- Marsh, Aon and Gallagher dominate global brokerage revenues
- Organic growth weakens as commercial insurance prices decline
- Insurance brokerage M&A slows despite continued private equity investment
- Independent brokers retain 62% of US P&C insurance premiums
- Global insurance brokerage market outlook for 2027
The world’s 20 largest insurance and reinsurance broking groups generated approximately $122 bn in combined revenue in 2025, according to AM Best’s ranking. Beinsure 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
Marsh remained the industry leader, followed by Aon, Arthur J. Gallagher and WTW, as acquisitions continued to drive consolidation across the global insurance distribution market.
However, the latest financial results show that organic revenue growth is slowing as commercial insurance prices decline and brokers face increasing pressure to generate new business.
Independent research firms estimate the global insurance brokerage market at between $125 bn and $336 bn in 2025, depending on how brokerage commissions, insurance agents and related advisory services are classified.
Fortune Business Insights estimates the market at $125.36 bn in 2025 and forecasts growth to $137.14 bn in 2026. Grand View Research provides a broader estimate of $335.9 bn for 2025, rising to $364.8 bn in 2026.
Marsh, Aon and Gallagher dominate global brokerage revenues
- Marsh reported $27 bn in consolidated revenue for 2025, up 10%, including $17.3 bn from Risk and Insurance Services. Underlying revenue growth was 4%.
- Aon generated $17.18 bn, including $8.50 bn from Commercial Risk Solutions, $2.79 bn from Reinsurance Solutions and $3.84 bn from Health Solutions.
- Arthur J. Gallagher reported $13.78 bn in consolidated revenue, with its Brokerage segment contributing $12.19 bn.
- WTW followed with $9.71 bn, including $4.33 bn from Risk & Broking. Brown & Brown moved into fifth place after reporting $5.90 bn in revenue, up 22.8%, supported by acquisitions.
- Alliant Insurance Services, HUB International, Howden, Acrisure and Lockton completed the top ten.
The rankings reflect consolidated group revenue, which can include consulting, risk management and other services beyond traditional insurance brokerage.
Organic growth weakens as commercial insurance prices decline
Third-quarter 2026 results indicate that revenue growth has become increasingly uneven across major brokers.
- Marsh reported 5% underlying growth, while Aon achieved 6% organic growth. Gallagher’s Brokerage and Risk Management businesses recorded combined organic growth of 5%, compared with 4% at WTW.
- Brown & Brown reported organic growth of just 1.2% in Q3, despite a 7.4% increase in total revenue.
The slowdown coincides with declining commercial insurance rates.
According to Marsh’s Global Insurance Market Index, global commercial insurance prices fell 5% in Q3 2026, marking the ninth consecutive quarterly decline.
Property insurance rates dropped 10%, cyber declined 4%, and financial and professional lines fell 3%. Casualty insurance was an exception, with prices increasing 1%.
Falling premiums can reduce commission income for brokers whose remuneration depends on policy values, although exposure growth, customer retention and new business also influence revenue.
The pricing environment is increasing pressure on brokers to expand their client portfolios and improve operating efficiency.
Insurance brokerage M&A slows despite continued private equity investment
The global insurance distribution market continued consolidating in 2025. MarshBerry recorded 854 announced US insurance brokerage acquisitions, compared with 847 in 2024. Private capital-backed buyers accounted for approximately 71% of transactions.
Activity moderated in 2026, with 473 US brokerage transactions announced through September, approximately 7.8% below the comparable period of 2025.
European insurance M&A remained active. FTI Consulting recorded 789 insurance-sector transactions in 2025, including 596 involving brokers.
However, European deal activity declined to 358 transactions in H1 2026, down 14% from the preceding six months.
Buyers are becoming more selective as organic growth slows and financing costs remain elevated. Specialist brokers and MGAs continue attracting interest because of their underwriting expertise and access to niche insurance markets.
Independent brokers retain 62% of US P&C insurance premiums
Despite consolidation, independent agencies continue to dominate US commercial insurance distribution.
The Independent Insurance Agents & Brokers of America’s 2026 Market Share Report found that independent agencies placed 62% of US P&C direct written premiums in 2025. Their share of commercial insurance premiums reached 87.7%, while personal lines penetration increased to 39.5%.
Total US P&C direct written premiums reached approximately $1.1 tn, compared with $1.05 tn in 2024.
The number of independent agencies nevertheless declined to approximately 37,000 in 2026, from 39,000 two years earlier.
Specialty insurance distribution also continued expanding. Premiums reported to US surplus lines stamping offices increased 7.8% to $90.3 bn in 2025, according to the Wholesale & Specialty Insurance Association.
Global insurance brokerage market outlook for 2027
The insurance brokerage industry is expected to continue expanding, although the sources of revenue growth are changing.
The latest results indicate that acquisition-driven expansion remains significant, while organic growth is becoming more dependent on new clients, retention and specialist insurance services.
Beinsure’s analysis suggests that brokerage performance in 2027 will increasingly depend on organic revenue growth, operating margins and acquisition discipline rather than higher insurance premiums.
Employee benefits, specialty insurance, cyber risk and reinsurance advisory services remain potential growth areas.
Meanwhile, lower commercial insurance rates and higher acquisition financing costs could put additional pressure on brokers with slower new-business production or substantial debt.
The latest market figures point to continued consolidation, with larger groups expanding through acquisitions while independent agencies retain a substantial share of insurance distribution.
