Agency revenue tops $44 billion
Underwriting agencies worldwide earned $US29.25 billion ($44.5 billion) in revenue comprising fees and commissions last year, according to consultant Insuramore.
The figure indicates the intermediaries wrote more than $US250 billion ($380 billion) in premium during the period.
“As would be expected given the very high industry-wide growth rate, almost all [managing general agency] groups experienced an increase in their revenues in 2024,” Insuramore said.
Direct commercial underwriters accounted for 70%-75% of the revenue and the rest was split among direct private general insurance, life, health and reinsurance.
Seventy-seven of the top 500 agency groups were broker-owned, 35 were insurer-owned and the remaining 388 were independent and mostly backed by private equity firms.
Insuramore says among insurer-owned groups, Munich Re generated the most revenue from proprietary agency business, while NSM Insurance Group was the largest independent operator.
The US was headquarters to 267 MGAs, followed by the UK (68), Canada (32) and Australia (21).