- Global insurance brokerage market size in 2025 and 2026
- Top 20 global insurance brokers by 2025 revenue
- Insurance brokerage M&A: consolidation continues
- US insurance brokers: independent agencies control 62% of P&C premiums
- UK insurance distribution revenue reaches £27.7 bn
- European insurance intermediaries decline as consolidation accelerates
- Global reinsurance brokerage market
- Insurance brokerage market forecast for 2027
The global insurance brokerage market continues to expand, supported by growing demand for risk management, specialty insurance and employee benefits. However, consolidation, declining commercial insurance rates and slowing organic growth are reshaping competition across the industry.
The world’s 20 largest insurance broking groups generated approximately $122 bn in combined revenue in 2025. Meanwhile, acquisition activity remains strong despite rising financing costs and pressure on valuations.
This Beinsure report examines the latest global insurance brokerage market data for 2025-2026, financial results of the largest brokers, market concentration, M&A trends and the industry’s outlook for 2027.
Key highlights
- Global insurance brokerage market estimates for 2025 range from $125 bn to $336 bn, reflecting differences in research methodologies and the treatment of agents, MGAs and advisory services.
- The 20 largest insurance and reinsurance broking groups generated approximately $121.9 bn in combined group revenue in 2025, according to AM Best’s 2026 ranking.
- Brokerage M&A remains active, but organic growth is slowing. Private capital continues to dominate acquisitions as softer insurance pricing increases pressure on commissions and valuations.
Global insurance brokerage market size in 2025 and 2026
Independent research providers report substantially different estimates for the worldwide insurance brokerage market.
Fortune Business Insights valued the global insurance brokerage market at $125.36 bn in 2025 and forecasts growth to $137.14 bn in 2026. Its longer-term projection reaches $282.45 bn by 2034, representing a 9.5% compound annual growth rate.
The Business Research Company estimates the narrower insurance brokers market at $125.49 bn in 2025 and $131.33 bn in 2026, with revenue forecast to reach $158.61 bn by 2030.
Other research providers apply broader definitions. Global Market Insights values insurance brokers and agents at $276.5 bn in 2025, while Grand View Research estimates the global insurance brokerage market at $335.9 bn.
Global insurance brokerage market forecasts
| Research provider | 2025 market size | 2026 forecast | Long-term forecast | CAGR |
|---|---|---|---|---|
| Fortune Business Insights | $125.36 bn | $137.14 bn | $282.45 bn by 2034 | 9.5% |
| The Business Research Company, brokers | $125.49 bn | $131.33 bn | $158.61 bn by 2030 | 4.8% |
| Research and Markets, brokers and agents | $224.0 bn | N/A | $367.6 bn by 2032 | 7.3% |
| Global Market Insights, brokers and agents | $276.5 bn | $299.6 bn | $653.4 bn by 2035 | 9.1% |
| Grand View Research | $335.9 bn | $364.8 bn | $695.0 bn by 2033 | 9.6% |
| The Business Research Company, brokers and agents | $496.31 bn | $526.82 bn | $679.6 bn by 2030 | 6.6% |
The discrepancy is particularly important when calculating market shares.
Some estimates focus on brokerage commissions and fees. Others include tied agents, bancassurance, insurance distribution platforms, advisory income and additional services.
Consolidated revenue reported by Marsh, Aon and WTW also includes activities that extend beyond traditional insurance brokerage.
Consequently, comparing the combined revenue of the world’s largest broking groups with a market estimate based on a narrower definition can significantly overstate their market concentration.
Top 20 global insurance brokers by 2025 revenue
Marsh remained the world’s largest insurance and reinsurance broking group in the 2026 AM Best ranking, followed by Aon, Arthur J. Gallagher and WTW.
Brown & Brown moved into fifth place, ahead of Alliant Insurance Services and HUB International.
Largest insurance brokers worldwide
| Rank | Insurance broker | 2025 revenue |
|---|---|---|
| 1 | Marsh | $26.98 bn |
| 2 | Aon | $17.20 bn |
| 3 | Arthur J. Gallagher | $13.80 bn |
| 4 | WTW | $9.71 bn |
| 5 | Brown & Brown | $5.90 bn |
| 6 | Alliant Insurance Services | $5.80 bn |
| 7 | HUB International | $5.28 bn |
| 8 | Howden Group | $4.84 bn |
| 9 | Acrisure | $4.82 bn |
| 10 | Lockton | $4.48 bn |
| 11 | Amwins | $3.20 bn |
| 12 | Ryan Specialty | $3.05 bn |
| 13 | USI Insurance Services | $2.97 bn |
| 14 | Ardonagh Group | $2.96 bn |
| 15 | CRC Group | $2.46 bn |
| 16 | BroadStreet Partners | $2.42 bn |
| 17 | Alera Group | $1.58 bn |
| 18 | The Baldwin Group | $1.51 bn |
| 19 | Diot-Siaci | $1.48 bn |
| 20 | OneDigital | $1.46 bn |
| Combined revenue | $121.90 bn |
Financial results from brokers’ annual reports
The companies’ financial statements provide a more detailed breakdown of brokerage operations.
