Top Insurance Broking Companies in 2023

top insurane broking companies in 2023
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On the top Forbes Global 2000 list, which ranks 2,000 of the largest public firms in the world depending on a composite score that takes into account each company’s sales revenue, profit, capital, and market value. The 2023 top list includes 105 insurers, with 11 of them earning spots in the top 100. The other 20 largest insurance brokerage companies in the world finished no lower than 220. Six American companies made up the majority of the list, followed by three Chinese businesses. The top insurance broking companies in 2023 are listed below.

These massive insurance broking companies collectively have assets worth more than $11.2 trillion and a market value of approximately $1.6 trillion. About $1.9 trillion and $140 billion totals, respectively, are made in sales and profit. While total sales decreased by roughly 23% from $2.4 trillion the year before, insurer profits increased by almost the same amount from $113.6 billion during that time.

Insurance Broking Companies 

Insurance broking companies are businesses that operate as a mediator between their clients and insurance providers.

Broking companies help and advise potential clients about coverage strategies and insurance policies that prevents risks.

Brokers in insurance have a wealth of business expertise. They can figure out which insurance companies offer the best coverage at the best prices, and then they can give customers the products that are best for them. The commission they receive when customers purchase insurance coverage is how insurance brokers are The commission they receive when customers purchase insurance coverage is how to pay insurance brokers. Property and casualty (P&C) insurance, often known as general insurance, is a term to describe insurance broking companies listed in the United Kingdom. In turn, it is mostly up to individual financial advisors to help people with investments, pensions, and life insurance. Each state in the United States has its own laws governing insurance broking companies. P&C insurance, annuities, life and health insurance, and accident insurance are all offered by local insurance brokers. 

Challenges That Insurance Broking Companies Face Within the Market

A weak network distribution has a significant impact on the insurance industry. To help the sector, the distribution network needs to be strengthened.

This industry is convoluted due to the problems of complex policies that were “mis-sold” claims that mostly affect the customers. It’s likely because customers and insurance companies don’t talk to each other well enough. Because agents can’t deal with these problems, they cause other problems in the insurance industry.

With insurance broking rules that restrict or allow only that agent to represent the customer, the insurance industry requires a significant shift from a seller’s market to a buyer’s market.

Top Insurance Broking Companies

The top insurance broking companies in 2023 are listed here. After thoroughly examining each company’s offerings and services, this list was put together.

#1. Marsh and McLennan Cos. Inc.

$14.20 billion in revenue

Website address:

One of the first and top insurance broking companies 2023 in the USA was Marsh & McLennan Companies, Incorporated, founded in the year 1905. With an annual revenue of $ 14.20 billion, the corporation employs over 76,000 dedicated employees. The organization has been at the top of the list of the largest insurance brokers since 2017. Businesses and people all around the country have benefited from its excellent customer service and knowledgeable counseling and advice services.

#2. Aon Plc.

$10 billion in revenue

URL of the website:

Aon Plc. began operations in 1982. The company’s headquarters are in London, United Kingdom, and it provides advisory and risk mitigation services to the financial industry.

After joining forces with the Combined Insurance Company of America, the company started doing business in the United States. About 50,000 people work for the corporation, which has $5 billion in stock. It offers services like insurance brokerage and pension administration in about 120 different countries. Willis Towers Watson was purchased by Aon Plc. in 2020 for roughly $30 billion.

#3. Willis Towers Watson Plc

$9 billion in revenue Website:

Willis Towers Watson is an insurance brokerage and advisory firm. The business expanded internationally in 2016 and generated $9 billion in revenue. The business offers risk management, insurance brokerage, and consulting services with around 46,000 employees. In 2020, the company will merge with rival Aon Plc in a $30 billion all-equity stock transaction. Both businesses come together to form the biggest brokerage firm in the world.

#4. Arthur J. Gallagher and Company.

$6.16 billion in revenue Website:

The risk management and insurance brokerage company Arthur J. Gallagher and Co. It is among the biggest insurance brokerage companies on the planet. The business generated $6.16 billion in revenue and has 31,000 employees. The services offered by the business include insurance and reinsurance. On our ranking of the best insurance brokers, it is top number four.

#5. Brown & Brown Inc.

Brown & Brown Inc. is currently the fifth largest and top insurance broking companies in the 2023 US. They offer a wide range of insurance services to both individuals and businesses. The organization is also the top eighth-largest insurance brokerage in the world. The company, which employs roughly 10,000 people, is one of the S&P 400 stock market index’s constituents.

#6. Betters Insurance

Betters Insurance is an independent insurance company. So that we can meet all of our clients’ needs, we offer a wide range of insurance plans and products. With the help of our friendly, knowledgeable staff, you can choose from a number of insurance plans.

