DEFINITION of Council Of Insurance Agents & Brokers
Council Of Insurance Agents & Brokers is a global organization representing the leading commercial insurance agencies and brokerage firms. Membership in this organization, which is also known as The Council, comes with industry intelligence and continuing education opportunities. The organization also produces a quarterly Commercial Insurance Market Index that tracks pricing trends, underwriting practices and availability of commercial property and casualty lines.
BREAKING DOWN Council Of Insurance Agents & Brokers
The organization, founded in 1913 and headquartered in Washington, DC, also serves as an advocacy group to represent the interests of insurance companies before U.S. state and federal governments, as well as international governments. Its political action committee works to support candidates who agree with its views and also lobbies Congress on relevant issues.
The Council Today
"At The Council of Insurance Agents & Brokers, we promote our members’ business growth and drive the industry forward. We are a community of forward-thinkers. We are a community of leaders and risk-takers," the group states on its website. "Located in Washington, D.C., we are a high-touch member-based trade association for 200 of the world’s top commercial insurance and employee benefits brokerages. Our members’ position in the market allows us to draw from their insight and entrepreneurship to consistently push the industry forward."
"We read the tea leaves and get out in front of what’s around the corner. We listen and drive change. We provide the programs and professional opportunities that advance our members’ businesses and grow their bottom lines. Just as our members do for their clients, we prove our worth every day."
The council has offices in all 50 states and keeps it members abreast of new and proposed legislation that affects the industry. It lobbies on behalf of members and took in revenue of $14.6 million in 2016, according to its Form 990 filed with the Internal Revenue Service. It spent $6 million in the 2016 election cycle through a Political Action Committee, about evenly split between Democrats and Republicans. In 2018 through May, the PAC spent $975,000 on federal candidate contests, 66% of which went to Republicans.
Council members in over 3,000 locations place nearly 80% or more than $100 billion, of the U.S. commercial property/casualty premiums.
Its annual Insurance Leadership Forum is a place where leading agents, brokers and companies come together in a powerful setting to discuss issues that had an impact on the industry and consider what it would take to protect commercial enterprise from risks, the group stated.