Marsh reported $27 bn in consolidated revenue for 2025, an increase of 10%. Its Risk and Insurance Services segment generated $17.3 bn, while underlying group revenue growth was 4%.
Aon recorded $17.18 bn in revenue, including:
- Commercial Risk Solutions: $8.50 bn
- Reinsurance Solutions: $2.79 bn
- Health Solutions: $3.84 bn
- Wealth Solutions: $2.07 bn
Arthur J. Gallagher generated $13.78 bn in consolidated revenue. Its Brokerage segment contributed $12.19 bn, while Risk Management accounted for approximately $1.59 bn.
WTW reported $9.71 bn, including $4.33 bn from Risk & Broking and $5.25 bn from Health, Wealth & Career.
Brown & Brown increased its annual revenue by 22.8% to $5.90 bn, supported by acquisitions. Organic revenue growth was 2.8%.
Ryan Specialty reported revenue of $3.05 bn, up 21.3%, including 6.6% organic growth. www.sec.gov+5
These figures demonstrate why consolidated revenue growth and organic brokerage expansion should be analysed separately.
Acquisitions can increase reported revenue substantially without producing an equivalent improvement in underlying customer demand.
Insurance brokerage growth slows in 2026
Third-quarter 2026 financial results indicate that organic growth has become more uneven across major brokers.
| Broker | Q3 2026 organic revenue growth |
|---|---|
| Marsh | 5% |
| Aon | 6% |
| Gallagher, Brokerage and Risk Management | 5% |
| WTW | 4% |
| Brown & Brown | 1.2% |
- Aon’s Commercial Risk Solutions and Reinsurance Solutions businesses each delivered 7% organic growth in Q3 2026.
- WTW reported 5% organic growth in Risk & Broking, supported by new business and specialist insurance placements.
- Brown & Brown’s organic growth slowed to 1.2% in the quarter. For the first nine months of 2026, organic growth was just 0.3%, despite reported revenue increasing 23.4%.
The divergence reflects changing market conditions.
During the previous insurance hard market, brokers benefited from rising premiums on existing policies. Higher insured values and stronger pricing increased commission income even without equivalent growth in policy volumes.
As commercial insurance prices decline, brokers face greater pressure to generate revenue through new business, customer retention, specialist coverage and acquisitions.
Insurance pricing becomes a major headwind
Marsh’s October 2026 Global Insurance Market Index reported that commercial insurance rates fell 5% globally in Q3 2026, marking the ninth consecutive quarterly decline.
The changes varied considerably by business line:
- Property insurance: -10%
- Financial and professional lines: -3%
- Cyber insurance: -4%
- Casualty insurance: +1%
The Middle East, Africa and India recorded a combined regional decline of 14%, compared with 8% in the UK and 1% in the US.
Lower insurance rates do not translate directly into equivalent reductions in broker revenue. Premium volumes, insured exposures, new business and fee arrangements also affect commissions.
Nevertheless, sustained pricing declines reduce one of the principal growth drivers for commission-based brokers.
Insurance brokerage M&A: consolidation continues
Insurance distribution remains a major target for private equity firms and strategic buyers. MarshBerry recorded 854 announced US insurance brokerage transactions in 2025, compared with 847 in 2024.
Private capital-backed buyers accounted for 605 transactions, or approximately 70.8% of the total. M&A activity continued in 2026, although at a slower pace.
According to MarshBerry’s October 29 update, 473 US insurance brokerage transactions were announced through the first nine months of 2026, approximately 7.8% fewer than during the comparable 2025 period.
A separate dataset from OPTIS Partners recorded 439 US and Canadian agency transactions through September 2026, down 19% year over year. The two datasets use different transaction criteria and should not be combined.
European insurance brokerage M&A
European acquisition activity has followed a different pattern. FTI Consulting reported 789 insurance-sector transactions in Europe during 2025, up 14% from 2024. Of these, 596 involved insurance brokers.
Regional transaction volumes included:
- UK and Ireland: 219
- Germany, Austria and Switzerland: 143
- Spain and Portugal: 141
- Benelux: 89
- Italy: 68
- Central and Eastern Europe: 53
- France: 48
- Nordic countries: 28
The European market subsequently entered a more selective phase. FTI recorded 358 insurance-sector transactions in H1 2026, down 14% from H2 2025.
