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.) - Industry Forecast 2024-2031

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.