Top brokers revealed as global broking fees and commissions hit $180bn in 2024

The value of the worldwide market for insurance broking in terms of fees and commissions earned was around £132bn ($180bn) in 2024.

That was according to market analysis firm Insuramore, which said this was up from £122bn ($166.5bn) in 2023 on a constant currency basis, equivalent to a growth rate of around 8.1% without adjusting for inflation.

The data, published today (7 July 2025), showed that in 2024, around £61.2bn ($83.3bn) was secured due to commercial P&C non-life retail broking, while £13.4bn ($18.2bn) came from private P&C non-life retail broking.

Meanwhile employee benefits plus life and health insurance retail broking accounted for £41bn ($55.8bn), reinsurance broking secured £6.1bn ($8.3bn) and £10.8bn ($14.7bn) was attributed to wholesale broking.

Revenues from reinsurance and wholesale broking grew most quickly during the year, while those from employee benefits plus life and health insurance retail broking recorded the least growth, Insuramore said.

Top brokers

Meanwhile, in terms of the value of its total broking revenues worldwide, Marsh McLennan ranked first among broking groups in 2024.

It was followed in descending order by Aon, Gallagher, WTW and Acrisure.

Insuramore said the top 15 groups are believed to have controlled 48.7% of total global broking fees and commissions in 2024, up from 47.6% in 2023 and 45.8% in 2020.

It added: “This shows that there has been some consolidation in the market structure which is mainly due to M&A activity.”

According to data released by the FCA, the number of UK insurance brokers has fallen each year since 2015, with the total count dropping 1,121 over the decade.

Figures show the amount of active brokers fell from 6,637 in 2015 to 5,516 in 2024 – a drop of 16.9%.

“Looking ahead, it will be apposite to see whether further such activity causes the worldwide market to consolidate further in 2025,” Insuramore said.