Overview and Scope
An insurance broker is interested in selling, purchasing, or negotiating various financial products best suited to their individual client’s needs in exchange for compensation. An insurance agent sells, negotiates, or promotes financial products on behalf of their employer. They serve as the company’s sales representatives for its financial products. While an insurance agent works for the company they are employed by, an insurance broker represents you as the client.
Sizing and Forecast
The insurance brokers & agents market size has grown strongly in recent years. It will grow from $436.16 billion in 2023 to $467.59 billion in 2024 at a compound annual growth rate (CAGR) of 7.2%. The growth in the historic period can be attributed to strong economic growth in emerging markets, increasing healthcare costs, and government led insurance reforms.
The insurance brokers & agents market size is expected to see strong growth in the next few years. It will grow to $612.72 billion in 2028 at a compound annual growth rate (CAGR) of 7.0%. The growth in the forecast period can be attributed to increase in chronic diseases and disabilities, impact of covid-19, and growth of the middle-class in emerging markets. Major trends in the forecast period include adoption of artificial intelligence digital insurance portal and distribution channels, strategic collaborations with baking organizations, mergers and acquisitions .
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Segmentation & Regional Insights
The insurance brokers & agents market covered in this report is segmented –
1) By Type: Insurance Agencies, Insurance Brokers, Bancassurance, Other Intermediaries
2) By Insurance: Life Insurance, Property And Casualty Insurance, Health And Medical Insurance
3) By Mode: Online, Offline
4) By End User: Corporate, Individual
North America was the largest region in the global insurance brokers & agents market, accounting for in 2023. Western Europe was the second largest region insurance brokers & agents market. The regions covered in the insurance brokers & agents market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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Major Driver Impacting Market Growth
Insurance brokers and agents are investing in digital technologies to offer services online and thereby increase sales and boost margins. Digitalization is the process of converting information into digital formats. This includes providing tools and resources to agents and brokers in digital formats through insurance portals, exchange websites, and digital distribution channels. These web-based portals and other digital channels are aimed at improving efficiency in business processing and reducing costs. For instance, according to an insurance digital transformation survey, 39% of agents provide web-based portals to allow customers to request policy changes, check policy information and payments, report claims, obtain insurance ID cards, and get insurance certificates, and 78% of them are increasingly using social media to acquire new customers on Facebook and 68% on LinkedIn. Some of the major insurance companies offering insurance portals and digital distribution channels are Marsh & McLennan Cos., Inc., Willis Towers Watson P.L.C., and Aon P.L.C.
Key Industry Players
Major companies operating in the insurance brokers & agents market report are Marsh & McLennan Cos Inc, Aon PLC, Arthur J Gallagher & Co, Willis Towers Watson PLC, Brown & Brown Inc., Truist Insurance Holdings Inc., Lockton Companies Inc, Acrisure LLC, USI Insurance Services LLC, HUB International Limited, Beacon Insurance Brokers Pvt. Ltd., Urjita Insurance Brokers Pvt. Ltd., Mahindra Insurance Brokers Limited, EFFICIENT Insurance Brokers Pvt. Ltd., VIBHUTI INSURANCE BROKERS PVT. LTD., UNISON Insurance Broking Services Pvt. Ltd., UIB Insurance Brokers Private Limited, MGA Insurance Brokers, Mega Capital, Roderick Insurance Brokers, Unity Insurance Brokers, Insurance Advisernet Australia, Fanhua Inc., Chang’an Insurance Brokers Co., Ltd., Mintaian Insurance Surveyors & Loss Adjusters Group Co., Ltd., Shenzhen Huakang Insurance Agency Co., Ltd., Union Insurance Broker Co., Ltd., JiangTai Insurance Broker Co. Ltd., Air Union Insurance Brokers Co. Ltd., Huatai Insurance Agency & Consultant Service Ltd., Willis Insurance Brokers Co. Ltd., Lloyd’s of London Limited (UK), Funk Gruppe GmbH, Ecclesia Holding GmbH, Allianz Global, Crédit Agricole Assurances, CNP Assurance, Société Générale, BNP Paribas Cardif, AXA France Vie, Malakut, Insurance Brokers LLC, MAI Insurance Brokers Poland Sp. z o.o., Meijers Assurantiën B.V., International Insurance Brokers s.r.o., Arthur J. Gallagher, Lockton Inc., Alliant Insurance Services, Inc., NFP Corp., Assured Partners Inc., CBIZ, Inc., Canadian Insurance Brokers Inc., iCare Insurance Brokers, ALIGNED Insurance Inc., Novamar Insurance Mexico, JAH Insurance Brokers Corp, THB MEXICO, Intermediario de Reaseguro, S.A. de C.V., TTMS Argentina S.A., 123Seguro, Insur Insurance Company S.A., SRC Brokers, Lockton Brasil Corretora de Seguros Ltda, Uai Brazil Insurance Broker, ALC Corretora de Seguros, Capital Shield Insurance Brokers L.L.C., Nexus Insurance Brokers LLC, Wehbe Insurance Services LLC, New Shield Insurance Brokers LLC, Unitrust Insurance Broker LLC, Gulf Oasis Insurance Brokers LLC, Earnest Insurance Brokers LLC, Al Noor Insurance Broker, Arab Orient Insurance Brokers, Lusail Insurance Brokers, Glenrand MIB Limited, Howden, Northlink Insurance Brokers, Carrier Insurance Brokers, Glanvills Enthoven, Union Commercial Insurance Broker
The insurance brokers & agents market report table of contents includes:
1. Executive Summary
2. Insurance Brokers & Agents Market Characteristics
3. Insurance Brokers & Agents Product/Service Analysis -Product/Service Examples
4. Insurance Brokers & Agents Market Trends And Strategies
5. Insurance Brokers & Agents Market – Macro Economic Scenario
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68. Global Insurance Brokers & Agents Market Competitive Benchmarking
69. Global Insurance Brokers & Agents Market Competitive Dashboard
70. Key Mergers And Acquisitions In The Insurance Brokers & Agents Market
71. Insurance Brokers & Agents Market Future Outlook and Potential Analysis
72. Appendix
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