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Driving Growth: Increased Awareness Propels the Insurance Agency Market || McGriff Insurance Services LLC, Marsh & McLennan Agency LLC
Insurance Agencies Market
Furthermore, the report highlights on emerging trends, significant drivers, challenges, and opportunities, providing all necessary data for thriving in the insurance agencies industry. This report on insurance agencies market research offers a comprehensive perspective, including an in-depth analysis of the present and future scenarios within the industry.
Market Sizing:
The insurance agencies market size has grown steadily in recent years. It will grow from $125.25 billion in 2023 to $129.89 billion in 2024 at a compound annual growth rate (CAGR) of 3.7%. The growth in the historic period can be attributed to economic conditions, regulatory environment, demographics, competitive landscape. The insurance agencies market size is expected to see steady growth in the next few years. It will grow to $149.72 billion in 2028 at a compound annual growth rate (CAGR) of 3.6%.
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Key Market Players:
McGriff Insurance Services LLC, Marsh & McLennan Agency LLC, Aon PLC, Brown & Brown Insurance Inc., HUB International Ltd are prominent players in the insurance agencies industry.
Market Drivers:
Increased awareness about the benefits of insurance coverage is expected to drive the insurance agency's market. The pandemic has alerted the public and made them aware of the uncertainty, which led them towards opting for insurance to protect their and their family's lives. For instance, according to the Max Bupa survey on the difference of mindset of people before and after the COVID-19 onset, during pre-COVID times the percentage of buyers and planners for comprehensive plans was 32% and 41%, respectively.
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Market segments for insurance agencies include:
1) By Insurance: Life Insurance, Property And Casualty Insurance, Health And Medical Insurance, Other Insurance
2) By Mode: Online, Offline
3) By End User: Corporate, Individual
The report answers the following questions:
What are the primary factors propelling the market during the projected period?
In which region is the most substantial growth expected?
Which trend will take center stage in the upcoming period?
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