Insurance Brokerage in Australia - Market Research Report

Insurance Brokerage industry trends (2014-2019)

poll Average industry growth 2014–2019: 0.9%

The Insurance Brokerage industry has grown its revenue slightly over the past five years, due to rising insurance premiums and consumer preference for purchasing insurance policies from brokers. Brokers provide advice and expertise to private and commercial clients, and match them to the most suitable policies. Additionally, brokers benefit insurers, as they offer an additional distribution channel and act as a contract sales team. However, brokers have faced intensifying competition from insurers, banks and insurtech start-ups over the past five years. Insurers are increasingly investing in online sales platforms and new sales channels, such as bancassurance, to minimise expenses and reduce reliance on agents and brokers. Online comparison websites...
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Insurance Brokerage industry outlook (2019-2024)

poll Average industry growth 2019-2024: x.xlockPurchase this report or a membership to unlock the average company profit margin for this industry.

The Insurance Brokerage industry is projected to continue growing its revenue over the next five years. Growth is largely forecast to come from further outsourcing of insurance-related services and from Australia's ageing population. While increased insurance coverage is anticipated to support revenue growth, intensifying competition from alternative distribution channels and gradual changes to the commission structure on new policies will likely temper this growth. Industry revenue is forecast to rise at an annualised X.X% over the five years through XXX-XX, to $XX.X billion. Trading environment Downstream insurance markets are heading into a new hardening cycle. High claims expenses brought about by natural disasters, particularly in Queensland,...
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Insurance Brokerage industry statistics

  • attach_money Market Size: $13bn
  • business Number of Businesses: 5,593
  • poll Average Industry Profit Margin: x.x%
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  • supervisor_account Industry Employment: 10,654

Biggest companies in the Insurance Brokerage industry

The companies holding the largest market share in the Insurance Brokerage in Australia industry include Steadfast Group Limited, AUB Group Limited and IBNA Limited.

  • pie_chart Steadfast Group Limited Market Share: x.x%
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  • pie_chart AUB Group Limited Market Share: x.x%
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  • pie_chart IBNA Limited Market Share: x.x%
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What is Insurance Brokerage industry?

Industry Definition

The 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. The industry also includes operators earning fee income for risk management consulting and claim assessment and adjustment services.

Industry Products and Services

  • Commercial general products
  • Private general products
  • Life insurance
  • Health insurance and other services
  • All Others

Industry Activities

  • Actuarial services
  • Claim assessment and adjustment
  • Operating insurance agencies
  • Insurance broking
  • Insurance consulting

Market research report - table of contents

Industry Definition

The 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. The industry also includes operators earning fee income for risk management consulting and claim assessment and adjustment services.

Main Activities

  • Actuarial services
  • Claim assessment and adjustment
  • Operating insurance agencies
  • Insurance broking
  • Insurance consulting

Similar Industries

Additional Resources

Industry Statistics Snapshot

Industry Structure

Executive Summary

Key External Drivers

Industry demand partly depends on the number of businesses in Australia, as commercial insurance accounts for a large proportion of industry revenue. Busi...
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Number of businesses
Number of motor vehicles
Real household disposable income
Number of households

Current Performance

Profitability and structure
Competition
Commission structures
Financial Services Royal Commission (FSRC)
 Chart: Revenue Growth

Industry Outlook

Natural disasters
Insurtech
Growth opportunities
 Table: Insurance Brokerage in Australia - Market Research Report Industry Revenue Outlook

Industry Life Cycle

Life Cycle Reasons
 Chart: Benchmarking - Insurance Brokerage in Australia - Market Research Report Industry Lifecycle vs The Economy

Supply Chain

Key Buying Industries

Life Insurance in Australia
General Insurance in Australia
Consumers in Australia




Key Selling Industries

General Insurance in Australia
Professional Services in Australia





Products & Services

The penetration of the industry's agents and brokers into each product segment varies greatly. Brokers tend to command a greater share of the commercial m...
Private clients





