Top 20 Largest Insurance Brokers (2023)

Estimated read time 12 min read

Insurance brokers are professionals who act as go-betweens for customers and insurance companies. Read on to learn about the top 20 largest insurance brokerages in 2023.

Example and Definition of Insurance Broker

A broker acts as a go-between for an insurance buyer and an insurance company. A broker is paid on commission and can be an individual working independently or a brokerage firm with many brokers.

An insurance broker may specialize in one or more types of insurance. IntelliQuote, for example, works in the life insurance industry, whereas Crump sells disability insurance, life insurance, and long-term care insurance.

Brokers work in a variety of industries, including customs, home mortgages, real estate, and securities.

Insurance Brokers Explained

Insurance brokers, not insurance companies, represent you (the policyholder or insurance shopper). They may present insurance policies on behalf of an insurer, but they do not have the legal authority to act on the company’s behalf. A broker, for example, would not have the authority to issue a policy or set its premiums.

Insurance Agent vs. Insurance Broker

Captive agents, as opposed to brokers, work solely for an insurance company. Policies are also sold by carriers through independent agents. An independent agency may sell insurance policies for multiple insurance companies or just one. Captive agents and independent agents act as legal representatives for insurance companies.

Here Are The World’s 20 Largest Insurance Brokerages, Ranked By Revenue In Millions Of Us Dollars:

Top-20-insurance-broker
  1. Marsh & McLennan Companies (MMC) – 17,000
  2. Aon – 11,700
  3. Willis Towers Watson – 8,400
  4. Arthur J. Gallagher & Co. – 5,270
  5. Hub International – 3,900
  6. Brown & Brown – 2,660
  7. Lockton Companies – 2,230
  8. NFP – 2,150
  9. Jardine Lloyd Thompson Group (JLT) – 2,050
  10. BBVA – 2,000
  11. Allianz – 1,960
  12. AXA – 1,940
  13. Zurich Insurance Group – 1,840
  14. Generali Group – 1,620
  15. Munich Re – 1,560
  16. Mapfre – 1,550
  17. The Chubb Corporation – 1,450
  18. Prudential – 1,400
  19. Hanover Insurance Group – 1,310
  20. MetLife – 1,300

1. Marsh & McLennan Companies (MMC)

It is a global professional services firm that provides advice and solutions in the areas of risk, strategy, and people. It operates in four main businesses: Marsh (risk and insurance services), Guy Carpenter (risk and reinsurance intermediary services), Mercer (talent, health, retirement, and investment consulting), and Oliver Wyman (management consulting). 

MMC is headquartered in New York, NY, and was founded in 1905. As of 2021, MMC is one of the largest insurance brokerages in the world, with revenue of around 17,000 million US dollars.

2. Aon plc

Aon plc is a global professional services firm that provides a range of risk, retirement, and health solutions. Its services include insurance brokerage, reinsurance brokerage, human capital and management consulting, and cyber risk management. Aon was founded in 1919 and is headquartered in London, UK. 

As of 2021, Aon is one of the largest insurance brokerages in the world, with a revenue of around 11,700 million US dollars. The company operates in over 120 countries, serving clients in various industries such as financial services, healthcare, construction, and technology.

3. Willis Towers Watson

Willis Towers Watson is a global professional services firm that provides solutions in the areas of risk, strategy, and people. The company’s services include insurance brokerage, risk management consulting, human capital and benefits consulting, and actuarial consulting. 

Willis Towers Watson was formed in January 2016 through the merger of Willis Group and Towers Watson. The company is headquartered in London, UK, and has operations in over 140 countries. As of 2021, Willis Towers Watson is one of the largest insurance brokerages in the world, with a revenue of around 8,400 million US dollars.

4. Arthur J. Gallagher & Co.

It is a global insurance brokerage and risk management firm. The company provides a range of insurance and risk management solutions, including property and casualty insurance, employee benefits, and risk management consulting. Arthur J. Gallagher & Co. was founded in 1927 and is headquartered in Rolling Meadows, Illinois, United States. 