While overall volumes declined, broker and MGA transactions increased relative to the preceding half-year period.
The strongest acquisition opportunities increasingly involve specialist brokers, delegated underwriting platforms and businesses offering geographic diversification.
Brokerage valuations
MarshBerry reports that average guaranteed acquisition valuations have been approximately 11.5x pro forma EBITDA.
Larger private brokerage platforms have historically commanded higher multiples, with upfront valuations around 14x EBITDA and potential total consideration approaching 19x when earnouts are included.
Specialist MGAs and other delegated-authority businesses have attracted particularly strong valuations. MarshBerry’s analysis of its 2025 transactions showed an average of approximately 19.4x pro forma EBITDA for these businesses.
Organic growth has become an increasingly important valuation differentiator.
Businesses with strong retention, specialist expertise and limited reliance on premium-rate increases are better positioned to maintain acquisition multiples as financing costs remain elevated.
US insurance brokers: independent agencies control 62% of P&C premiums
The United States remains the largest market for several international brokerage groups.
The Independent Insurance Agents & Brokers of America’s 2026 Market Share Report provides a more direct measure of insurance distribution than broker revenue estimates.
Based on 2025 data:
- Independent agencies placed 62% of all US P&C direct written premiums.
- Their share of commercial insurance premiums reached 87.7%.
- Their share of personal insurance premiums increased to 39.5%.
- Total US P&C direct written premiums reached approximately $1.1 tn, compared with $1.05 tn in 2024.
Independent agencies also expanded their participation in surplus lines insurance. These figures measure insurance premiums distributed through agencies, not their commission revenue.
US P&C insurance retail broking revenues
| Rank | Broker | P&C retail revenue, $bn |
|---|---|---|
| 1 | Alliant Insurance Services / Confie | 3.9 |
| 2 | HUB International | 3.1 |
| 3 | Lockton | 2.7 |
| 4 | Acrisure | 2.2 |
| 5 | BroadStreet Partners | 2.0 |
| 6 | USI Insurance Services | 1.6 |
Number of independent insurance agencies
The Big I’s September 2026 Agency Universe Study estimates approximately 37,000 independent agencies operating in the US, down from around 39,000 in 2024.
Three-quarters of surveyed agencies reported revenue growth between 2024 and 2025. The proportion reporting declining revenue fell from 12% to 8%.
Agency technology adoption also accelerated. Some 46% reported using artificial intelligence in 2026, compared with 15% in 2024.
The findings indicate that consolidation is reducing the number of independent businesses without necessarily weakening the distribution channel’s share of insurance premiums.
UK insurance distribution revenue reaches £27.7 bn
The UK’s Financial Conduct Authority provides one of the most useful regulatory datasets for measuring insurance distribution income.
According to its July 2026 publication, revenue from non-investment insurance distribution reached £27.7 bn in 2025, representing reported growth of 6.4%. Commissions accounted for 83.1% of this revenue.
The figures come from regulatory returns submitted by firms undertaking insurance distribution activities.
The FCA changed parts of its classification methodology in 2025, so historical comparisons require caution.
The UK statistics illustrate the significance of commission-based distribution, but the FCA measure includes a broader range of intermediaries than independent insurance brokers alone.
European insurance intermediaries decline as consolidation accelerates
The European Insurance and Occupational Pensions Authority’s March 2026 report found that the number of registered insurance intermediaries in the EU declined by 7.5% between 2020 and 2024.
EIOPA attributed the reduction to consolidation, supervisory requirements, demographic changes and evolving distribution models. Commissions remained the prevailing remuneration model in 24 EU member states.
Despite the decline in registered intermediaries, the number holding cross-border distribution passports increased 10% between 2022 and 2024. This indicates that fewer intermediaries are operating alongside greater cross-border distribution activity.
The shift creates opportunities for larger brokers to centralise compliance, technology and specialist underwriting expertise across multiple jurisdictions.
Wholesale and specialty insurance brokers
Wholesale distribution and specialty insurance remain important sources of growth. Ryan Specialty generated $3.05 bn in revenue in 2025, with organic growth of 6.6%. The broader US excess and surplus lines market also continued expanding.
According to the Wholesale & Specialty Insurance Association, premiums reported to US surplus lines stamping offices reached $90.3 bn in 2025, an increase of 7.8%. During H1 2026, reported premiums increased another 2.8% to $47.6 bn.Transaction counts rose 16.9% during the first six months of 2026.
The difference between premium growth and transaction growth suggests that specialty market expansion is increasingly being supported by placement activity rather than higher premiums alone.
However, the stamping-office figures cover only reporting jurisdictions and represent written premiums, not wholesale brokerage commissions.
Specialty broker valuations remain elevated
MarshBerry recorded 52 specialty intermediary transactions during H1 2026, up 11% year over year.
