The global insurance brokerage market is expected to witness a prominent growth by 2031, due to the rising demand for insurance products among consumers globally. Regionally, the North America region accounted for the largest market share in 2021.
NEW YORK, July 4, 2023 /PRNewswire/ -- Global Insurance Brokerage Market Forecast Analysis:
As per the report published by Research Dive, the global insurance brokerage market is anticipated to generate a revenue of $570,765.4 million and rise at a CAGR of 7.0% during the forecast timeframe from 2022 to 2031.
Segments of the Insurance Brokerage Market
The report has divided the insurance brokerage market into the following segments:
- Insurance Type: life insurance and property & casualty insurance
- Property & Casualty Insurance - Held the largest market share in 2021
The increasing occurrence of natural disasters, changing risk landscape, changing customer expectations, and the entry of new players are expected to boost the growth of the sub-segment during the forecast years. - Brokerage Type: retail brokerage and wholesale brokerage
- Retail Brokerage - Held the highest market share in 2021
Many retail brokers and agents are investing in digital technologies to provide online services for increasing sales and margins which is expected to boost the growth of the sub-segment during the forecast timeframe. - Region: North America, Europe, Asia-Pacific, and LAMEA
- North America - Generated the highest market share in 2021
The increasing awareness of the advantages of insurance coverage and government measures among consumers of this region is expected to drive the regional growth of the market during the analysis timeframe.
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Dynamics of the Global Insurance Brokerage Market
The rising demand for insurance products such as life insurance, health insurance, house insurance, and others, is expected to drive the growth of the insurance brokerage market during the forecast timeframe. Besides, the increasing integration of IT and analytic solutions in the insurance brokerage industry and the rising provision of professional solutions and services are expected to boost the growth of the market during the forecast years. However, the direct purchase of insurance by clients is expected to hamper the growth of the market during the forecast period.
The increasing investments made by insurance brokers and agents in digital technologies such as adopting digital tools and resources via insurance portals, exchange websites, digital distribution methods, and others to raise sales and profitability. This is expected to create huge growth opportunities for the market players during the forecast period.
COVID-19 Impact on the Global Insurance Brokerage Market
The outbreak of the novel coronavirus has negatively impacted the insurance brokerage market, likewise various other industries. The government implemented lockdowns, and the closure of public institutions, private organizations, and numerous insurance brokerage firms across various developing nations have decreased the demand for insurance policies during the pandemic. Moreover, many shareholders of publicly traded insurance brokerage firms withdrew their investments to raise money to meet their regular needs, which has further declined the growth of the market during the pandemic period.
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Key Players of the Global Insurance Brokerage Market
The major players of the insurance brokerage market include
- Hub International
- Truist Insurance Holdings
- Lockton
- Arthur J. Gallagher
- Acrisure LLC
- AON PLC
- Alliant Insurance Services Inc.
- Marsh & McLennan
- Willis Towers Watson PLC
- Brown & Brown
These players are mainly working on developing strategies such as product development, merger and acquisition, partnerships, and collaborations to gain a leading position in the global industry.
For instance, in March 2022, HBSC, the world's largest banking and financial services organization signed an agreement with Marsh & McLennan, a global professional services firm. With this agreement, HBSC aimed to provide world-class insurance products to their customers which are currently not available in their portfolio.
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What the Report Covers
Apart from the information summarized in this press release, the final report covers crucial aspects of the market including SWOT analysis, market overview, Porter's five forces analysis, market dynamics, segmentation (key market trends, forecast analysis, and regional analysis), and company profiles (company overview, operating business segments, product portfolio, financial performance, and latest strategic moves and developments.)
More about Insurance Brokerage Market:
- Insurance Brokerage: Providing Customized Insurance Solutions for Businesses and Customers Worldwide
- Global Insurance Brokerage Market to Generate $570,765.4 Million by 2031 Due to the Increasing Awareness of the Need of Insurance Policies
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About Research Dive
Research Dive is a market research firm based in Pune, India. Maintaining the integrity and authenticity of the services, the firm provides the services that are solely based on its exclusive data model, compelled by the 360-degree research methodology, which guarantees comprehensive and accurate analysis. With an unprecedented access to several paid data resources, team of expert researchers, and strict work ethic, the firm offers insights that are extremely precise and reliable. Scrutinizing relevant news releases, government publications, decades of trade data, and technical & white papers, Research dive deliver the required services to its clients well within the required timeframe. Its expertise is focused on examining niche markets, targeting its major driving factors, and spotting threatening hindrances. Complementarily, it also has a seamless collaboration with the major industry aficionado that further offers its research an edge.
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