Global Insurance Brokerage Market Size to Grow USD 278.309 Billion By 2030: Zion Market Research

The global insurance brokerage market size was worth around USD 128.21 Billion in 2021 and is predicted to grow to around USD 278.30 Billion by 2030 with a compound annual growth rate (CAGR) of Roughly 16.1% between 2022 and 2030.

Insurance brokerage refers to the profession of financial advisers specially dedicated to the insurance segment. It is run by people called insurance brokers that act as an intermediary between an insurance company and the insurance buyer which can either be an individual or a commercial establishment. To register as an insurance broker or to run an insurance brokerage firm, every country has its sets of rules and regulations that have to be abided by. To cover insurance agents and brokers under one umbrella, the most commonly used term is insurance producers. Insurance brokers talk or negotiate on the behalf of insurance buyers, unlike insurance agents who work for insurance companies.

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Companies or people working in this financial segment earn through the means of commission, the percentage of which may vary between nations or sometimes within states in the name country. Although the insurance broker earns commission from the insurance company, their best interest lies in the benefit of the insurance buyer and hence they can be more trusted. Furthermore, insurance brokerage companies earn financial gains by providing consulting or advisory services.

The global insurance brokerage market is expected to benefit from the rising number of insurance companies across the world. Since the market is full of multiple players offering varied types of insurance policies with sometimes confusing clauses, terms, and conditions, it can get intimidating for insurance buyers, especially when they are buying it for the first time. Insurance, in general, is an intimidating aspect for many buyers and they prefer to obtain some advice from a knowledgeable and experienced entity before investing in the same. With the growth in the number of insurance providers, the demand for insurance brokers is at an all-time high since they are expected to conduct research and analysis before submitting recommendations to the clients of finalizing a deal.

Additionally, the generally rising demand for health insurance along with growth in post-purchase services are expected to act as growth contributors in the global market. The growing number of independent players in underdeveloped economies as well as the exhaustive measures undertaken by dominant players to create a larger consumer database could also contribute to the global market growth.

One of the key global market restraints is the general perception of consumers about the profession in general since insurance brokers do not work for particular companies. They act as independent entities and hence many people do not trust them with financial services. On the more technical side, the global market could register certain growth limitations due to the growing research on artificial intelligence which is projected to overtake the insurance broker profession by the end of the decade, as many analysts.

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The growing demand for vehicle insurance may provide growth opportunities whereas direct purchasing by consumers could act as a major challenge

The global insurance brokerage market is segmented based on mode, type, end-user, and region

Based on type, the global market is segmented into general insurance, life insurance, health insurance, and others

The global market was dominated by the life insurance segment in 2021 due to the simplicity and permanent solution such insurance provides to people with families and loved ones
Majority of people tend to pay premiums for whole life insurance which covers a larger aspect of life
The health insurance segment is expected to contribute significantly mostly driven by rising corporate efforts toward human resources
For instance, Arthrex is known to pay almost 100% of employee insurance coverage and 50% for spouse insurance coverage

Based on end-user, the global market is divided into individuals and corporate

The segmental growth was driven by the corporate segment in 2021 and it is majorly because corporations and businesses tend to invest in multi-million dollar insurance schemes for various projects. Such transactions are better dealt with the intervention of a third party who has a better hold over the insurance market
Individual insurance policy takers may find insurance agents as fitting assistance
In 2019, Marsh & McLennan registered an annual revenue of USD 16.7 billion

North America is projected to lead the global insurance brokerage market as it has in previous years with the United States acting as the main contributor. The growth is driven by the growing government initiatives to encourage insurance schemes in the country for its population along with the already existing and completely functional insurance programs. Furthermore, the US is home to some of the most dominant financial advisory companies running in the segment. Factors like increasing unpredicted incidents causing loss of lives, and assets, growing disposable income allowing people to spend on other non-basic essentials, growing government initiative to promote insurance buying for medical or non-medical purposes, and the rapid adoption of advanced technology to promote insurance brokerage over online channels are projected to help the global market growth further. Given the benefits of using insurance brokerage, the end consumers could prefer opting for them instead of insurance clients.

This review is based on a report by Zion Market Research, titled "Insurance Brokerage Market By Mode (Online and Offline), By Type (General Insurance, Life Insurance, Health Insurance, and Others), By End-User (Individuals and Corporate), and By Region - Global and Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, and Forecasts 2022 - 2030."- Report at https://www.zionmarketresearch.com/report/insurance-broking-market

Key Market Players & Competitive Landscape

The global insurance brokerage market is led by players like:

Marsh and McLennan Companies Inc.
Alliant Insurance Services Inc.
HUB International Ltd.
Navnit Insurance Broking Pvt. Ltd.
Mahindra Insurance Brokers Ltd.
Truist Financial Corp.

Recent Developments:

In August 2022, Steadfast Group announced the acquisition of Insurance Brands Australia (IBA), an award-winning insurance advice and distribution business for AUD 301 million. IBA houses more than 400 insurance professionals working across 70 countries
In November 2022, Marsh and McLennan Agency acquired Focus Insurance, founded in 2001. The latter focuses on customizing personal insurance programs for consumers throughout the USA

The global insurance brokerage market is segmented as follows:

By Mode

Online
Offline

By Type
General Insurance
Life Insurance
Health Insurance
Others

By End-User
Individuals
Corporate

By Region
North America
The U.S.
Canada
Europe
France
The UK
Spain
Germany
Italy
Rest of Europe
Asia Pacific
China
Japan
India
South Korea
Southeast Asia
Rest of Asia Pacific
Latin America
Brazil
Mexico
Rest of Latin America
Middle East & Africa
GCC
South Africa
Rest of Middle East & Africa

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FREQUENTLY ASKED QUESTIONS

Which key factors will influence insurance brokerage market growth over 2022-2030?
What will be the value of the insurance brokerage market during 2022-2030?
Which region will contribute notably towards the insurance brokerage market value?
Which are the major players leveraging the insurance brokerage market growth?

What's included In the Report?

Top Market Players with Sales, Revenue, and Business Strategies Analysis
Market Growth Drivers and Restraints
Market Opportunities & Challenges
Research Methodology
Analysis of the market of various perspectives

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