General insurance brokerages earned $US180 billion ($275 billion) in fees and commissions worldwide last year, up from $US166.5 billion ($255 billion) in 2023, consultant Insuramore says.

The top 15 broking groups’ combined share of fees and commissions increased to 48.7% from 47.6% in 2023 and 45.8% in 2020.

The trend shows “there has been some consolidation in the market structure, which is mainly due to [merger and acquisition] activity”, Insuramore says. “Looking ahead, it will be apposite to see whether further such activity causes the worldwide market to consolidate further in 2025.”

Marsh McLennan retained its top ranking with a 10.68% share of fees and commissions, followed by Aon (8.06%), Gallagher (5.54%), WTW (4.86%) and Acrisure (2.46%).

By segment, Marsh led in commercial insurance retail broking; Alliant in private insurance retail broking; WTW in employee benefits activity plus retail broking of life and health cover; Aon in reinsurance; and Amwins in wholesale. 

Commercial retail generated the most fees and commissions, at $US83.3 billion ($127 billion). Employee benefits/life and health placed second on $US55.8 billion ($85 billion), followed by private retail at $US18.2 billion ($27 billion).