The Insurance Brokers & Agents Global Market Report 2023 by The Business Research Company, provides insurance brokers & agents market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa for the 27 major global industries. The report covers a ten-year historic period – 2010-2021, and a ten-year forecast period – 2023-2032.
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According to The Business Research Company’s Insurance Brokers & Agents Global Market Report 2023, the market size is expected to grow from $415.14 billion in 2022 to $450 billion in 2023 at a compound annual growth rate (CAGR) of 8.4%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The market size of global insurance brokers & agents market is expected to grow to $597.89 billion in 2027 at a CAGR of 7.4%
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.
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The insurance brokers & agents market is segmented:
1) By Type: Insurance Agencies, Insurance Brokers, Bancassurance, Other Intermediaries
2) By End User: Corporate, Individual
3) By Mode: Online, Offline
4) By Insurance: Life Insurance, Property And Casualty Insurance, Health And Medical Insurance
The insurance brokers and agents’ market consist of sales of insurance products by entities and individuals that act as intermediaries (i.e., agents or brokers) in selling annuities and insurance policies. 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. This market excludes the direct selling of insurance products by insurance companies. The value of the market is based on the fees or commissions paid to brokers by the insured, both commercial and personal. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.
The insurance brokers & agents market report table of contents includes:
1. Executive Summary
2. Report Structure
3. Insurance Brokers & Agents Market Characteristics
4. Insurance Brokers & Agents Market Product Analysis
5. Insurance Brokers & Agents Market Supply Chain
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26. Insurance Brokers & Agents Market Competitive Landscape
27. Key Mergers And Acquisitions In The Insurance Brokers & Agents Market
28. Market Background: Insurance(Providers, Brokers and Re-Insurers) Market
29. Recommendations
30. Appendix
Top Major Players:
- Marsh & McLennan
- Chubb Limited
- Toyota Motor Corp
- Arthur J
- Gallagher & Co
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