Press release
Insurance Brokers Market Report: Major Key Players, Application, Growth Analysis, Forecast To 2033
Insurance Brokers Market
Insurance Brokers Global Market Report 2024 by The Business Research Company offers comprehensive market insights, empowering businesses with a competitive edge. It includes detailed estimates for numerous segments and sub-segments, providing valuable strategic guidance.
The Market Size Is Expected To Reach $127.88 billion In 2028 At A CAGR Of 4.8% :
The insurance brokers market size has grown strongly in recent years. It will grow from $100.7 billion in 2023 to $105.81 billion in 2024 at a compound annual growth rate (CAGR) of 5.1%. The growth in the historic period can be attributed to strong economic growth in emerging markets, government led insurance reforms, increasing healthcare costs, and impact of covid-19.
The insurance brokers market size is expected to see steady growth in the next few years. It will grow to $127.88 billion in 2028 at a compound annual growth rate (CAGR) of 4.8%. The growth in the forecast period can be attributed to an increase in chronic diseases and disabilities, growth of the middle-class in emerging markets, and increasing mergers and acquisitions. Major trends in the forecast period include technologies to aid automation of insurance, adaption of insurance portals and digital distribution channels for efficiency, entry of nontraditional firms in the insurance brokers market, and increasing mergers and acquisitions.
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Insurance Brokers Market Major Segments
The insurance brokers market covered in this report is segmented -
1) By Type: Life Insurance, General Insurance, Health Insurance, Other Types
2) By Mode: Offline, Online
3) By End User: Corporate, Individuals
Key Driver - Rising Insurance Demand Fuels Growth In The Insurance Brokers Market
The increasing demand for insurance policies is expected to fuel the growth of the insurance brokers market over the forecast period. The demand for insurance policies has risen due to the availability of security services and customized financial services to clients. According to the Insurance Regulatory and Development Authority (IRDAI) of India, the Life Insurance Corporation of India sold 2.17 crore insurance policies in the fiscal year 2021-2022 which was an 3.54% increase from previous year's 2.10 crore policies. Therefore, the increasing demand for insurance policies drives the growth of the insurance brokerage market.
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Prominent Trend - Evolving Trends In The Insurance Brokers Market With Artificial Intelligence
The integration of artificial intelligence (AI) in the insurance sector is a key trend gaining popularity in the insurance brokers market. The combined power of artificial intelligence (AI) and human creativity enables the Intelligent Broker, an automation programme for the insurance industry. Brokers will be able to resolve complicated obstacles, produce innovative products and services, and join or build new markets. In addition to this, AI in the insurance industry will improve customer service and prevent customers from fraud. In 2021, 60% of the insurance companies are targeting AI to be used in decision making and to reduce manual input, which has doubled in the last two years.
Insurance Brokers Market Players
Major companies operating in the insurance brokers market report are Marsh & McLennan Cos Inc, Aon PLC, Arthur J Gallagher & Co, Willis Towers Watson PLC, Acrisure LLC, Brown & Brown Inc., Truist Insurance Holdings Inc., USI Insurance Services LLC, Lockton Companies Inc., HUB International Limited, Beacon Insurance Brokers Pvt. Ltd., Urjita Insurance Brokers Pvt. Ltd., Mahindra Insurance Brokers Limited, Efficient Insurance Brokers Pvt. Ltd., Vibhuti Insurance Brokers Pvt.Ltd., Unison Insurance Broking Services Pvt. Ltd., Uib Insurance Brokers (India) Private Limited, Mga Insurance Brokers, Mega Capital, Roderick Insurance Brokers, Unity Insurance Brokers, Insurance Advisernet Australia, Fanhua Inc., Chang'an Insurance Brokers Co., Ltd., Mintaian Insurance Surveyors & Loss Adjusters Group Co., Ltd, Shenzhen Huakang Insurance Agency Co., Ltd., Jiangtai Insurance Broker Co. Ltd., Aon-Cofco Insurance Brokers Co. Ltd., Air Union Insurance Brokers Co. Ltd., Huatai Insurance Agency & Consultant Service Ltd, Axa France Vie, Icare Insurance Brokers, Western Europe, Lloyd's Of London Limited, Aon Holding Deutschland Gmbh, Funk Gruppe Gmbh, Ecclesia Holding Gmbh, Allianz Global, Crédit Agricole Assurances, Cnp Assurance, Société Générale, Bnp Paribas Cardif, Mai Insurance Brokers Poland Sp. Z O.O., Howden Insurance Brokers Nederland B.V, Meijers Assurantiën B.V, Aon Nederland, International Insurance Brokers S.R.O.., Cbiz, Inc., Canadian Insurance Brokers Inc., Aligned Insurance Inc., Novamar Insurance, Jah Insurance Brokers Corp, Thb Mexico, Intermediario De Reaseguro, S.A. De C.V., Alliant Insurance Services, Inc, Nfp Corp, Assured Partners Inc, Aon Risk Services Argentina S.A, Ttms Argentina S.A, 123seguro, Insur Insurance Company S.A., Src Brokers, Uai Brazil Insurance Broker, Alc Corretora De Seguros, Aon Brasil - São Paulo, Ez Towers, Middle East, Bupa Arabia For Cooperative Insurance, Abu Dhabi Insurance Brokers L.L.C, Nexus Insurance Brokers Llc, Wehbe Insurance Services Llc, New Shield Insurance Brokers Llc, Gulf Oasis Insurance Brokers Llc, Earnest Insurance Brokers Llc, Al Noor Insurance Broker, Arab Orient Insurance Brokers, Lusail Insurance Brokers, Aon South Africa (Pty) Ltd, Insurance Brokers of Nigeria (Ibn), Northlink Insurance Brokers, Carrier Insurance Brokers, Glanvills Enthoven, Union Commercial Insurance Brokers
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Largest And Fastest Growing Region In The Market
North America was the largest region in the insurance brokers market in 2023. Western Europe was the second largest market in the global insurance brokers market share. The regions covered in the insurance brokers market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Insurance Brokers Market Report Structure
3. Insurance Brokers Market Trends And Strategies
4. Insurance Brokers Market - Macro Economic Scenario
5. Insurance Brokers Market Size And Growth
…..
27. Insurance Brokers Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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