According to the Market Intelligence provider Insuramore, the MGA market has experienced remarkable expansion in 2024. According to new figures, MGA groups worldwide generated an estimated $29.25 billion in revenue in 2024, a clear indication of the sector’s accelerating momentum.
A significant portion of this revenue, up to 75%, was earned through direct commercial property and casualty (P&C) insurance. The remaining share was attributed to direct private P&C, life and health insurance, and reinsurance business, reflecting the sector’s diversification beyond commercial P&C.
In total, MGAs were responsible for more than $250 billion in written premiums across all insurance sectors in 2024. Insuramore’s data reveals:
According to data, there are around 3,000 MGA-related enterprises operating globally, and of these, more than 2,170 firms are projected to generate over $10 million in premiums in 2025.
The United States continues to dominate the landscape, with 267 of the top 500 MGA groups headquartered there. However, the United Kingdom follows with 68, then Canada (32), Australia (21), Germany (18), and the Netherlands (18). The MGA sector is growing globally, not just here in the UK, and recent acknowledgement of the untapped European market is only the beginning of the MGA growth journey.
Nearly all of the top 500 MGA groups saw their income rise, and 23 of them more than doubled their revenue compared to the previous year. This growth was fuelled by a combination of organic expansion and mergers and acquisitions, reflecting both the dynamism and strategic investment happening across the sector.
The MGA model has firmly established itself as a central force within the global insurance value chain. With strong growth across markets, increased scale, and continued consolidation, MGAs are poised to play an even more prominent role in shaping the future of insurance distribution.
Source: Global MGA/MGU sector surges to $29.25bn in 2024, Insuramore reports – Reinsurance News
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