Demand Determinants

Demand for industry services is determined by several factors, including economic conditions, distribution channels, prices and demographics. Economic co...
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Major Markets

Private clients






 Chart: Major Market Segmentation for the Insurance Brokerage in Australia - Market Research Report Industry

International Trade

Business Locations

Chart: Business Locations by State Chart: Business Locations by State

Market Share Concentration

The Insurance Brokerage industry is subject to a medium level of market share concentration. The top four industry participants are estimated to account f...
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Key Success Factors

Cost Structure Benchmarks

Profit, Purchases, Wages, Other Costs
 Chart: Cost Structure Benchmarking – Sector vs Insurance Brokerage in Australia - Market Research Report

Basis of Competition

Internal competition
External competition

Barriers to Entry

 Table: Barriers to Entry Checklist for the Insurance Brokerage in Australia - Market Research Report Industry

Industry Globalization

Steadfast Group Limited is a publicly listed company that provides insurance brokerage, underwriting and other related insurance services. Steadfast was f...
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Steadfast

 Table: Steadfast - financial performance

AUB Group

 Table: AUB Group - financial performance

IBNA

 Table: IBNA - financial performance

Capital Intensity

The Insurance Brokerage industry is characterised by a low level of capital intensity. For every dollar paid as wages, an estimated $0.07 is spent on capi...
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 Chart: Level of Capital Intensity for the Insurance Brokerage in Australia - Market Research Report Industry
 Chart: Tools of the Trade: Growth Strategies for Success

Technology & Systems

Revenue Volatility

Chart: Volatility vs Industry Growth Chart: Volatility vs Industry Growth

Regulation & Policy

Industry Assistance

Table: Industry data Table: Industry Data for the Insurance Brokerage in Australia Industry

Industry Revenue (2007-2026)
Industry Gross Product (2007-2026)
Establishments (2007-2026)
Businesses (2007-2026)
Employment (2007-2026)
Exports (2007-2026)
Imports (2007-2026)
Wages (2007-2026)
Domestic Demand (2007-2026)

Table: Annual Percentage Change for Key Industry Data Table: Annual Percentage Change for Key Industry Data

Table: Key Ratios for Industry Key Dat Table: Key Ratios for Industry Key Data

Table: Industry Financial Ratios Table: Industry Financial Ratios

Liquidity Ratios
Coverage Ratios
Leverage Ratios
Operating Ratios
Cash Flow & Debt Service Ratios (% of Sales)
Assets, %
Liabilities, %

BANCASSURANCE

BROKER

DISTRIBUTION NETWORK

GROSS WRITTEN PREMIUM (GWP)

INSURTECH

MARKET HARDENING

PREMIUM

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Included in Report

  • Industry Financial Ratios
    Industry Financial Ratios
  • Revenue Forecasts
    Revenue Forecasts
  • Historical and Forecast Growth
    Historical and Forecast Growth
  • Industry Market Size
    Industry Market Size
  • Industry Major Players
    Industry Major Players
  • Profitability Analysis
    Profitability Analysis
  • SWOT Analysis
    SWOT Analysis
  • Industry Trends
    Industry Trends
  • Industry Operating Conditions
    Industry Operating Conditions
  • Porter's 5 Forces Analysis
    Porter's 5 Forces Analysis

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This report on Insurance Brokerage in Australia:

  • Provides Market Size information to assist with planning and strategic decisions.
  • Includes the necessary information to perform SWOT, PEST and STEER analysis.
  • Helps you understand market dynamics to give you a deeper understanding of industry competition and the supply chain.
  • Analyses key performance and operational metrics so that you can benchmark against your own business, that of your customers’ businesses, or your competitors’ businesses.

The Insurance Brokerage in Australia market research report includes:

  • Historical data and analysis for the key drivers of this industry
  • A five-year forecast of the market and noted trends
  • Detailed research and segmentation for the main products and markets
  • An assessment of the competitive landscape and market shares for major companies
  • And of course, much more

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