehensive database of unique information and analysis on every Australian industry. With an extensive online portfolio, valued for its depth and scope, the company equips clients with the insight necessary to make better business decisions. Headquartered in
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