Its analysis suggests that businesses with delegated underwriting authority and differentiated specialty capabilities continue to attract strong valuations, even as broader brokerage transaction activity slows. MarshBerry
Global reinsurance brokerage market
Reinsurance brokerage is concentrated among a relatively small group of international intermediaries.
Company disclosures and industry research identify the following major operators.
| Reinsurance broker | 2025 revenue |
|---|---|
| Aon Reinsurance Solutions | $2.79 bn |
| Marsh Re | $2.64 bn |
| Gallagher Re | $1.44 bn |
| Howden Re | $0.67 bn |
Aon’s Reinsurance Solutions generated 7% organic revenue growth in Q3 2026, supported by treaty placements and customer retention.
Reinsurance brokerage remains sensitive to catastrophe activity, reinsurer capacity, capital-market conditions and insurance-linked securities demand.
Lower reinsurance pricing can pressure commissions, but changes in programme structure, alternative capital and growing catastrophe exposures can sustain demand for specialist advice.
Employee benefits, life and health brokerage
Employee benefits and health insurance distribution provide diversification from commercial P&C insurance.
Aon’s Health Solutions generated $3.84 bn in 2025 revenue. In Q3 2026, Aon reported 6% organic growth in Health Solutions, while WTW reported 4% organic growth across Health, Wealth & Career.
WTW’s Health, Wealth & Career segment generated $5.25 bn, although this includes retirement, career and consulting activities beyond insurance brokerage.
Demand for employee benefits consulting remains supported by healthcare cost inflation, workforce changes, multinational benefit programmes and employers’ efforts to control compensation costs.
Unlike P&C brokerage, however, benefits consulting revenue is not determined primarily by commercial insurance pricing.
In Q3 2026, Aon reported 6% organic growth in Health Solutions, while WTW reported 4% organic growth across Health, Wealth & Career.
2025 Employee Benefits, Life & Health Broking Revenues
| Broker | Reported business segment | 2025 revenue, $bn |
|---|---|---|
| Marsh | Mercer (total) | 6.20 |
| WTW | Health, Wealth & Career | 5.25 |
| Aon | Health Solutions | 3.84 |
The segment also faces greater exposure to changes in healthcare regulation, employee populations and discretionary corporate consulting expenditure.
Insurance brokerage market forecast for 2027
The outlook for the global insurance brokerage industry remains positive in structural terms, but the sources of growth are changing.
Premium inflation supported substantial commission growth during the hard-market cycle. That contribution is diminishing as insurers compete more aggressively for business.
For 2027, the principal drivers are likely to be:
- New business and retention. Brokers will depend increasingly on expanding their client portfolios rather than premium inflation.
- Specialty insurance. Cyber, professional liability, complex casualty, construction and emerging risks can support demand for specialist intermediaries.
- Employee benefits and advisory services. Health, retirement and workforce consulting offer revenue diversification.
- M&A and consolidation. Well-capitalised groups can continue acquiring regional brokers, although financing costs and valuation expectations will constrain transaction activity.
- Technology and productivity. AI-supported administration, policy comparison, document processing and placement workflows can reduce servicing costs and improve operating margins.
Beinsure market outlook
Based on the latest broker financial results, insurance pricing data, regulatory statistics and M&A research, Beinsure’s assessment is that the sector is moving from a period dominated by premium-driven growth to one in which organic client acquisition, operating efficiency and specialist expertise will determine performance.
Three developments are particularly important.
- First, acquisition-led revenue growth is becoming less informative. Several large brokers continue reporting substantial increases in consolidated revenue, while organic growth is considerably lower.
- Second, profitability may prove more resilient than revenue growth. The Big I and Reagan Consulting’s 2026 Best Practices Study reported EBITDA margins of 23.2%-30.7% among leading US agencies, despite slower organic growth.
- Third, consolidation is unlikely to stop. Transaction volumes have moderated, but private capital remains active and European cross-border acquisitions continue. The strongest businesses are likely to command valuation premiums, while firms dependent on pricing increases or acquisition roll-ups face greater pressure.
The longer-term outlook remains supported by increasing risk complexity, demand for advisory services and the importance of independent distribution.
The principal challenge for 2027 is whether insurance brokers can sustain earnings growth as commercial pricing weakens and acquisition financing remains expensive.
The most important performance indicators will be organic revenue growth, client retention, new-business production, EBITDA margins, acquisition multiples and debt servicing costs.
Together, these metrics provide a more reliable assessment of the industry’s financial health than consolidated revenue growth alone.
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AUTHORS: Yana Keller – Lead Re/Insurance Editor at Beinsure, Nataly Kramer – Lead Insurance Editor at Beinsure
