Press release
2025-2034 Insurance Brokers Market Outlook: Key Drivers, Emerging Challenges, and Strategic Insights
Insurance Brokers Market
What Will the Insurance Brokers Industry Market Size Be by 2025?
Recent years have witnessed consistent growth in the size of the insurance brokers market. The market, presently standing at $120.05 billion in 2024, is envisioned to escalate to $125.49 billion in 2025, with a Compound Annual Growth Rate (CAGR) of 4.5%. The significant growth during the historical period is linked to robust economic ascension in burgeoning markets, governmental interventions in insurance policy reform, escalating healthcare expenses, and the effects of the COVID-19 pandemic.
What's the Long-Term Growth Forecast for the Insurance Brokers Market Size Through 2029?
Anticipated steady expansion is predicted for the insurance brokers market in the coming years, reaching a value of $151.33 billion in 2029 with a compound annual growth rate (CAGR) of 4.8%. The projected growth within this period is chiefly due to a rise in chronic illnesses and disabilities, an expanding middle-class population in emerging markets, and an upsurge in mergers and acquisitions. The prevalent trends during the forecast period encompass the integration of technology to facilitate insurance automation, the adoption of insurance portals and digital distribution channels for improved efficiency, the entrance of non-traditional corporations into the insurance brokers market, and a rise in mergers and acquisitions.
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What Are the Key Growth Drivers Fueling the Insurance Brokers Market Expansion?
The insurance brokers market is anticipated to expand in the future, owing to the escalating demand for insurance policies. The rising need for insurance is attributed to the provision of security services and tailor-made financial offerings to customers. The Insurance Regulatory and Development Authority (IRDAI) of India reports that the Life Insurance Corporation of India witnessed a sales increase of 3.54% from the previous year, selling 2.17 crore policies in the 2021-2022 financial year vs 2.10 crore policies in the prior year. Consequently, this amplified demand for insurance policies is propelling the growth of the insurance brokerage market.
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What Are the Key Trends Driving Insurance Brokers Market Growth?
Leading organizations in the insurance brokers market are concentrating on creating insurance platforms that can streamline operations, elevate customer engagement, optimize policy management, and deliver more tailored and effective insurance solutions through digital transformation and mechanization. The objective of these insurance platforms is to enhance the management of healthcare and insurance services. They accomplish this by integrating technological advancements, insightful data, and personalized care, all to improve user experience in navigating health insurance. For instance, Riskbirbal Insurance Brokers Pvt Ltd, headquartered in India, introduced the Wellconnect platform in May 2024. This platform unifies all pertinent information related to health insurance services, simplifying access for users without the need to scour multiple sources. Wellconnect melds flawlessly with pre-existing Human Resource Management Systems (HRMS), guaranteeing a simplified onboarding process for new users and making sure health-related benefits are within easy reach.
How Is the Insurance Brokers Market Segmented?
The insurance brokersmarket 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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Which Companies Are Leading the Charge in Insurance Brokers Market Innovation?
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
Which Regions Are Leading the Global Insurance Brokers Market in Revenue?
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
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