As of 2021, the company is one of the largest insurance brokerages in the world, with revenue of around 5,270 million US dollars. The company operates in over 140 countries and serves clients across various industries, including healthcare, real estate, and construction.

5. Hub International

Hub International is a North American insurance brokerage firm that provides a range of insurance and risk management solutions. The company’s services include property and casualty insurance, employee benefits, and risk management consulting. 

Hub International was founded in 1998 and is headquartered in Chicago, Illinois, United States. As of 2021, Hub International is one of the largest insurance brokerages in the world, with a revenue of around 3,900 million US dollars.

The company operates through a network of over 400 offices across the United States and Canada, serving clients in various industries, including healthcare, transportation, and manufacturing.

6. Brown & Brown

Brown & Brown, Inc. is a US-based insurance brokerage and risk management firm. The company provides a range of insurance and risk management solutions, including property and casualty insurance, employee benefits, and surety bonding. 

Brown & Brown was founded in 1939 and is headquartered in Daytona Beach, Florida, United States. As of 2021, Brown & Brown is one of the largest insurance brokerages in the world, with a revenue of around 2,660 million US dollars.

The company operates through a network of over 200 offices across the United States, serving clients in various industries, including construction, real estate, and healthcare.

7. Lockton Companies

Lockton Companies is a privately-held, independent insurance brokerage firm that provides a range of insurance and risk management solutions. The company’s services include property and casualty insurance, employee benefits, and risk management consulting. Lockton was founded in 1966 and is headquartered in Kansas City, Missouri, United States. 

As of 2021, Lockton Companies is one of the largest insurance brokerages in the world, with revenue of around 2,230 million US dollars. The company operates in over 50 countries, serving clients in various industries, including technology, financial services, and construction.

8. NFP Corp

NFP Corp. is a US-based insurance brokerage and consulting firm that provides a range of insurance and risk management solutions. The company’s services include property and casualty insurance, employee benefits, and wealth management. NFP was founded in 1911 and is headquartered in New York, New York, United States. 

As of 2021, NFP is one of the largest insurance brokerages in the world, with revenue of around 2,200 million US dollars. The company operates through a network of over 200 offices across the United States, serving clients in various industries, including healthcare, financial services, and real estate.

9. Jardine Lloyd Thompson Group (JLT)

JLT is a global professional services firm that provides a range of insurance and risk management solutions. The company’s services include insurance brokerage, reinsurance brokerage, employee benefits, and risk management consulting. JLT was founded in 1997 and is headquartered in London, United Kingdom. 

As of 2021, JLT is one of the largest insurance brokerages in the world, with revenue of around 2,000 million US dollars. The company operates in over 130 countries, serving clients in various industries, including financial services, construction, and energy.

Top-20-insurance-brokers-2023

10. BBVA

BBVA is a Spanish multinational banking group that offers a wide range of financial products and services, including retail banking, corporate banking, investment banking, wealth management, and insurance. 

The company’s insurance division offers life and non-life insurance products and services to clients in Spain and other countries in Europe, Latin America, and the United States. BBVA was founded in 1857 and is headquartered in Madrid, Spain. As of 2021, BBVA is one of the largest banks in Spain and one of the largest financial institutions in the world, with total assets of around 710 billion US dollars.

11. Allianz

Allianz is a German multinational financial services company that provides a wide range of financial products and services, including insurance, asset management, and banking. The company’s insurance division offers life and non-life insurance products and services to clients around the world. 

Allianz was founded in 1890 and is headquartered in Munich, Germany. As of 2021, Allianz is one of the largest insurance companies in the world, with revenue of around 140 billion US dollars. The company operates in over 70 countries, serving a diverse range of clients, including individuals, corporations, and governments.

12. AXA

This is a French multinational insurance firm that provides a wide range of insurance products and services, including life and non-life insurance, property and casualty insurance, and health insurance. The company also offers investment and retirement products and services. AXA was founded in 1816 and is headquartered in Paris, France. 

As of 2021, AXA is one of the largest insurance companies in the world, with revenue of around 116 billion US dollars. The company operates in over 60 countries, serving clients in various regions, including Europe, Asia, North America, and Africa.