#7. Truist Insurance Holdings Inc.

$2.27 billion in revenue 


The company, which was founded in 1872 and was first called BB&T, merged with Sun Trust Bank in 2019 to become Truist Financial Corporation.

The company’s insurance brokerage division broke new ground for expansion, which led to its current status as the sixth-best insurance broker in the United States.

The corporation generates revenues of $11 billion and employs about 37,000 people. The business offered both corporations and individuals services for managing and mitigating financial risk.

#8. Hub International Ltd.

$1.8 billion in revenue

Internet address:

Hub International, which was founded in 1998, offers brokerage and consulting services for products and services relating to property, casualty, risk management, life and health, employee benefits, investments, and wealth management.

The business is seventh on our list of the best insurance brokers in the United States, with $1.8 billion in revenue and 10,000 employees. The company recently purchased the assets of Linton & Associates Insurance Agency in 2020.

#9. USI Insurance Services LLC

income of $1.81 billion

URL of the website:

Diverse insurance and professional services are offered by Understand, Service, and Innovate, or USI. It offers services such as employee perks, casualty insurance, and retirement consulting.

The company makes $1.8 billion a year in sales and has offices in more than 200 cities across the United States. On our ranking of the top insurance brokers in the US, the company is top eighth.

#10. Acrisure LLC.

$1.71 billion in revenue

Internet address:

Acrisure LLC, another of the top insurance broking companies in 2023, found in 2008 and has since become one of the largest insurance brokerages in both the US and the rest of the world, now occupying positions 9 and 10, respectively. Reinsurance, employee benefits, and personal and commercial lines are just a few of the services it offers. The business also makes investments in technology and artificial intelligence.

#11. Alliant Insurance Services Inc.

$1.57 billion in revenue 


Alliant Insurance Services is an insurance brokerage company that offers services like risk management, construction, commercial and employee benefits, and industry solutions. Since its start in 1997, the company has helped people all over the country by providing solution-oriented brokerage and consulting services. On our ranking of the top insurance brokers in the United States, the company is ranked number 10.

Knowledge of Insurance Brokers

Insurance brokers, not insurance companies, are there to represent you (the policyholder or insurance consumer). They can show insurance policies on behalf of an insurer, but the law says they can’t act on behalf of the insurer. For instance, a broker wouldn’t have the power to create an insurance policy or set its rates. insurance Many of the tasks involved in shopping for insurance can be handled by brokers. Let’s imagine that you ask a broker for help finding a life insurance plan. Brokers of insurance may deal with a single or diverse range of insurance products. For instance, Crump sells long-term care, life, and disability insurance, whereas IntelliQuote specializes in the life insurance sector.

States have laws dictating when and how brokers may charge fees. When fees are allowed, they must meet certain conditions, such as being fair and okay with both the client and the broker.

Surprisingly, several insurers reward brokers for their good performance with incentives or higher commissions. The payment is usually based on how well the person did in the past and is meant to encourage them to keep doing certain things that bring in money.

What Is the Definition of a Brokerage Insurance Company? 

Brokerage insurance companies provide a bridge between businesses looking to insure their property and casualty risks and the underwriting insurers. A brokerage insurance company helps clients figure out what kind of insurance they need and negotiates contracts with insurers on their behalf in exchange for a fee or commission.

Who Is the Best Insurance Brokers?

Marsh & McLennan is the largest and best insurance broker in terms of revenue. In 2021, it generated $19.8 billion in revenue. 

Who Is the Biggest Insurance Broker in THE US?

According to revenue, Marsh & McLennan is the largest insurance broker in the US.

Its main office is in New York City.

What Is the Difference Between Insurance Brokers and Agents?

Both insurance brokers and agents can assist you in purchasing insurance coverage. But insurance brokers work to promote and sell the products of the company that hires them. Insurance brokers can assist customers in comparing plans from several providers and acting as their representative. While both insurance brokers and agents want to connect customers with insurance coverage, their primary employers differ. While an insurance broker works for a customer, an insurance agent represents an insurance company.

What Are the Big 3 Insurance Companies?

According to revenue, Marsh & McLennan ($19.8 billion), Aon ($12.2 billion), and WTW ($9 billion) are the top three insurance providers.

Where Do Insurance Brokers Make the Most Money?

An insurance broker’s principal sources of income are the commissions and fees collected on policies sold. Most of the time, these commissions are a part of the whole annual premium for the insurance policy. The sum of money that a person or organization pays for an insurance policy is known as the insurance premium.


Because there are so many different kinds of insurance and insurance companies, it might be hard to do enough research to make the best choice for your needs and budget. In exchange for a commission, an insurance broker’s job is to do research and help clients make the best choice. Insurance brokers nonetheless search for the best options on their client’s behalf.

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