Insights into the Global Insurance Brokers and Agents Market: Size, Industry Analysis, Key Players, Emerging Trends, and Future Forecasts (2023-2032)

An insurance broker is a person qualified to sell insurance, often working with numerous insurance companies to offer a wide variety of products to their customers.

The main types of insurance brokers are life insurance, property and casualty insurance, health insurance, etc. Life insurance in the insurance brokerage market refers to a contract between an insurance company and a policyholder that promises to pay a lump sum in the event of the death of the insured. The Service is offered in various modes, including Offline Mode and Online Mode. These are used by businesses and individuals. The Insurance Brokers Research Report is one of a series of new reports published by AMR Group Company, which presents the global insurance brokers industry market size, regional share, competitors with insurance brokers share, detailed insurance brokers segments, market trends. and offers insurance brokerage statistics such as opportunities. Other data you need to be successful in the insurance brokerage industry. This Insurance Brokers research report provides a complete overview of everything you need along with an in-depth analysis of the current and future scenarios of the industry.

The global insurance brokerage market is expected to grow from US$98.82 billion in 2022 to US$105.33 billion in 2023, at a compound annual growth rate (CAGR) of 6.6%. The war between Russia and Ukraine has undermined any chances of the global economy recovering from the COVID-19 pandemic, at least in the short term. These bilateral wars have resulted in economic sanctions against several countries, high commodity prices, supply chain disruptions, and inflation of goods and services, affecting many markets around the world. The global insurance brokerage market is expected to grow to USD 130.35 billion in 2027 at a CAGR of 5.5%.

Rising demand for insurance policies is expected to drive the growth of the insurance intermediation market during the forecast period. The availability of security services and customized financial services for customers has increased the demand for insurance policies. According to the Insurance Regulatory and Development Authority of India (IRDAI), the Life Insurance Corporation of India sold 2.17 billion policies in the 2021-2022 financial year, an increase of 3.54% over the 2021 equivalent of 2.1 billion in insurance claims. Become. Previous year. Hence, the growing demand for insurance policies is driving the growth of the insurance intermediation market.

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Market Segmentation:
By Types
Insurance Brokers
Insurance Agents

By Applications
Individual
Small Enterprises (10 to 49 Employees)
Medium-sized Enterprises (50 to 249 Employees)
Large Enterprises (Employ 250 or More People)

Following are Top Key players Covered in Report:
Marsh & McLennan Companies
Aon plc
Arthur J. Gallagher & Co.
Willis Group
Branch Banking and Trust Company
Brown & Brown
HUB International
USI Insurance Services
Lockton
Alliant Insurance Services
NFP
Acrisure
AmWINS Group
Assured Partners

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Regional Analysis:
1. North America:
• The insurance brokers and agents market in North America is expected to witness steady growth due to the presence of a mature insurance industry and a large consumer base.
• The United States and Canada are the key contributors to the market in this region.
• Factors such as increasing awareness about insurance products, regulatory changes, and technological advancements are driving market growth.

2. Europe:
• Europe is another significant market for insurance brokers and agents, characterized by a well-established insurance industry and a high level of insurance penetration.
• Countries such as the United Kingdom, Germany, France, and Italy are major players in this region.
• The market in Europe is driven by factors such as rising demand for insurance services, digitalization of insurance processes, and the adoption of advanced analytics.

3. Asia Pacific:
• The Asia Pacific region is witnessing rapid growth in the insurance brokers and agents market due to factors like a growing middle-class population, increasing disposable income, and a shift towards financial protection.
• Countries like China, Japan, India, and South Korea are key contributors to the market in this region.
• The market is also driven by the emergence of InsurTech companies, expanding insurance distribution networks, and regulatory reforms aimed at promoting insurance penetration.

4. Latin America:
• The insurance brokers and agents market in Latin America is experiencing steady growth driven by factors such as improving economic conditions, increasing awareness about insurance, and expanding insurance coverage.
• Countries like Brazil, Mexico, Argentina, and Chile are significant markets in this region.
• Market growth is further supported by the rise in insurance product innovation, the adoption of digital platforms for insurance distribution, and the development of alternative distribution channels.

5. Middle East and Africa:
• The Middle East and Africa region have a relatively smaller share in the global insurance brokers and agents market but offer growth potential.
• Factors such as expanding insurance markets, rising disposable income, and a focus on enhancing insurance penetration are driving market growth.
• Countries like UAE, Saudi Arabia, South Africa, and Kenya are key players in this region.

Key Benefits:
• The analysis provides an overview of the factors driving and limiting the growth of the market including trends, structure and others.
• Market estimation for type and geographic segments is derived from the current market scenario and expected market trends.
• Porter's Five Force Model and SWOT analysis are used to study the global Insurance Brokers and Agents market and would help stakeholders make strategic decisions.
• The analysis assists in understanding the strategies adopted by the companies for the growth of this market.
• In-depth analysis of the types of Insurance Brokers and Agents would help in identifying future applications in this market.

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Reasons to Purchase this Report:
• Qualitative and quantitative analysis of the market based on segmentation involving both economic as well as non-economic factors
• Provision of market value (USD Billion) data for each segment and sub-segment
• Indicates the region and segment that is expected to witness the fastest growth as well as to dominate the market
• Analysis by geography highlighting the consumption of the product/service in the region as well as indicating the factors that are affecting the market within each region
• Competitive landscape which incorporates the market ranking of the major players, along with new service/product launches, partnerships, business expansions, and acquisitions in the past five years of companies profiled
• Extensive company profiles comprising of company overview, company insights, product benchmarking, and SWOT analysis for the major market players
• The current as well as the future market outlook of the industry with respect to recent developments which involve growth opportunities and drivers as well as challenges and restraints of both emerging as well as developed regions
• Includes in-depth analysis of the market of various perspectives through Porter's five forces analysis
• Provides insight into the market through Value Chain
• Market dynamics scenario, along with growth opportunities of the market in the years to come
• 6-month post-sales analyst support

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