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Insurance Brokers & Agents Market Along With Covid-19 Impact Reviews and Overview, Business Scenario 2023 | Marsh & McLennan Cos Inc, Willis Towers Watson PLC, Aon PLC, Arthur J Gallagher & Co
The latest market report on Insurance Brokers & Agents Market 2019 offers an in-depth analysis of this business vertical involving key information concerning industry deliverables, predominantly market tendencies, market size, market share, present valuation, and profits estimations for the estimated period. The brief information regarding the industry also analyzes and elucidates the Insurance Brokers & Agents Market growth rate in the forecast timeline, incited by certain catalysts.The global Insurance Brokers & Agents Market is expected to decline from $362.7 billion in 2019 to $358.3 billion in 2020 at a compound annual growth rate (CAGR) of -1.2%. The decline is mainly due to economic slowdown across countries owing to the COVID-19 outbreak and the measures to contain it. The market is then expected to recover and grow at a CAGR of 6% from 2021 and reach $426.6 billion in 2023.
Insurance Brokers & Agents Market: Overview
Bancassurance is gaining prominence within the insurance intermediation industry. This distribution channel is being used by banks to cross-sell its products and services and generate additional revenue. Bancassurance also benefits the insurance company by providing an exposure to a wider customer base via the bank’s distribution network of agents and branches. The adoption of more diversified and enhanced products offered by banks is expected to drive the bancassurance market at a CAGR of nearly 8% to 2019.
The insurance brokers and agents market consists of sales of insurance policies by entities (organizations, sole traders and partnerships) and individuals that act as intermediaries (i.e., agents, 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. 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.
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Major players in the Insurance Brokers & Agents Market are Marsh & McLennan Cos Inc; Willis Towers Watson PLC; Aon PLC; Arthur J Gallagher & Co; Brown & Brown Inc, and others.
Industry News:
Most global workers confronted by anxiety, distractions, financial worries due to pandemic
ASIA PACIFIC, 2 June 2020 — Physical health and safety are not the only concerns affecting employees around the world as a majority report anxiety, distraction and financial worries, according to research by Willis Towers Watson (NASDAQ: WLTW), a leading global advisory, broking and solutions company. Despite their concerns, employees give their leaders good marks for their performance during the pandemic. Willis Towers Watson has tracked the pandemic-related work experiences of more than 100,000 global employees, since mid-March.
Alarmingly, over nine in 10 employees (92%) report some level of anxiety from the pandemic, with 55% indicating a moderate or high degree. Further, seven in 10 workers (70%) convey at least some distraction from work due to COVID-19 concerns with only one-third (32%) saying they can balance working from home and other responsibilities.
Geographic scope:
For a comprehensive understanding of market dynamics, the global Insurance Brokers & Agents Market is analyzed across key geographies namely: Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa. Each of these regions is analyzed on the basis of market findings across major countries in these regions for a macro-level understanding of the market.
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The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends, and strategies for this market. It traces the market’s historic and forecast market growth by geography. It places the market within the context of the wider Insurance Brokers & Agents market and compares it with other markets.
- The market characteristics section of the report defines and explains the market.
- The market size section gives the market size ($b) covering both the historic growth of the market, the impact of the COVID 19 virus, and forecasting its recovery.
- Market segmentations break down the market into submarkets.
- The regional and country breakdowns section gives an analysis of the market in each geography and the size of the market by geography and compares their historic and forecast growth. It covers the impact and recovery trajectory of COVID 19 for all regions, key developed countries, and major emerging markets.
- The competitive landscape gives a description of the competitive nature of the market, market shares, and a description of the leading companies. Key financial deals that have shaped the market in recent years are identified.
- The trends and strategies section analyses the shape of the market as it emerges from the crisis and suggests how companies can grow as the market recovers.
- The Insurance Brokers & Agents market section of the report gives context. It compares the Insurance Brokers & Agents market with other segments of the support activities for the mining market by size and growth, historic, and forecast. It analyses GDP proportion, expenditure per capita, and Insurance Brokers & Agents indicators comparison.
Browse in-depth and report summary TOC on "Insurance Brokers & Agents Market"
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We Offer Customization On Report Based On Specific Client Requirement:
- Country Level analysis for any 5 countries of your choice.
- Competitive analysis of any 5 key market players.
- 40 analyst hours to cover any other data point.
Note - All the reports that we list have been tracking the impact of COVID-19. Both upstream and downstream of the entire supply chain has been accounted for while doing this. Also, where possible, we will provide an additional COVID-19 update supplement/report to the report in Q3, please check for with the sales team.
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