13. Zurich Insurance Group

Zurich Insurance Group is a Swiss multinational insurance company that provides a wide range of insurance products and services, including property and casualty insurance, life insurance, and health insurance. The company also offers risk management and financial services. 

Zurich was founded in 1872 and is headquartered in Zurich, Switzerland. As of 2021, Zurich Insurance Group is one of the largest insurance companies in the world, with revenue of around 60 billion US dollars. The company operates in over 200 countries, serving clients in various regions, including Europe, Asia, North America, and Australia.

14. Generali Group

Generali Group is an Italian multinational insurance company that provides a wide range of insurance products and services, including life insurance, property and casualty insurance, and health insurance. 

The company also offers asset management and retirement solutions. Generali was founded in 1831 and is headquartered in Trieste, Italy. As of 2021, Generali Group is one of the largest insurance companies in the world, with revenue of around 56 billion US dollars. The company operates in over 60 countries, serving clients in various regions, including Europe, Asia, and the Americas.

15. Munich Re

Munich Re is a German multinational reinsurance company that provides a wide range of insurance products and services, including property and casualty insurance, life insurance, and health insurance. The company also offers risk management and financial services. 

Munich Re was founded in 1880 and is headquartered in Munich, Germany. As of 2021, Munich Re is one of the largest reinsurance companies in the world, with revenue of around 50 billion US dollars. The company operates in over 50 countries, serving clients in various regions, including Europe, Asia, North America, and Australia.

16. Mapfre

Mapfre is a Spanish multinational insurance company that provides a wide range of insurance products and services, including property and casualty insurance, life insurance, and health insurance. The company also offers pension plans and investment products. Mapfre was founded in 1933 and is headquartered in Madrid, Spain. 

As of 2021, Mapfre is one of the largest insurance companies in Spain and one of the largest insurance companies in the world, with revenue of around 28 billion US dollars. The company operates in over 40 countries, serving clients in various regions, including Europe, Latin America, and the United States.

17. The Chubb Corporation

The Chubb Corporation is an American multinational insurance company that provides a wide range of insurance products and services, including property and casualty insurance, life insurance, and specialty insurance. 

The company also offers risk management and financial services. Chubb was founded in 1882 and is headquartered in Warren, New Jersey, United States. As of 2021, Chubb is one of the largest property and casualty insurance companies in the world, with revenue of around 15 billion US dollars. The company operates in over 50 countries, serving clients in various regions, including North America, Europe, Asia, and Australia.

18. Prudential

Prudential plc is a British multinational financial services company that provides a wide range of financial products and services, including insurance, asset management, and pension solutions. 

The company’s insurance division offers life and non-life insurance products and services to clients around the world. Prudential was founded in London, England in 1848 and is headquartered in London.

As of 2021, Prudential is one of the largest insurance companies in the United Kingdom and one of the largest insurance companies in the world, with a revenue of around 40 billion US dollars. The company operates in over 20 countries, serving clients in various regions, including Europe, Asia, and the United States.

19. Hanover Insurance Group

The Hanover Insurance Group, Inc. is an American insurance company that provides a wide range of insurance products and services, including property and casualty insurance, life insurance, and specialty insurance. 

The company also offers risk management and financial services. Hanover Insurance was founded in 1852 and is headquartered in Worcester, Massachusetts, United States. 

As of 2021, Hanover Insurance Group is one of the largest property and casualty insurance companies in the United States, with revenue of around 6 billion US dollars. The company operates primarily in the United States, serving clients in various regions, including the East Coast, the Midwest, and the South.

20. MetLife, Inc.

This is an American multinational insurance company that provides a wide range of insurance products and services, including life insurance, annuities, employee benefits, and asset management. The company also offers property and casualty insurance products, such as home and auto insurance.

MetLife was founded in 1863 and is headquartered in New York City, United States. As of 2021, MetLife is one of the largest life insurance companies in the world and one of the largest insurance companies in the United States, with revenue of around 60 billion US dollars.

The company operates in over 50 countries, serving clients in various regions, including the Americas, Europe, Asia, and the Middle East.

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