The 2022 Report on Agencies, Brokerages, and Other Insurance-Related Activities: World Market Segmentation by City

The 2022 Report on Agencies, Brokerages, and Other Insurance-Related Activities: World Market Segmentation by City

  • July 2021 •
  • 514 pages •
  • Report ID: 6114814 •
  • Format: PDF
This report was created for global strategic planners who cannot be content with traditional methods of segmenting world markets. With the advent of a "borderless world", cities become a more important criteria in prioritizing markets, as opposed to regions, continents, or countries. This report covers the top 2,000 cities in over 200 countries. It does so by reporting the estimated market size (in terms of latent demand) for each major city of the world. It then ranks these cities and reports them in terms of their size as a percent of the country where they are located, their geographic region (e.g. Africa, Asia, Europe, Middle East, North America, Latin America), and the total world market.

This study covers agencies, brokerages, and other insurance-related activities as defined by the North American Industrial Classification system or NAICS (pronounced "nakes").

The NAICS code for agencies, brokerages, and other insurance-related activities is 5242. It is for this definition that aggregate latent demand estimates are derived. Agencies, brokerages, and other insurance-related activities is specifically defined as follows:

5242 This industry group comprises establishments primarily engaged in (1) acting as agents (i.e., brokers) in selling annuities and insurance policies or (2) providing other employee benefits and insurance related services, such as claims adjustment and third party administration.

52421 See industry description for 524210.

52429 This industry comprises establishments primarily engaged in providing services related to insurance (except insurance agencies and brokerages).

524210 This industry comprises establishments primarily engaged in acting as agents (i.e., brokers) in selling annuities and insurance policies.

524291 This industry comprises establishments primarily engaged in investigating, appraising, and settling insurance claims.

524292 This U.S. industry comprises establishments primarily engaged in providing third party administration services of insurance and pension funds, such as claims processing and other administrative services to insurance carriers, employee-benefit plans, and self-insurance funds.

524298 This U.S. industry comprises establishments primarily engaged in providing insurance services on a contract or fee basis (except insurance agencies and brokerages, claims adjusting, and third party administration). Insurance advisory services and insurance ratemaking services are included in this industry.

524210P Primary services

524210SM Other receipts

52421011 Sale of property and casualty insurance

This study covers the world outlook for agencies, brokerages, and other insurance-related activities across more than 2,000 cities. For the year reported, estimates are given for the latent demand, or potential industry earnings (P.I.E.), for the city in question (in millions of U.S. dollars), the percent share the city is of the region, and of the globe. These comparative benchmarks allow the reader to quickly gauge a city vis-à-vis others. Using econometric models which project fundamental economic dynamics within each country and across countries, latent demand estimates are created. This report does not discuss the specific players in the market serving the latent demand, nor specific details at the product level. The study also does not consider short-term cyclicalities that might affect realized sales. The study, therefore, is strategic in nature, taking an aggregate and long-run view, irrespective of the players or products involved.

This study does not report actual sales data (which are simply unavailable, in a comparable or consistent manner in virtually all of the cities of the world). This study gives, however, Professor Parker’s estimates for the worldwide latent demand, or the P.I.E., for agencies, brokerages, and other insurance-related activities. It also shows how the P.I.E. is divided across the world’s cities. In order to make these estimates, a multi-stage methodology was employed that is often taught in courses on international strategic planning at graduate schools of business.