U.S. benefits brokers generated about $13 per worker in commissions and fee revenue for selling and administering large health insurance plans and other large "health and welfare" benefits in 2023, according to Form 5500 plan data compiled by the U.S. Labor Department.
.
The state averages ranged from $3.98, in Wyoming, up to a high of $23.09, in one state in the Southeast. (The District of Columbia would have been the leader if we'd included it in the rankings.)
.
About $2.2 billion of the broker compensation was paid in the form of commissions and $652 million in the form of fees.
.
Complete your profile to continue reading and get FREE access to BenefitsPRO, part of your ALM digital membership.
Your access to unlimited BenefitsPRO content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking benefits news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
Allison Bell
Allison Bell, a senior reporter at ThinkAdvisor and BenefitsPRO, previously was an associate editor at National Underwriter Life & Health. She has a bachelor's degree in economics from Washington University in St. Louis and a master's degree in journalism from the Medill School of Journalism at Northwestern University. She can be reached through X at @Think_Allison.
