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Insurance Brokers And Agents Market Share & Size 2023 | Industry Insights, Growth Rate, And Forecast To 2032
Insurance Brokers & Agents Market Analysis
The Business Research Company's Insurance Brokers & Agents Global Market Report 2023 identifies investing in digital technologies to offer services online and thereby increase sales and boost margins as the major driver for the insurance brokers & agents market's growth in the forecast period. Digitalization is the process of converting information into digital formats. This includes providing tools and resources to agents and brokers in digital formats through insurance portals, exchange websites, and digital distribution channels. These web-based portals and other digital channels are aimed at improving efficiency in business processing and reducing costs.
The global insurance brokers & agents market grew from $415.14 billion in 2022 to $450 billion in 2023 at a compound annual growth rate (CAGR) of 8.4%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The insurance brokers & agents market is expected to grow to $597.89 billion in 2027 at a CAGR of 7.4%.
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Major competitors in the insurance brokers & agents market are Marsh & McLennan, Chubb Limited, Toyota Motor Corp, Arthur J. Gallagher & Co.
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The insurance brokers & agents market is segmented -
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 And Casualty Insurance, Health And Medical Insurance
• By Geography: Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. North America was the largest region in the insurance brokers & agents market.
The Business Research Company's "Global Insurance Brokers & Agents Market Report 2023" provides a thorough understanding of the market across 60 geographies. The report covers market size, growth rate, segments, drivers and trends in every region and country. In addition, the report offers insights on historical and forecast growth, helping players analyze and strategize better.
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The Table Of Content For The Insurance Brokers & Agents Market Include:
1. Executive Summary
2. Report Structure
3. Insurance Brokers & Agents Market Characteristics
4. Insurance Brokers & Agents Market Product Analysis
5. Insurance Brokers & Agents Market Supply Chain
….
21. Key Mergers And Acquisitions In The Insurance Brokers & Agents Market
22. Market Background: Insurance(Providers, Brokers and Re-Insurers) Market
23. Recommendations
24. Appendix
25. Copyright And Disclaimer
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