Insurance is an important part of life, helping people face the worst with less economic losses. Some of the common risks include accidents, sicknesses, natural disasters, and loss of life. Insurance firms have tailored products and services that cover for the economic loss that an individual or company may incur. In the process of offering insurance brokerage, some insurance firms have ended up with fortunes. Some of the highest earning insurance brokers in the world include:
Marsh & McLennan, United States
Marsh & McLennan is a professional firm that has spread to different countries with its headquarters in New York. The company specializes in risk management, talent management, insurance brokerage, reinsurance services, and investment advisory. Marsh & McLennan was formed in 1905 by Henry W Marsh and Donald R McLennan and was renamed Marsh and McLennan in 1906. The firm reported annual earnings of US$ 12.97 Billion in brokerage in 2015. The current CEO and president of Marsh & McLennan is Dan Glaser.
AON, United Kingdom
AON is a multinational company based in Britain with its headquarters in London, UK. The firm provides investment banking, risk management, insurance, human resource solution and reinsurance brokerage services. AON was founded in 1982 after the merging of Ryan Insurance group and insurance company of America and renamed to AON in 1987. Aon is currently headed by Gregory C Case, president and CEO and Lester B Knight, who is the chairman of the group. The firm has over 500 branches worldwide with 66,000 employees in 120 countries. AON reported earnings of US$ 12.02 Billion in 2015 making it the second highest earning insurance broker in the world.
Willis Group Holdings, United Kingdom
Willis Group Holding has its headquarters in Willis Building, London, the UK with over 400 offices spread across 120 countries. Willis is a multinational insurance brokerage, reinsurance, brokerage, and risk advisory company that was founded in 1828 by Henry Willis. Dominic Casserley is currently the head and also the CEO. Willis is one of the most profitable brokerage companies in the world reporting US$ 3.77 Billion in 2015 making it the third highest insurance broker in the world.
Arthur J. Gallagher, United States
AJG is a global insurance brokerage and risk management US-based firm whose headquarter is in Gallagher Center, Illinois. AJG, founded in1927, is the third largest insurance broker in the world. The firm is headed by J Patrick Gallagher Jr with a total of over 20,200 employees. According to 2015 financial report, AJG is valued at $5,352.3 million in assets and recorded an impressive US$3.53 Billion in brokerage earning. The high earnings were attributed to the improved performance of the firm in the UK and US offices.
Most of the highest earning insurance brokers in the world are mainly from the US. Some of these notable high earners apart from the ones discussed above include BB & T Insurance Holdings, Brown & Brown, Wells Fargo Insurance Services, Hub International and Lockton in the US while Jardine Lloyd Thompson Group in the UK is also ranked among world’s highest earners. These high earnings have been pushed up by a large network of branches worldwide.
Highest Earning Insurance Brokers In The World
|Rank||Company, Country||2015 Brokerage Earnings (USD)|
|1||Marsh & McLennan, United States||$12.97 Billion|
|2||AON, United Kingdom||$12.02 Billion|
|3||Willis Group Holdings, United Kingdom||$3.77 Billion|
|4||Arthur J. Gallagher, United States||$3.53 Billion|
|5||Jardine Lloyd Thompson Group, United Kingdom||$1.71 Billion|
|6||BB&T Insurance Holdings, United States||$1.7 Billion|
|7||Brown & Brown, United States||$1.57 Billion|
|8||Wells Fargo Insurance Services, United States||$1.30 Billion|
|9||Hub International, United States||$1.29 Billion|
|10||Lockton, United States||$1.23 Billion|
About the Author
Benjamin Elisha Sawe holds a Bachelor of Arts in Economics and Statistics and an MBA in Strategic Management. He is a frequent World Atlas contributor.
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