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Insurance Agencies Market 2024-2033: Trends, Size, Share, and Forecast
Insurance Agencies Global Market Report 2024
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According to The Business Research Company's, 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%. The growth in the forecast period can be attributed to customer expectations, climate change and natural disasters, esg (environmental, social, and governance) factors, health and wellness trends, insurance distribution channels, remote work and digital operations. Major trends in the forecast period include technology adoption, insurtech integration, data analytics and ai, customer-centric focus, product diversification, partnerships and alliances.
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Market Drivers and Trends:
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. The demand for insurance plans has seen a significant increase over the last few months, with the percentages of buyers and people intending to buy rising to 55% and 60%, respectively. These insurance agencies help the people in obtaining the best insurance policy as per their needs and budget. Hence, a higher awareness rate among the public on the benefits of insurance coverage aids in the growth of the insurance agencies market.
Introduction to technology-enabled services and platforms is a leading trend in the insurance agencies market. Insurance and technology companies are assisting insurance agencies by developing technology-enabled services and platforms for enhancing smooth customer experience and versatility. For instance, in October 2021, a digital asset financial services platform called BVNK was launched which would make crypto financial services more accessible to the patients. BVNK offers a range of services to businesses, including remittances, B2B payments, fintech, e-commerce, treasury, FX, institutional investing, and gaming. BVNK is designed to bridge traditional and decentralized finance, making payments borderless, fast, and secure.
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Major Key Players of the Market:
McGriff Insurance Services LLC, Marsh & McLennan Agency LLC, Aon PLC, Brown & Brown Insurance Inc., HUB International Ltd., USI Insurance Services, AXA Equitable Holdings Inc., Arthur J. Gallagher & Co, BRP Group Inc., Brookfield Residential Properties Inc., China United Insurance Service Inc., Corvel Corp, Crawford & Co, Equitable Holdings Inc., Erie Indemnity Co, Fanhua Inc., GoHealth Inc., Goosehead Insurance Inc., Hagerty Inc., Huize Holding Ltd., Prevention Insurance.Com, Reliance Global Group, RSC Insurance Brokerage Inc., IMA World Insurance Associates LLC, Higginbotham, Highstreet Insurance Partners Inc., Hilb Group LLC, Leavitt Group, Insurance Office of America Inc., Frankenmuth Insurance
Insurance Agencies Market 2024 Key Insights:
• 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%.
• Increased Public Awareness Of Coverage Benefits Driving The Insurance Agency Market
• Tech-Driven Advancements In The Insurance Agency Market
• North America was the largest region in the insurance agencies accounting for in 2023
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