Before looking at the Top Ten World Largest Insurance Brokers, you should first know what an insurance broker is. An insurance broker is a personnel, company or agency that is experienced in different types of risk and insurance management. What an insurance broker does is to help companies and individuals alike procure good insurance for their homes, business, families and even themselves.
Although, some brokers may focus basically on just one type of insurance and they could also provide advice on different kinds of insurance to their customers. Brokers generally render service to their customers in helping them locate and buy the right insurance. It is said that this service is usually at no cost.
Functions of an Insurance Broker
An insurance broker is usually regulated by the state they operate in. most of them are required to have an insurance broker license before they can successfully carry out their activities. This license requires them to go through certain courses and examinations. Other states require an insurance broker to take continuous education courses to keep their license active.
How Brokers get Paid
Although brokers work for their clients but there are not paid by their clients. Brokers earn through commissions gotten from their sales. This commission is usually a percentage of premium cost and varies according to the state law. This is to say that if you work with any insurance broker to buy a home, automobile, health, business, life or any other type of insurance; you would not pay them a dime. Brokers are also required to represent their client’s best interest despite the fact that they are not being paid by them. There are many advantages of using an insurance broker. Some of which I would like to let you know, but because of the time factor I am unable to do that. A broker is very different from an insurance broker. Although they may perform similar functions, but insurance brokers do not work for an agency or company.
List of the Top Ten World Largest Insurance
According to the brokerage revenue in 2018, here is an arranged list of the top ten world largest insurance brokers.
- Marsh & McLennan Cos. Inc. with total revenue of $14,035,000,000.
- Aon PLC with total revenue of $9,966,000,000.
- Willis Towers Watson PLC. With total revenue of 8,166,000,000.
- Arthur J. Gallagher & Co. with a total revenue of $4,539,400,000.
- BB&T insurance holdings Inc. With total revenue of $1,918,256,000.
- Hun International Ltd. With total revenue of $1,870,974,000.
- Jardine Lloyd Thompson Group PLC. With total revenue of $1,865,107,940.
- Brown and Brown Inc. with total revenue of 1,857,270,207.
- USI Insurance Services LLC with total revenue of $1,635,038,677.
- Lockton Cos. LLC with total revenue of $1,564,289,000.
The details presented here were calculated from surveys taken.