Insurance Brokerage Industry Statistics 2026: Top Brokers, Revenue, Workforce & Pricing Cycle

Insurance brokerage industry statistics show heavy revenue concentration at the top of the market. The four largest U.S. insurance brokers. Marsh McLennan, Aon, Arthur J. Gallagher, and Willis Towers Watson, together generated $32.32 billion in 2024 U.S. brokerage revenue (Business Insurance Top 100 ranking, summed across ranks 1-4). Premiums across all account sizes rose by an average of just 0.2% in Q4 2025, down from 1.6% in Q3 2025, according to the Council of Insurance Agents & Brokers’ quarterly survey, the softest market since 2017.

Key Takeaways

• The U.S. employed 568,800 insurance sales agents in 2024, with 4% projected employment growth over the 2024-2034 decade.
• About 47,000 openings for insurance sales agents are projected each year, on average, over the decade, the majority driven by replacement hiring.
• The median annual wage for insurance sales agents was $60,370 in May 2024, equal to $29.02 per hour.
• Commercial property/casualty premiums across all account sizes in Q4 2025 were the softest they have been since 2017, with the overall index up just 0.2%.
• Large account premiums decreased at an average of 2.1% in Q4 2025, the first decline since Q4 2017.
• 9 lines of business (cyber, business interruption, commercial property, construction, directors & officers, employment practices, surety bonds, terrorism, and workers’ compensation) saw premiums decrease in Q4 2025, up from 6 during Q3 2025.
• Marsh McLennan led the 2024 Business Insurance Top 100 ranking with $12,665,500,000 in U.S. brokerage revenue, an 18.1% increase.

Editor’s Choice

• The U.S. insurance industry provided some 3.0 million jobs in 2025 across carriers, agencies, brokerages, and related services.
• Aon PLC ranked second with $7,497,381,760 in 2024 U.S. brokerage revenue, up 27.1% year over year.
• Arthur J. Gallagher & Co. ranked third with $7,092,288,000 in 2024 U.S. brokerage revenue, up 10.7%.
• Willis Towers Watson PLC ranked fourth with $5,064,280,000 in 2024 U.S. brokerage revenue, up 2.7%.
• D&O premiums fell 3.8% in Q4 2025, the eighth consecutive quarter of decreases for the line.
• Employment of insurance sales agents is projected to grow by 21,100 positions over 2024-2034, the net change underlying the 4% growth headline.
• The 1.9% average premium increase across all lines of business in Q4 2025 was a 30% decrease from 2.7% in Q3 2025.

Recent Developments

• March 2026: CIAB Q4 2025 P&C Market Survey released. CIAB called the Q4 2025 results the softest since 2017, a quarter-over-quarter deceleration from the +1.6% Q3 2025 average.
• February 2026: Marsh McLennan FY2025 10-K filed. Marsh & McLennan Companies filed its FY2025 Form 10-K with the SEC on 2026-02-09 (accession 0000062709-26-000022), the canonical filing of record for the FY2025 segment revenue.
• February 2026: Aon FY2025 10-K filed. Aon plc filed its FY2025 Form 10-K with the SEC on 2026-02-13 (accession 0001628280-26-008116), covering Commercial Risk, Reinsurance, Health, and Wealth Solutions.
• February 2026: Gallagher FY2025 10-K filed. Arthur J. Gallagher & Co. filed its FY2025 Form 10-K on 2026-02-17 (accession 0001628280-26-008662), incorporating the AssuredPartners acquisition footprint.
• February 2026: Willis Towers Watson FY2025 10-K filed. Willis Towers Watson plc filed its FY2025 Form 10-K on 2026-02-25 (accession 0001193125-26-069307), covering its Health Wealth & Career and Risk & Broking segments.
• 2025 employment baseline: The Insurance Information Institute reported approximately 3.0 million U.S. insurance industry jobs in 2025, reflecting growth from the 2,592.7k baseline reported for 2016.

Insurance Brokerage Market Size and Industry Scope

• The III’s 3.0 million industry-wide jobs figure in 2025 spans carriers, agencies, brokerages, and related services, roughly 5.3× the BLS Insurance Sales Agents producer-only count of 568,800.
• The combined agencies-brokerage-services workforce grew by 17.8% between 2016 and 2022, equal to a net 197,000 positions added over six years (derived from III data).
• The Business Insurance Top 4 brokers’ $32.32 billion represents approximately 59% of the Top 10 aggregate of $54.41 billion, a concentration ratio that has held stable across multiple ranking years.
• Marsh McLennan single-handedly captured 23.3% of the Top 10 revenue pool at $12.67 billion in 2024 (Business Insurance).
• The III’s 1.30 million combined agencies-brokerage-services workforce in 2022 was a subset of the 3.0 million total industry headcount.

Sources: Insurance Information Institute (Facts + Statistics: Careers and Employment); U.S. Bureau of Labor Statistics (Insurance Sales Agents OOH); Business Insurance, 100 Largest Brokers of U.S. Business (July/August 2025).

Don't chase the news. Let us curate it.

You get one weekly briefing with only the stories that matter. If the market is quiet, we skip it.

Email address

Get the Weekly Briefing - it's free!

✅ Join readers from Visa, Vanguard, and the FDIC.

