Global Insurance Brokers & Agents Market Size 2024, Forecast To 2033
11 Mar, 2024
The insurance brokers & agents market size has exhibited strong growth, rising from $436.16 billion in 2023 to $467.59 billion in 2024, reflecting a compound annual growth rate (CAGR) of 7.2%. The growth observed in the historic period is attributed to robust economic growth in emerging markets, an increase in healthcare costs, and government-led insurance reforms. Looking ahead to 2028, the market is anticipated to continue its strong trajectory, reaching $612.72 billion with a CAGR of 7.0%. The projected growth in the forecast period can be linked to an increase in chronic diseases and disabilities, the impact of COVID-19, and the growth of the middle-class in emerging markets. Notable trends in this period encompass the adoption of artificial intelligence in digital insurance portals and distribution channels, strategic collaborations with banking organizations, and mergers and acquisitions.
Global Insurance Brokers & Agents Market Key Driver
Insurance brokers and agents are increasingly embracing digital technologies to expand their services online, aiming to enhance sales and increase profit margins. Digitalization involves the conversion of information into digital formats, providing agents and brokers with digital tools through insurance portals, exchange websites, and digital distribution channels. These platforms aim to improve business processing efficiency and reduce costs. A survey on insurance digital transformation reveals that 39% of agents offer web-based portals, allowing customers to request policy changes, check policy information and payments, report claims, obtain insurance ID cards, and receive insurance certificates. Additionally, 78% of agents utilize social media platforms like Facebook, and 68% on LinkedIn, to acquire new customers. Major insurance companies at the forefront of this digital shift include Marsh & McLennan Cos., Inc., Willis Towers Watson P.L.C., and Aon P.L.C. The market size projections for the insurance, reinsurance, and insurance brokerage markets in 2023, 2024, and 2028 indicate the impact of this digital transformation.
Get A Free Sample Of The Global Insurance Brokers & Agents Market ReportGlobal Insurance Brokers & Agents Market Segments
The insurance brokers & agents market covered in this report is segmented –
1) By Type: Insurance Agencies, Insurance Brokers, Bancassurance, Other Intermediaries
2) By Insurance: Life Insurance, Property And Casualty Insurance, Health And Medical Insurance
3) By Mode: Online, Offline
4) By End User: Corporate, Individual
By Geography:The regions covered in the insurance brokers & agents market report are Australia, China, India, Indonesia, Japan, South Korea, Bangladesh, Thailand, Vietnam, Malaysia, Singapore, Philippines, Hong Kong, New Zealand, USA, Canada, Mexico, Brazil, Chile, Argentina, Colombia, Peru, France, Germany, UK, Austria, Belgium, Denmark, Finland, Ireland, Italy, Netherlands, Norway, Portugal, Spain, Sweden, Switzerland, Russia, Czech Republic, Poland, Romania, Ukraine, Saudi Arabia, Israel, Iran, Turkey, UAE, Egypt, Nigeria, South Africa
North America was the largest region in the global insurance brokers & agents market, accounting for in 2023. Western Europe was the second largest region insurance brokers & agents market. The regions covered in the insurance brokers & agents market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
Major Insurance Brokers & Agents Industry Players
Marsh & McLennan Cos Inc, Aon PLC, Arthur J Gallagher & Co, Willis Towers Watson PLC, Brown & Brown Inc., Truist Insurance Holdings Inc., Lockton Companies Inc, Acrisure LLC, USI Insurance Services LLC, 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 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., Union Insurance Broker Co., Ltd., JiangTai Insurance Broker Co. Ltd., Air Union Insurance Brokers Co. Ltd., Huatai Insurance Agency & Consultant Service Ltd., Willis Insurance Brokers Co. Ltd., Lloyd's of London Limited (UK), Funk Gruppe GmbH, Ecclesia Holding GmbH, Allianz Global, Crédit Agricole Assurances, CNP Assurance, Société Générale, BNP Paribas Cardif, AXA France Vie, Malakut, Insurance Brokers LLC, MAI Insurance Brokers Poland Sp. z o.o., Meijers Assurantiën B.V., International Insurance Brokers s.r.o., Arthur J. Gallagher, Lockton Inc., Alliant Insurance Services, Inc., NFP Corp., Assured Partners Inc., CBIZ, Inc., Canadian Insurance Brokers Inc., iCare Insurance Brokers, ALIGNED Insurance Inc., Novamar Insurance Mexico, JAH Insurance Brokers Corp, THB MEXICO, Intermediario de Reaseguro, S.A. de C.V., TTMS Argentina S.A., 123Seguro, Insur Insurance Company S.A., SRC Brokers, Lockton Brasil Corretora de Seguros Ltda, Uai Brazil Insurance Broker, ALC Corretora de Seguros, Capital Shield Insurance Brokers L.L.C., Nexus Insurance Brokers LLC, Wehbe Insurance Services LLC, New Shield Insurance Brokers LLC, Unitrust Insurance Broker LLC, Gulf Oasis Insurance Brokers LLC, Earnest Insurance Brokers LLC, Al Noor Insurance Broker, Arab Orient Insurance Brokers, Lusail Insurance Brokers, Glenrand MIB Limited, Howden, Northlink Insurance Brokers, Carrier Insurance Brokers, Glanvills Enthoven, Union Commercial Insurance Broker
Get The Full Global Insurance Brokers & Agents Market ReportInsurance Brokers & Agents Market Overview
An insurance broker is interested in selling, purchasing, or negotiating various financial products best suited to their individual client's needs in exchange for compensation. An insurance agent sells, negotiates, or promotes financial products on behalf of their employer. They serve as the company's sales representatives for its financial products. While an insurance agent works for the company they are employed by, an insurance broker represents you as the client.
Insurance Brokers & Agents Global Market Report 2023 provides data on the global insurance brokers & agents market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The insurance brokers & agents market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.