As per the analysis, this broke down between around USD 55.1 billion due to commercial P&C (non-life) insurance retail broking, USD 11.2 billion to private P&C (non-life) insurance retail broking, USD 37.6 billion to employee benefits plus life and health insurance retail broking, USD 5.3 billion to reinsurance broking and USD 8.4 billion to wholesale insurance broking.
However, Insuramore showed that the global pandemic had much less of an impact on insurance broking groups than it did on enterprises in some other industries. Discounting inflation, growth in global broking revenues during the year is thought likely by Insuramore to have been between around 3% and 5% with reinsurance and wholesale insurance broking plus both commercial and private P&C insurance retail broking tending to fare better than broking and administration of employee benefits.
According to Insuramore rankings, Arthur J. Gallagher, Aon, Marsh & McLennan and Willis Towers Watson are the four largest groups in commercial P&C insurance retail broking and employee benefits plus life and health insurance retail broking, and are also four of the five largest in reinsurance broking.
Insuramore's global rankings of broking groups (www.insuramore.com/rankings/brokers) indicate that the sector remains quite fragmented. These rankings indicate that the world's top 20 broking groups as measured by total insurance broking revenues in 2020 accounted for a combined 52.3% of fees and commissions earned (and the top 250 groups for 78%).
Meanwhile, and noting that these data points do not count international broker networks as consolidated groups, the equivalent percentages for the top 20 groups in each of commercial P&C insurance retail broking, private P&C insurance retail broking and employee benefits plus life and health insurance retail broking were a respective 58%, 37.2% and 54.9%.