Press release
Rising Insurance Demand Fuels Growth In The Insurance Brokers Market: An Emerging Driver Transforming The Insurance Brokers Market Landscape
Insurance Brokers
What Is the Projected Growth of the Insurance Brokers Market?
In the past few years, the size of the insurance brokers market has significantly increased. It is projected to rise from $119.37 billion in 2024 to $125.38 billion in 2025, reflecting a compound annual growth rate (CAGR) of 5.0%. The surge during the historic period can be credited to robust economic development in rising markets, government-implemented insurance transformations, escalating healthcare expenses, and the effects of COVID-19.
The market size of insurance brokers is anticipated to experience consistent growth in the ensuing years. Its value is estimated to reach $151.24 billion by 2029, with a 4.8% compound annual growth rate (CAGR). This projected growth over the forecast period can be attributed to factors such as the rise in chronic diseases and disabilities, the burgeoning middle-class sector in emerging markets, and an uptick in mergers and acquisitions. During this forecast period, key trends to look out for include the use of technologies for insurance automation, the implementation of insurance portals and digital distribution channels to enhance efficiency, the entrance of nontraditional firms into the insurance brokers market, as well as a continued increase in mergers and acquisitions.
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What Are the Different Insurance Brokers Market 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
Subsegments:
1) By Life Insurance: Term Life Insurance, Whole Life Insurance, Universal Life Insurance
2) By General Insurance: Property Insurance, Liability Insurance, Auto Insurance
3) By Health Insurance: Individual Health Plans, Group Health Plans, Critical Illness Insurance
4) By Other Types: Travel Insurance, Pet Insurance, Specialty Insurance
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What Are the Primary Drivers Shaping the Insurance Brokers Market?
The growth of the insurance brokers market is anticipated to be fueled by the escalating demand for insurance policies during the projected timeframe. This surge in demand for insurance policies is largely due to the provision of security services and personalized financial services for clients. The Life Insurance Corporation of India reportedly sold 2.17 crore insurance policies during the financial year 2021-2022, this data from the Insurance Regulatory and Development Authority (IRDAI) of India shows a 3.54% rise from the prior year's 2.10 crore plans. Thus, the heightened demand for insurance policies is propelling the expansion of the insurance brokerage market.
Which Companies Are Leading in the Insurance Brokers Market?
Major companies operating in the insurance brokers market include 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., 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, 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, Insurance Brokers of Nigeria (Ibn), Northlink Insurance Brokers, Carrier Insurance Brokers, Glanvills Enthoven, Union Commercial Insurance Brokers
What Trends Are Expected to Dominate the Insurance Brokers Market in the Next 5 Years?
Leading firms in the insurance brokers market are concentrating their efforts on designing insurance platforms with the goal of streamlining operations, enhancing client experiences, refining policy management and delivering more personalised and effective insurance solutions through digital transformation and automation. Such platforms are designed to improve the handling of healthcare and insurance services. These modern platforms incorporate technology, data-powered insights and personalised care to simplify user interaction with health insurance services. For example, in May 2024, an India-based firm, Riskbirbal Insurance Brokers Pvt Ltd, debuted their Wellconnect platform. Wellconnect gathers all pertinent health insurance service information in a single place, sparing users the need to turn to multiple sources. The platform is also perfectly compatible with existing Human Resource Management Systems (HRMS), paving the way for an efficient onboarding process for new users while ensuring that all health-related benefits are easily reachable.
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What Are the Top Revenue-Generating Geographies in the Insurance Brokers Market?
North America was the largest region in the insurance brokers market in 2024. 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
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Insurance Brokers Market?
2. What is the CAGR expected in the Insurance Brokers Market?
3. What Are the Key Innovations Transforming the Insurance Brokers Industry?
4. Which Region Is Leading the Insurance Brokers Market?
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