Press release
Insurance Brokers & Agents Market 2020, Business Opportunity Assessment and Forecast to 2030
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.
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Key Players:
Marsh & McLennan Cos Inc; Willis Towers Watson PLC; Aon PLC; Arthur J Gallagher & Co; Brown & Brown Inc, request sample for a complete list of companies.
The leading players of the industry, their market share, product portfolio, company profiles are covered in this report. The competitive market scenario among players will help the industry aspirants in planning their strategies.
Summary
North America was the largest region in the global insurance brokers & agents market, accounting for 44% of the market in 2019. Western Europe was the second largest region accounting for 31% of the global insurance brokers & agents market. Eastern Europe was the smallest region in the global insurance brokers & agents market.
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 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.
Markets Covered:
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 & Casualty Insurance; Health & Medical Insurance
Market Segment by Regions:
Argentina; Australia; Austria; Belgium; Brazil; Canada; Chile; China; Colombia; Czech Republic; Denmark; Egypt; Finland; France; Germany; Hong Kong; India; Indonesia; Ireland; Israel; Italy; Japan; Malaysia; Mexico; Netherlands; New Zealand; Nigeria; Norway; Peru; Philippines; Poland; Portugal; Romania; Russia; Saudi Arabia; Singapore; South Africa; South Korea; Spain; Sweden; Switzerland; Thailand; Turkey; UAE; UK; USA; Venezuela; Vietnam
These segments are thoroughly evaluated on an individual basis and a team of analysts has ensured to give a crystal clear idea about various lucrative segments of the industry. This detailed analysis using segmentation by providing precise results on industry-related markets.
The report also analyzed the evolution of industry trends. Several macroeconomic factors such as Gross domestic product (GDP) and the increasing inflation rate is expected to affect directly or indirectly in the development of the industry.
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Frequently Asked Questions about “Insurance Brokers & Agents market” :
What will the Insurance Brokers & Agents market size/ forecast be in 2030?
What is the growth rate (CAGR) of the Insurance Brokers & Agents market?
Who are the key players/top companies in the Insurance Brokers & Agents market?
What are the key market trends (Strength Weaknesses Opportunities Threats Analysis) driving the global Insurance Brokers & Agents market?
What are the challenges to growth and the new opportunities in the Insurance Brokers & Agents market?
Which is the highest growing region or country for the Insurance Brokers & Agents market?
Which is the top growing segment/application/end-user industry?
What will be the impact of COVID-19 Pandemic (Coronavirus) on the industry?
Customization of the Report: This report can be customized as per your needs for additional data up to 3 companies or 3 countries or nearly 40 analyst hours.
Note:
All the reports that we list have been tracking the impact of COVID-19 on the market. 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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MarketInsightsReports provides syndicated market research on industry verticals including Healthcare, Information, and Communication Technology (ICT), Technology and Media, Chemicals, Materials, Energy, Heavy Industry, etc. MarketInsightsReports provides global and Chinese and regional market intelligence coverage, a 360-degree market view which includes statistical forecasts, competitive landscape, detailed segmentation, key trends, and strategic recommendations.
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