Insurance broker

Intermediary between buyers and sellers of insurance An insurance broker is an intermediary who sells, solicits, or negotiates insurance on behalf of a client for compensation. An insurance broker is distinct from an insurance agent in that a broker typically acts on behalf of a client by negotiating with multiple insurers, while an agent represents one or more specific insurers under a contract. As of 2019, the largest insurance brokers in the world by revenue are Marsh & McLennan, Aon plc, Willis Towers Watson, Arthur J. Gallagher, Hub International, and Lockton Companies. In Australia In Australia, all insurance brokers are required under the Financial Services Reform Act 2001 to be licensed by the federal government's Australian Securities and Investments Commission (ASIC). Reputable and experienced insurance brokers in Australia will generally also hold additional qualifications such as a certificate or diploma in financial services which requires the completion of in depth studies in a specific area, the most common being general insurance or insurance brokering. Within Australia there are also a number of industry bodies that issue professional accreditations to members that