Press release
Increased Public Awareness Of Coverage Benefits Driving The Insurance Agency Market: A Significant Driver Propelling The Insurance Agencies Market In 2025
Insurance Agencies
What Is the Insurance Agencies Market Size and Projected Growth Rate?
The insurance agencies market has grown steadily, increasing from $131.83 billion in 2024 to $136.18 billion in 2025 at a CAGR of 3.3%. The market's growth is attributed to rising concerns over crime and threats, regulatory compliance, corporate security, and the growing need for data security.
The insurance agencies market is expected to experience steady growth in the next few years. It will reach $155.63 billion by 2029, growing at a compound annual growth rate (CAGR) of 3.4%. The growth is influenced by terrorism, political instability, public safety concerns, digital transformation, and the security needs of remote work. Key trends include digital transformation, advancements in security technologies, and the growing role of AI and automation.
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What Are the Major 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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What Are The Driving Insurance Agencies Market Evolution?
Growing public awareness about the advantages of insurance coverage is contributing to the growth of the insurance agencies market. The COVID-19 pandemic raised awareness about life's unpredictability, encouraging people to purchase insurance. A survey by Max Bupa showed that before the pandemic, 32% of people were buyers and 41% were planners for comprehensive insurance, but these figures rose to 55% and 60%, respectively, post-COVID. Insurance agencies help consumers choose suitable plans, boosting market growth.
Which Firms Dominate The Insurance Agencies Market Segments?
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 Trends Are Expected to Dominate the Insurance Agencies Market in the Next 5 Years?
Companies in the insurance agencies market are focusing on strategic partnerships to enhance their digital capabilities and customer experience. For instance, in July 2023, Nationwide partnered with Hourly to enhance its insurance offerings by integrating Hourly's advanced underwriting model into Nationwide's platform.
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Which Is The Largest Region In 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
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Insurance Agencies Market?
2. What is the CAGR expected in the Insurance Agencies Market?
3. What Are the Key Innovations Transforming the Insurance Agencies Industry?
4. Which Region Is Leading the Insurance Agencies Market?
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