TBRC's insurance industry research includes detailed analysis on the insurance brokers and agents market and its development in the coming years.
LONDON, May 24, 2022 /PRNewswire/ -- The insurance brokers and agents market consist of sales of insurance policies by entities (organizations, sole traders and partnerships) and individuals that act as intermediaries (agents and brokers) in selling annuities and insurance policies. They represent consumers or insurance providers or both in insurance premium collection. Insurance brokers and agents can be contracted with single or multiple insurance companies as they try to meet different client needs with available insurance products.
The global insurance brokers and agents market size is expected to grow from $374.2 billion in 2021 to $409.15 billion in 2022 at a compound annual growth rate (CAGR) of 9.3%. The global insurance broker and agent market size is expected to grow to $551.88 billion in 2026 at a CAGR of 7.8%.
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Market Segments
The insurance brokers and agents market is segmented by type into insurance agencies, insurance brokers, bancassurance and other intermediaries. The insurance agencies market was the largest segment of the insurance brokers and agents market by type, accounting for 39.5% of the total market in 2021. The bancassurance market is expected to be the fastest-growing segment by type, going forward at a CAGR of 9.1% during 2021-2026 period.
The insurance brokers and agents market is also segmented by end-user into corporate, individual, by mode into online, offline, and by insurance into life insurance, property and casualty insurance, health and medical insurance.
Global Outlook
North America has the largest insurance brokers and agents market value, accounting for 42.6% of the global market in 2021. It was followed by Western Europe, Asia Pacific and the other regions. Going forward, the fastest growing regions in the insurance brokers and agents market will be South America and the Africa, where growth will be at CAGRs of 12.2% and 9.3% respectively from 2021-2026.
Competitive Landscape
Merger and acquisition activity in the insurance brokers and agents market remained at a high level in the last four years. Some of the notable deals include those completed by Alliance Group, Acrisure, Arthur J Gallagher, Coverys European Holdings (CEH), Howden, Huron Capital Partners and others.
Major companies with an insurance brokers and agents market share include Marsh & McLennan, Chubb Limited, Toyota Motor Corp, Arthur J. Gallagher & Co., Bank of China, Hub international, Willis Towers Watson, Brown & Brown, BB&T Insurance Holdings Inc, and Jardine Matheson.
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