Dublin, Nov. 01, 2024 (GLOBE NEWSWIRE) — The “Insurance Brokerage – Global Strategic Business Report” report has been added to ResearchAndMarkets.com’s offering.
The global market for Insurance Brokerage was estimated at US$244.0 Billion in 2023 and is projected to reach US$379.9 Billion by 2030, growing at a CAGR of 6.5% from 2023 to 2030. This comprehensive report provides an in-depth analysis of market trends, drivers, and forecasts, helping you make informed business decisions.
The insurance brokerage industry is undergoing a significant transformation as digitalization reshapes how brokers interact with clients, underwriters, and insurers. Traditionally, insurance brokers played a vital role as intermediaries between customers and insurers, offering personalized advice and tailored insurance solutions.
While this remains a core function, the rise of digital platforms has introduced new ways for brokers to serve clients, leveraging advanced data analytics, artificial intelligence (AI), and cloud-based systems to offer more efficient, real-time insurance products. This shift has not only improved customer service but has also enabled brokers to access a broader range of insurance products and pricing models, ultimately improving client outcomes.
The growth in the insurance brokerage market is driven by several factors, including the increasing complexity of insurance products and the growing demand for personalized insurance solutions. The ongoing digital transformation of the insurance industry is enabling brokers to offer more efficient and tailored services, improving customer satisfaction and retention.
Additionally, the rising demand for commercial insurance in sectors such as real estate, construction, and healthcare is boosting the need for specialized brokerage services. The growing awareness of cybersecurity risks and the rise in demand for cyber insurance have also created new opportunities for insurance brokers. Finally, the expansion of small and medium-sized enterprises (SMEs) globally is further driving demand for customized insurance brokerage services.
What Are the Major Segments in the Insurance Brokerage Market?
The insurance brokerage market is segmented by type, including life insurance brokerage, property and casualty insurance brokerage, and health insurance brokerage. Property and casualty insurance brokerage represents the largest market share, driven by the need for commercial insurance in industries such as construction, manufacturing, and real estate.
Health insurance brokerage has seen significant growth, particularly in regions with complex healthcare systems like the U.S., where brokers help individuals and businesses navigate healthcare plans and coverage options. The market is also segmented by end-users, which include individuals, small businesses, and large enterprises. Large enterprises often engage with insurance brokers to handle complex, multi-country insurance portfolios, while small businesses and individuals rely on brokers for more personalized services.
How Are Digital Technologies Shaping the Future of Insurance Brokerage?
Digital technologies are rapidly changing the landscape of insurance brokerage by enhancing customer engagement, streamlining operations, and improving risk assessment capabilities. Brokers are increasingly using AI and machine learning to analyze vast amounts of data, enabling them to provide more accurate risk assessments and personalized insurance products.
Automation in policy processing and claims management is reducing administrative costs and improving response times, while customer relationship management (CRM) tools are helping brokers build stronger, more personalized relationships with clients. The rise of InsurTech startups has also introduced new competition in the brokerage space, pushing traditional brokers to adopt innovative solutions, such as online quote comparison tools and digital policy management platforms, to remain competitive.
Why You Should Buy This Report:
- Detailed Market Analysis: Access a thorough analysis of the Global Insurance Brokerage Market, covering all major geographic regions and market segments.
- Competitive Insights: Get an overview of the competitive landscape, including the market presence of major players across different geographies.
- Future Trends and Drivers: Understand the key trends and drivers shaping the future of the Global Insurance Brokerage Market.
- Actionable Insights: Benefit from actionable insights that can help you identify new revenue opportunities and make strategic business decisions.
Key Insights:
- Market Growth: Understand the significant growth trajectory of the Non-Life Insurance Brokerage segment, which is expected to reach US$229.9 Billion by 2030 with a CAGR of a 6.7%. The Life Insurance Brokerage segment is also set to grow at 6.2% CAGR over the analysis period.
- Regional Analysis: Gain insights into the U.S. market, which was estimated at $64.1 Billion in 2023, and China, forecasted to grow at an impressive 6.3% CAGR to reach $60.7 Billion by 2030. Discover growth trends in other key regions, including Japan, Canada, Germany, and the Asia-Pacific.
Key Questions Answered:
- How is the Global Insurance Brokerage Market expected to evolve by 2030?
- What are the main drivers and restraints affecting the market?
- Which market segments will grow the most over the forecast period?
- How will market shares for different regions and segments change by 2030?
- Who are the leading players in the market, and what are their prospects?
Report Features:
- Comprehensive Market Data: Independent analysis of annual sales and market forecasts in US$ Million from 2023 to 2030.
- In-Depth Regional Analysis: Detailed insights into key markets, including the U.S., China, Japan, Canada, Europe, Asia-Pacific, Latin America, Middle East, and Africa.
- Company Profiles: Coverage of major players in the Insurance Brokerage market such as Alliant Insurance Services, Inc., AmWINS Group, Aon PLC, Brown & Brown, Edgewood Partners Insurance Center (EPIC) and more.
- Complimentary Updates: Receive free report updates for one year to keep you informed of the latest market developments.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 135 |
| Forecast Period | 2023 – 2030 |
| Estimated Market Value (USD) in 2023 | $244 Billion |
| Forecasted Market Value (USD) by 2030 | $379.9 Billion |
| Compound Annual Growth Rate | 6.5% |
| Regions Covered | Global |
Key Topics Covered:
MARKET OVERVIEW
- Influencer Market Insights
- World Market Trajectories
- Impact of COVID-19 and a Looming Global Recession
- Insurance Brokerage – Global Key Competitors Percentage Market Share in 2024 (E)
- Competitive Market Presence – Strong/Active/Niche/Trivial for Players Worldwide in 2024 (E)
MARKET TRENDS & DRIVERS
- Rising Complexity in Insurance Policies Drives Demand for Expert Insurance Brokerage Services
- Increased Focus on Risk Management Propels Growth in Insurance Brokerage Solutions
- Expansion of Digital Insurance Platforms Strengthens Business Case for Tech-Enabled Insurance Brokerage
- Technological Advancements in Data Analytics Propel Growth of Smart and Predictive Insurance Brokerage Tools
- Expansion of Small and Medium-Sized Enterprises (SMEs) Drives Demand for Commercial Insurance Brokerage
- Rising Awareness of Cybersecurity Risks Strengthens Need for Cyber Insurance Brokerage Services
- Increased Focus on Customer-Centric Insurance Solutions Generates Opportunities for Personalized Brokerage Models
- Technological Integration in InsurTech Expands Addressable Market for Digital Insurance Brokers
- Growth of Health and Life Insurance Products Propels Demand for Professional Brokerage Services
- Rising Demand for International and Cross-Border Insurance Brokerage Solutions Sustains Market Growth
- Expansion of Financial Literacy Initiatives Drives Demand for Advisory-Based Insurance Brokerage
- Growing Trend of Consolidation and M&A Activities in Insurance Brokerage Industry Fuels Market Consolidation
FOCUS ON SELECT PLAYERS: Some of the 51 leading companies in the Insurance Brokerage market include
- Alliant Insurance Services, Inc.
- AmWINS Group
- Aon PLC
- Brown & Brown
- Edgewood Partners Insurance Center (EPIC)
- Funk Gruppe GmbH
- Hub International Limited
- Lockton, Inc.
- Marsh & McLennan Companies, Inc.
- Navnit Insurance Broking Pvt. Ltd
For more information about this report visit https://www.researchandmarkets.com/r/9zlbkh
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- Insurance Brokerage Market
