Insurance Brokerage Market

Insurance Brokerage Market Size, Share, Growth Analysis, By Insurance Type(Life Insurance, Property & Casualty Insurance), By Brokerage Type(Retail Brokerage, Wholesale Brokerage), By Region(North America, U.S., Canada, Europe) - Industry Forecast 2024-2031


Report ID: UCMIG40M2002 | Region: Global | Published Date: Upcoming |
Pages: 165 | Tables: 55 | Figures: 60

Insurance Brokerage Market Insights

Market Overview:

Increasing demand for insurance policies, integration of IT and analytics solutions, and provision of professional solutions and services are the main factors driving the growth of the global insurance brokerage market. Furthermore, the direct purchase of insurance policies by customers and the massive availability of alternative platforms to purchase insurance policies are hampering the growth of the market. Additionally, the implementation of technologies into existing products and service lines and government initiatives related to insurance policies are expected to provide a lucrative opportunity for the Insurance Intermediation Market forecast period. The life insurance segment is expected to gain a significant share during the forecast period owing to its various benefits to the end consumer, including guaranteed income, valuable investment return, death benefits, tax benefits, and others. However, the property-casualty segment is expected to grow most strongly during the 1 forecast period as developing countries in Asia, the Pacific and LAMEA become increasingly aware of the benefits of property-casualty insurance.Insurance agents and brokers are investing in digital technology to provide online support and increase sales and margins. The process of converting information into digital formats is called digitization. This includes delivering knowledge and techniques to agents and brokers in digital formats through insurance websites, digital sales channels and website interactions. These Internet platforms and other mobile applications are intended to improve the efficiency of business transactions and reduce costs. This implementation of technology into existing services aims to fuel the growth of the market.

Insurance Brokerage Market, Forecast & Y-O-Y Growth Rate, 2020 - 2028
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This report is being written to illustrate the market opportunity by region and by segments, indicating opportunity areas for the vendors to tap upon. To estimate the opportunity, it was very important to understand the current market scenario and the way it will grow in future.

Production and consumption patterns are being carefully compared to forecast the market. Other factors considered to forecast the market are the growth of the adjacent market, revenue growth of the key market vendors, scenario-based analysis, and market segment growth.

The market size was determined by estimating the market through a top-down and bottom-up approach, which was further validated with industry interviews. Considering the nature of the market we derived the Insurance Brokers by segment aggregation, the contribution of the Insurance Brokers in Insurance and vendor share.

To determine the growth of the market factors such as drivers, trends, restraints, and opportunities were identified, and the impact of these factors was analyzed to determine the market growth. To understand the market growth in detail, we have analyzed the year-on-year growth of the market. Also, historic growth rates were compared to determine growth patterns.

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FAQs

The market for Insurance Brokerage was estimated to be valued at US$ XX Mn in 2021.

The Insurance Brokerage Market is estimated to grow at a CAGR of XX% by 2028.

The Insurance Brokerage Market is segmented on the basis of Insurance Type, Brokerage Type, Region.

Based on region, the Insurance Brokerage Market is segmented into North America, Europe, Asia Pacific, Middle East & Africa and Latin America.

The key players operating in the Insurance Brokerage Market are Acrisure, LLC, Aon plc, Brown & Brown, Inc, Gallagher, HUB International Limited, Lockton Companies, Marsh & McLennan Companies Inc., Truist Insurance Holdings, USI Insurance Services LLC, Wills Towers Watson.

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Insurance Brokerage Market

Report ID: UCMIG40M2002

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