Top U.S. Brokers by Revenue

• Marsh McLennan led the 2024 BI Top 100 with $12.67 billion in U.S. brokerage revenue and 18.1% YoY growth.
• Aon PLC posted the highest YoY growth among the Top 4 at 27.1%, on $7.50 billion in U.S. revenue.
• Alliant Insurance Services led the entire Top 10 on YoY growth at 29.6%, a 2.5-percentage-point margin over Aon.
• Lockton Cos. climbed three positions to rank 9 (from rank 12), driven by 22.6% revenue growth.
• Hub International moved up two positions to rank 7 (from rank 9), on 13.2% growth.
• The Top 4 publicly traded brokers collectively cleared $32.32 billion, roughly 59% of the BI Top 10 total.
• All 4 Top 4 brokers filed FY2025 Form 10-K reports with the SEC in February 2026, the primary record for worldwide revenue, segment breakdowns, and operating commentary.

Source: Business Insurance, 100 Largest Brokers of U.S. Business, July/August 2025.

Workforce, Employment, and Earnings

• BLS reports a baseline of 568,800 insurance sales agent jobs in 2024, the starting point for the 2024-2034 outlook.
• Median annual wage was $60,370 in May 2024, equal to $29.02 per hour.
• BLS projects 4% employment growth over 2024-2034, translating to a 21,100-position net change.
• An average of 47,000 openings per year is projected through 2034, the majority replacement-driven rather than expansion-driven.
• Subtracting net job growth (21,100) from annual openings (47,000) yields roughly 25,900 replacement-driven openings per year, or about 55% of total openings.
• The replacement gap is 2.2× the net new positions (47,000 openings vs 21,100 net change), concentrating recruiting pressure at retail brokerages serving the small business end of the market.

Source: U.S. Bureau of Labor Statistics, Insurance Sales Agents Occupational Outlook Handbook. Replacement-driven openings derived as annual openings (47,000) minus net employment change spread evenly across the decade.

Commercial P/C Pricing Cycle

• The CIAB Q4 2025 all-account premium index rose just 0.2%, the softest reading since 2017.
• Q3 2025 had averaged 1.6%, marking a 1.4 percentage-point quarter-over-quarter deceleration.
• Large account premiums decreased 2.1% in Q4 2025, the first decline since Q4 2017.
• 9 lines of business posted Q4 2025 premium decreases (including cyber insurance, a premium-growth leader through most of the post-2020 cycle), up from 6 in Q3 2025.
• D&O premiums fell 3.8%, the eighth consecutive quarter of decreases for the line.
• The 1.9% average premium increase across all lines was a 30% decrease from 2.7% in Q3 2025.
• CIAB’s Quarterly Commercial P&C Market Index draws on broker data going back to 1999, the longitudinal baseline against which the Q4 2025 readings landed.

Source: Council of Insurance Agents & Brokers, Commercial P/C Market Index, Q4 2025 P/C Market Survey (released March 2026). Q4 2025 declining lines: cyber, business interruption, commercial property, construction, directors & officers, employment practices, surety bonds, terrorism, and workers’ compensation.

Industry Outlook and Technology Adoption

• BLS forecasts 4% employment growth for insurance sales agents over 2024-2034, about as fast as the average for all occupations.
• Marsh McLennan FY2025 10-K (CIK 0000062709) covers 4 segments: Marsh, Guy Carpenter, Mercer, and Oliver Wyman.
• Aon FY2025 10-K (CIK 0000315293) covers 4 segments: Commercial Risk Solutions, Reinsurance Solutions, Health Solutions, and Wealth Solutions.
• Arthur J. Gallagher FY2025 10-K (CIK 0000354190) covers 2 segments: Brokerage and Risk Management, and incorporates the AssuredPartners acquisition closed during 2025.
• Willis Towers Watson FY2025 10-K (CIK 0001140536) covers 2 segments: Health Wealth & Career and Risk & Broking.
• The Top 4 brokers’ combined $32.32 billion in 2024 U.S. brokerage revenue accounts for roughly 59% of the BI Top 10 aggregate of $54.41 billion, with the concentration ratio stable across multiple ranking years.
• Despite distribution-side experimentation via embedded insurance channels, blockchain settlement pilots, and digital MGA platforms, all 10 of the BI Top 10 positions remained held by traditional retail brokers in 2024.
• Soft commercial pricing cycles historically compress organic growth, which in turn accelerates broker consolidation, a dynamic visible in Hub International’s climb to rank 7 (from 9) and Lockton’s climb to rank 9 (from 12).

Source: SEC EDGAR FY2025 Form 10-K filings for Marsh & McLennan Companies, Aon plc, Arthur J. Gallagher & Co., and Willis Towers Watson plc.

Common Questions

How big is the U.S. insurance brokerage industry?

The Business Insurance Top 100 cohort reported approximately $54.41 billion in 2024 U.S. brokerage revenue across its ten largest names, with the Top 4 alone generating $32.32 billion. The Insurance Information Institute counted roughly 3.0 million total U.S. insurance industry jobs in 2025 across a wide variety of careers.

What is the largest insurance broker in the United States?

Marsh McLennan Companies, Inc. led the 2024 Business Insurance Top 100 ranking with $12,665,500,000 in U.S. brokerage revenue, an 18.1% increase over the prior year. Aon plc, Arthur J. Gallagher & Co., and Willis Towers Watson rounded out the top four.

Is the insurance brokerage industry growing?

The BLS projects 4% employment growth for insurance sales agents over 2024-2034, about as fast as the average for all occupations. The Top 4 publicly-traded brokers all posted double-digit growth in their 2024 U.S. brokerage rankings, and each filed FY2025 10-K annual reports with the SEC in February 2026.

Conclusion

The U.S. insurance brokerage industry concentrated $32.32 billion in 2024 revenue across just four companies, with the broader BI Top 100 cohort clearing more than $54 billion in its top ten alone. The CIAB-recorded soft-market inflection in Q4 2025, with large-account premiums declining 2.1% for the first time since Q4 2017, is the variable most likely to reshape the broker channel going forward.