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Soaring Demand Set to Propel Insurance Agencies Market to $661.12 Billion by 2029
Insurance Agencies Market
What Is the Expected CAGR for the Insurance Agencies Market Through 2025?
The market size of insurance agencies has been expanding consistently over the past years. The growth will see it increase from $131.83 billion in 2024 to $136.18 billion in 2025, demonstrating a compound annual growth rate (CAGR) of 3.3%. Factors contributing to this growth in the previous period include crime and threats, regulatory compliance, corporate security, and data security.
What's the Projected Size of the Global Insurance Agencies Market by 2029?
In the coming years, the insurance agencies market is projected to experience stable expansion. It is anticipated to increase to a value of $155.63 billion by 2029, with a 3.4% compound annual growth rate (CAGR). The reasons for this predicted growth during the forecast period include factors such as terrorism and political instability, public safety awareness, the transition to digital services, and security considerations for remote working. The key trends expected to dominate the forecast period are digital transformation, enhancement of security technology, and the progression of artificial intelligence and automation.
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Top Growth Drivers in the Insurance Agencies Industry: What's Accelerating the Market?
The expected growth in the insurance agency market is primarily due to an increased understanding of insurance coverage benefits. The COVID-19 pandemic has heightened public awareness of unpredictable circumstances, pushing many towards insurance as a safeguard for themselves and their families. For example, a survey by Max Bupa highlighted a shift in attitudes towards insurance before and after the outbreak of COVID-19. Prior to the pandemic, the proportion of potential buyers and planners for comprehensive insurance plans was 32% and 41% respectively. However, over recent months, there has been a considerable rise in the demand for insurance plans, with the ratio of customers and potential buyers jumping to 55% and 60% respectively. These insurance agencies play a crucial role in assisting individuals in selecting the most suitable insurance policy according to their requirements and budget. Therefore, the heightened public awareness about the advantages of insurance coverage contributes to the expansion of the insurance agency market.
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What Trends Will Shape the Insurance Agencies Market Through 2029 and Beyond?
Major insurance agencies in the market are increasingly focusing on forming strategic alliances to broaden their digital proficiency, improve clients' experience, and break new ground in different markets. These strategic collaborations with technology and fintech firms enable insurance agencies to bolster their digital skills, enrich customer experience, widen their product range, and tackle regulatory and cybersecurity issues. For example, Nationwide, an American insurance and financial service provider, established a partnership with Hourly, another US-based insurance start-up which provides workers' comp insurance, in July 2023. The goal of this alliance is to strengthen its network, which boasts over 3,000 independent insurance producers, by incorporating Hourly's sophisticated underwriting model into Nationwide's platform.
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 Top Companies are Driving Growth in the Insurance Agencies Market?
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
Which Regions Will Dominate the Insurance Agencies Market Through 2029?
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
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