NEW YORK, Jan. 18, 2017 /PRNewswire/ -- Agencies are entities or individual persons acting as intermediaries in selling annuities and insurance policies. This includes both companies and independent intermediaries who are tagged to particular insurance carriers. However, some agents sell policies from multiple insurance carriers. These entities charge a certain proportion of premium from insurance companies as commission for their intermediation services.
The Americas was the x largest geographic region in the insurance agencies services market in 2016, accounting for $x billion or x% of the global market. Asia was the x largest geographic market, accounting for $x billion or x% of the global market. Europe was the x largest geographic market, accounting for $x billion or x% of the global market. The Middle East and Africa accounted for x% and $x billion, while Oceania accounted for x% of the global insurance agencies market.
Increasing Mergers and Acquisitions
Insurance agents are focusing on mergers and acquisitions to increase their market share. This growth is mainly due to improving economic conditions and reducing interest rates which has eased debt financing. Mergers and acquisitions activity increased by about 33% in 2014 and 26% in 2015. The presence of a large number of small firms focusing on niche markets provides significant opportunities for larger firms to acquire them over the next five years. As a result, strong growth can be expected in mergers and acquisitions activity in the near future.
Insurance brokers and agents should consider strengthening their mergers and acquisitions services to remain competitive and increase their market share.
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