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Leading Growth Driver in the Insurance Agencies Market in 2025: Increased Public Awareness Of Coverage Benefits Driving The Insurance Agency Market Driver's Influence
Insurance Agencies Market Share
The scale of the insurance agencies market has been expanding consistently in the past few years. The market is anticipated to increase from a value of $131.83 billion in 2024 to about $136.18 billion in 2025, with a compound annual growth rate (CAGR) of 3.3%. The factors that have stimulated growth during the historic period include crime and threats, regulatory compliance, corporate security, and data security.
A consistent growth is predicted for the insurance agencies market size in the coming years, reaching $155.63 billion in 2029 with an annual compound growth rate (CAGR) of 3.4%. The factors influencing this growth during the forecast period may include terrorism and political instability, concerns related to public safety, digital evolution, and security for remote work. The forecast period is also expected to observe major trends such as advancements in security technology, digital metamorphosis, artificial intelligence, and automation.
What Is Contributing to the Growth of the Insurance Agencies Market?
The rise in understanding about the advantages of insurance is predicted to fuel market expansion for insurance agencies. The pandemic has heightened public consciousness about unpredictable circumstances, encouraging them to opt for insurance to ensure their and their family's well-being. For example, the Max Bupa survey reveals that the mindset of individuals has changed significantly before and after the onset of COVID-19. In the pre-COVID era, the percentages of comprehensive plan purchasers and planners were 32% and 41%, respectively. However, there has been a marked surge in the demand for insurance plans in recent months, with both the percentage of purchasers and people planning to purchase jumping to 55% and 60%, respectively. These insurance agencies play a crucial role in assisting people in choosing the most suitable insurance policy based on their requirements and financial capacity. Therefore, a heightened rate of awareness among the public regarding the advantages of insurance cover contributes to the proliferation of the insurance agencies market.
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Which Key Market Leaders Are Driving Insurance Agencies Industry Growth?
Major companies operating in the insurance agencies market include 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
What Are the Emerging Trends in the Insurance Agencies Industry?
Prominent firms in the insurance agency market are putting efforts into forming strategic partnerships in order to enhance their digital abilities, refine their customer services, and break into fresh markets. These strategic alliances allow insurance agencies to amplify their digital capabilities, escalate their customer service quality, augment their product range, and tackle regulatory and cybersecurity issues, all by joining forces with tech and fintech companies. For example, Nationwide, an American insurance and financial service provider, allied with Hourly, a US-based insurance startup that provides workers' comp insurance, in July 2023. The aim of this partnership is to elevate their network of more than 3,000 solo insurance producers. This partnership successfully incorporates Hourly's superior underwriting model into the platform of Nationwide.
What Are the Main Segments in the Insurance Agencies Market?
The insurance agencies market covered in this report is segmented -
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
Subsegments:
1) By Life Insurance: Term Life Insurance, Whole Life Insurance, Universal Life Insurance, Variable Life Insurance
2) By Property And Casualty Insurance: Homeowners Insurance, Renters Insurance, Auto Insurance, Liability Insurance, Commercial Property Insurance
3) By Health And Medical Insurance: Individual Health Insurance, Group Health Insurance, Disability Insurance, Long-Term Care Insurance
4) By Other Insurance: Travel Insurance, Pet Insurance, Credit Insurance, Title Insurance
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Which Geographic Area Leads the Insurance Agencies Market?
North America was the largest region in the insurance agencies accounting for in 2023. Western Europe was the second largest region in the insurance agencies market. The regions covered in the insurance agencies market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
What Is Covered In The Insurance Agencies Global Market Report?
- Market Size Analysis: Analyze the Insurance Agencies Market size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the Insurance Agencies 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 Agencies Market growth.
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the Insurance Agencies Market.
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.
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