2023 Insurance Brokers Market Report: Market Size, Analysis, Industry Share, Key Trends And Forecast 2032 | Marsh & McLennan Cos Inc, Aon PLC, Arthur J Gallagher & Co, Brown & Brown Inc, Willis Towers Watson PLC

As per The Business Research Company's Insurance Brokers Opportunities And Strategies Market Report 2023, The global insurance brokers market reached a value of nearly $140,432.1 million in 2022, having grown at a compound annual growth rate (CAGR) of 4.4% since 2017. The market is expected to grow from $140,432.1 million in 2022 to $204,304.2 million in 2027 at a rate of 7.8%. The market is then expected to grow at a CAGR of 8.0% from 2027 and reach $300,566.9 million in 2032.      

The insurance brokers market is expected to be driven by increased incidence rates of chronic diseases and physical disabilities. The increasing number of chronic diseases, particularly among the aging population, will compel consumers to opt for term life insurance, driving the need for insurance brokers. According to the United Nations, the proportion of total global deaths due to chronic diseases is expected to increase to 70%, and the global burden of chronic diseases is expected to reach about 60% by 2030.  In addition, by 2050, one in six people in the world will be over age 65 (16%), up from one in 11 in 2019 (9%). By 2050, one in four persons living in Europe and Northern America could be aged 65 or above.  Growth of the aging population and the rising incidence of chronic disease will drive the insurance brokers market going forward.

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Insurance brokers are increasingly adopting advanced technologies to automate the insurance process, reduce the cost of operations and improve efficiency. These technologies include artificial intelligence (AI) applications, such as robot advisors, robotic process automation and blockchain (a distributed decentralized ledger and the underlying technology of bitcoin (a cryptocurrency), not managed by a central authority). These technologies help in the automation of risky and complex processes, providing scope for machine learning, avoiding repetitive and time taking processes, providing quick and error-free services and for secure sending, receiving and storing of information. For instance, in February 2022, Digital insurance marketplace, RenewBuy, an India-based company, acquired India-based fintech start-up, Artivatic.AI, to scale up business and improve technology solutions to better serve customers in insurance claim settlements, risk assessment and underwriting.

The top opportunities in the insurance brokers market segmented by type will arise in the life insurance segment, which will gain $22,902.2 million of global annual sales by 2027. The top opportunities in segment by mode will arise in the offline segment, which will gain $39,112.0 million of global annual sales by 2027. The top opportunities in segment by end user will arise in the offline segment, which will gain $32,172.8 million of global annual sales by 2027. The insurance brokers market size will gain the most in the USA at $35,262.5 million

Insurance Brokers Market Segmentation:
The Insurance Brokers market is segmented by type, By Mode, By End User.

By Type -
The insurance brokers market is segmented by type into:
a) Life Insurance
b) General Insurance
c) Health Insurance
d) Other Types

By Mode-
The insurance brokers market is segmented by mode into:
a) Offline
b) Online.

By End User -
The insurance brokers market is segmented by end user into:
a) Corporate
b) Individual

Major players in the Insurance Brokers market include Marsh & McLennan Cos Inc, Aon PLC, Arthur J Gallagher & Co, Brown & Brown Inc, Willis Towers Watson PLC.

The regions covered in the global Insurance Brokers market are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

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The latest report from The Business Research Company, 'Global Insurance Brokers Opportunities And Strategies Market Report - Forecast To 2032,' provides a comprehensive global perspective with data and statistics from 60+ geographies, analyzing 7000+ market segments. The regional and country breakdowns section offers insights into each geography's market analysis, size, historic and forecast growth, and key strategies for industry competitiveness.

Insurance Brokers Market Report Table Of Content

1. Executive Summary
2. Table Of Contents
3. List Of Figures
4. List Of Tables
5. Report Structure
……
19. Company Profiles
20. Key Mergers And Acquisitions
21. Opportunities And Strategies
22. Insurance Brokers Market, Conclusions And Recommendations
23. Appendix

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