Press release
Global Insurance Brokers & Agents Market: Projected Growth, Market Drivers, and Current Trends
Global Insurance Brokers & Agents Market
The global insurance brokers & agents market is set to grow at a compound annual growth rate of 6.8%, reaching $496.24 billion in 2025. Continued strong growth is expected over the next few years, buoyed by increasing healthcare costs, economic growth in emerging markets and availability of digital distribution channels.
What Is The Projected Market Size Of The Global Insurance Brokers & Agents Market And Its Growth Rate?
The Insurance brokers & agents market has shown commendable growth in recent years and continues to promise an encouraging outlook ahead:
•The market size stood at $464.66 billion in 2024.
•It is projected to grow to $496.24 billion in 2025, showcasing a compound annual growth rate (CAGR) of 6.8%.
•The insurance brokers & agents market size is further expected to escalate to $637.12 billion in 2029 at a CAGR of 6.4%.
What Is Driving The Growth In The Insurance Brokers & Agents Market?
Insurance brokers and agents are investing in digital technologies to offer services online, boosting sales and margins. By converting information into digital formats, they deliver resources and tools via insurance portals and web-based platforms. Digital transformation in this sector is targeted at optimizing business efficiency and reducing operational costs. Major insurance companies like Marsh & McLennan Cos., Inc., Willis Towers Watson P.L.C., and Aon P.L.C. offer these web-based portals and digital distribution channels. Insurance agents are investing in social media platforms to acquire new clients, with 78% of them utilizing Facebook and 68% using LinkedIn to attract customers.
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Who Are the Key Players Driving Insurance Brokers & Agents Market Growth?
The following companies are the key players operating in the insurance brokers & agents market:
• Marsh & McLennan Cos Inc
• Aon PLC
• Arthur J Gallagher & Co
• Willis Towers Watson PLC
• Brown & Brown Inc.
• USI Insurance Services LLC
• HUB International Limited and many more.
What Are The Key Trends In The Insurance Brokers & Agents Market?
Key trends are shaping the forecast period for the insurance brokers & agents market. They include:
•Adoption of artificial intelligence digital insurance portal and distribution channels.
•Strategic collaborations with banking organizations.
•Increasing mergers and acquisitions.
What Are The Segments Of The Global Insurance Brokers & Agents Market?
The global insurance brokers & agents market is segmented as follows:
•By Type: Insurance Agencies, Insurance Brokers, Bancassurance, Other Intermediaries
•By Insurance: Life Insurance, Property, and Casualty Insurance, Health and Medical Insurance
•By Mode: Online, Offline
•By End User: Corporate, Individual
Which Region Leads The Insurance Brokers & Agents Market?
North America held the largest share in the insurance brokers & agents market in 2024. Western Europe was the second-largest region. The other regions covered in the insurance brokers & agents market report include Asia-Pacific, Eastern Europe, South America, Middle East, and Africa.
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What Is Covered In The Insurance Brokers & Agents Market Global Market Report?
- Market Size Analysis: Analyze the Insurance Brokers & Agents Market size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the Insurance Brokers & Agents Market for effective categorization.
- Key Player Focus: Focus on key players to define their market value, share, and competitive landscape.
- Growth Trends Analysis: Examine individual growth trends and prospects in the Market.
- Market Contribution: Evaluate contributions of different segments to the overall Insurance Brokers & Agents Market growth.
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the Insurance Brokers & Agents Market.
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.
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Learn More About The Business Research Company
With over 15,000+ reports from 27 industries covering 60+ geographies, The Business Research Company has built a reputation for offering comprehensive, data-rich research and insights. Our flagship product, the Global Market Model (GMM), is a premier market intelligence platform delivering comprehensive and updated forecasts to support informed decision-making.
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Contact Us:
The Business Research Company
Europe: +44 207 1930 708
Asia: +91 88972 63534
Americas: +1 315 623 0293
Email: info@tbrc.info
Follow Us On:
LinkedIn: https://in.linkedin.com/company/the-business-research-company
Twitter: https://twitter.com/tbrc_info
YouTube: https://www.youtube.com/channel/UC24_fI0rV8cR5DxlCpgmyFQ
Learn More About The Business Research Company
With over 15,000+ reports from 27 industries covering 60+ geographies, The Business Research Company has built a reputation for offering comprehensive, data-rich research and insights. Our flagship product, the Global Market Model (GMM), is a premier market intelligence platform delivering comprehensive and updated forecasts to support informed decision-making.
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