Press release
Online Insurance Broker Market Global Perspective, Economic Growth and Segmentation by Companies | Arthur J. Gallagher, Brown & Brown, HUB International
The global Online Insurance Broker market report renders notable information about the Online Insurance Broker market by fragmenting the market into various segments. The global Online Insurance Broker market report delivers a comprehensive overview of the market’s global development including its features and forecast. It requires deep research studies and analytical power to understand the technology, ideas, methodologies, and theories involved in understanding the market.
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The insurance brokerage involves a person or broker as an intermediary between an insurance company and the consumer. This service aids consumers to find a policy as per their requirements. With the help of online insurance brokers, people can now easily get access to their desired insurance policies via online internet portals without any hassle. In order to understand the importance of online insurance brokers, one should know that these online brokers offer a wide range of products and services at a much convenient and at cheaper price than the local auto or insurance agents. The advent of online insurance brokers has indeed changed the face of the auto and insurance sector.
Drivers
The rising number of mortgage agreements and real-estate developments are expected to boost the growth of the global online insurance brokers market during the forecast period. According to India Brand Equity Foundation (IBEF), the real estate sector in India is expected to reach US$ 1 trillion by 2030.
The increasing volume of online transactions of insurance claims is expected to propel the growth of the global online insurance brokers market over the forecast period.
Improved risk management services are expected to drive the growth of the global online insurance brokers market over the forecast period.
Restraints
Lower investment in the insurance sector in emerging economies is expected to restrain the growth of the global online insurance brokers market during the forecast period.
The political protocols of the European Union (EU) will restrict the trade within the countries that are part of the union. Brexit deal or the U.K.’s departure from the EU will affect the insurance sector of Europe. This factor of the European region is expected to hinder the growth of the global online insurance brokers market over the forecast period.
Opportunities
Digitalization of the insurance industry can present lucrative growth Opportunities
Regional Insights
North America is expected to witness lucrative growth in the global online insurance brokers market during the forecast period. The increased volume of insurance transactions and the rising rates of insurance policy renewals are driving the growth of the online insurance brokers market in this region. As per the National Association of Insurance Commissioners, there were around 5,965 insurance companies in the U.S. alone by 2019.
Europe is expected to exhibit robust growth in the global online insurance brokers market. Technological advancements and the digitalization of the insurance sector are the driving factors for the growth of the online insurance brokers market in this region.
Competitive Section
The key players contributing in the global online insurance brokers market are Arthur J. Gallagher, Brown & Brown, HUB International, Marsh & McLennan(Jardine Lloyd Thompson Group), Meadowbrook Insurance Group, National Financial Partners, Online Business Insurance Brokers Pty Ltd, Beyer Insurance Limited, i-Brokers Limited, IntelliQuote, Quote Devil, and HDF Insurance.
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Key Developments
In February 2021, the American insurance and risk management company, Arthur J. Gallagher & Co. acquired the retail insurance company Air-Sur, Inc.
In February 2021, the global insurance company, HUB International acquired Galon Management Ltd. and the Saskatchewan-based John Galon Insurance Services Ltd.
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