Insurance Brokerage Market Size (2024 - 2029)

The insurance brokerage market is projected to experience growth over the forecast period, driven by increasing demand and awareness of insurance policies, particularly in life, car, and property & casualty insurance. The market's expansion is influenced by the digitalization of client interactions and the integration of technology, which are reshaping distribution channels. Despite the negative impact of the pandemic, the market is buoyed by a rise in mergers and acquisitions, highlighting the sector's dynamic nature. The growing importance of insurance brokerage firms in facilitating client needs further underscores the market's potential for growth.

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Market Size of Insurance Brokerage Industry

Insurance Brokerage Market Summary
Study Period 2020-2029
Market Size (2024) USD 320.55 Billion
Market Size (2029) USD 381.81 Billion
CAGR (2024 - 2029) 3.56 %
Fastest Growing Market Asia-Pacific
Largest Market North America

Major Players

Insurance Brokerage Market Major Players

*Disclaimer: Major Players sorted in no particular order

Insurance Brokerage Market Analysis

The Insurance Brokerage Market size is estimated at USD 320.55 billion in 2024, and is expected to reach USD 381.81 billion by 2029, growing at a CAGR of 3.56% during the forecast period (2024-2029).

An insurance broker deals with the client to understand their need and negotiate deals with the insurance company on behalf of the client. Insurance broker includes individuals or businesses that work for their client's benefit. Insurance brokerage covers 80% of insurance operations in many regions of the world. The pandemic had a negative impact on the growth of the insurance brokerage market across the globe. The pandemic is forcing insurance brokerage companies to respond to changing trends most importantly digitalization of their client interactions. The insurance brokerage market is also driven by constantly increasing mergers & acquisitions.

The insurance sector is expected to see a rise in demand for insurance policies in the forecast period. Demand & awareness for insurance policies among the people is increasing daily, which is a key driver for the growth of the insurance brokerage market. The insurance brokerage market has seen a growth in the demand for life insurance policies, car insurance, and property & casualty insurance. This increased demand can be attributed to a rise in insurance awareness among customers and the importance and benefits of insurance policies. Given the rising awareness and demand for insurance policies in property & casualty and life insurance, the market is expected to grow in the forecasted period. Given the importance of brokerage companies, the digitalization and integration of technology in the insurance industry also impact the distribution channels. This impact adds up to the growth of the insurance brokerage market.

Insurance Brokerage Industry Segmentation

An insurance broker is a person who works for a client to sell and negotiate various insurance products. The report includes a detailed note on the importance of insurance brokers across various insurance products. The insurance brokerage market is segmented by insurance type (life insurance and property & casualty insurance), by brokerage type (retail brokerage and wholesale brokerage), and by region (North America, Asia Pacific, Europe, South America, and Middle East & Africa). The Report Offers Market Size and Forecasts for the Insurance Brokerage Market in Value (USD) for all the Above Segments.

By Insurance Type
Life Insurance
Property & Casualty Insurance
By Brokerage Type
Retail Brokerage
Wholesale Brokerage
By Region
North America
US
Canada
Rest of North America
Aisa Pacific
China
India
Japan
Australia
South Korea
Rest of Asia Pacific
Europe
UK
Germany
France
Italy
Spain
Rest of Europe
South America
Brazil
Chile
Argentina
Rest of South America
Middle East & Africa
UAE
Egypt
Saudi Arabia
Qatar
South Africa
Rest of Middle East & Africa
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Insurance Brokerage Market Size Summary

The insurance brokerage market is poised for steady growth over the forecast period, driven by increasing demand for various insurance policies and the ongoing digital transformation within the industry. Insurance brokers play a crucial role in facilitating client interactions with insurance companies, covering a significant portion of insurance operations globally. The market has faced challenges due to the pandemic, which accelerated the need for digitalization in client interactions. This shift is further supported by a rise in mergers and acquisitions, enhancing market dynamics and competition. The growing awareness and demand for life, car, and property insurance are key factors propelling market expansion, with life insurance emerging as the fastest-growing segment.

The market landscape is moderately fragmented, with numerous players vying for market share through strategic mergers and acquisitions. Companies like Acrisure LLC, Aon Plc, Brown & Brown Inc, Arthur J Gallagher & Co, and Marsh & McLennan Companies Inc are prominent in this space, actively engaging in activities to strengthen their market positions. The Asia-Pacific and North America regions are witnessing increased demand for life insurance, driven by lower penetration rates in high-population countries. This presents significant growth opportunities for insurance brokers, as they adapt to the evolving market conditions and leverage technological advancements to enhance their service offerings.

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Insurance Brokerage Market Size - Table of Contents

  1. 1. MARKET DYNAMICS AND INSIGHTS

    1. 1.1 Market Overview

    2. 1.2 Market Drivers

      1. 1.2.1 Increasing Demand for Life Insurance is Driving the Market

      2. 1.2.2 Increasing Digital Adoption in the Insurance Industry is Driving the Market

    3. 1.3 Market Restraints

      1. 1.3.1 Increasing Cost Acts as a Restraint to the Market

      2. 1.3.2 High Competition in the Market Can Restrain the Growth

    4. 1.4 Market Opportunities

      1. 1.4.1 The Insurance Brokers can Leverage Regulatory Landscape as an Opportunity

      2. 1.4.2 Leveraging Technology to Interact with Customers

    5. 1.5 Industry Value Chain Analysis

    6. 1.6 Industry Attractiveness - Porter's Five Forces Analysis

      1. 1.6.1 Threat of New Entrants

      2. 1.6.2 Bargaining Power of Buyers

      3. 1.6.3 Bargaining Power of Suppliers

      4. 1.6.4 Threat of Substitutes

      5. 1.6.5 Intensity of Competitive Rivalry

    7. 1.7 Insights on technology Innovation in the Market.

    8. 1.8 Impact of COVID-19 on the Market

  2. 2. MARKET SEGMENTATION

    1. 2.1 By Insurance Type

      1. 2.1.1 Life Insurance

      2. 2.1.2 Property & Casualty Insurance

    2. 2.2 By Brokerage Type

      1. 2.2.1 Retail Brokerage

      2. 2.2.2 Wholesale Brokerage

    3. 2.3 By Region

      1. 2.3.1 North America

        1. 2.3.1.1 US

        2. 2.3.1.2 Canada

        3. 2.3.1.3 Rest of North America

      2. 2.3.2 Aisa Pacific

        1. 2.3.2.1 China

        2. 2.3.2.2 India

        3. 2.3.2.3 Japan

        4. 2.3.2.4 Australia

        5. 2.3.2.5 South Korea

        6. 2.3.2.6 Rest of Asia Pacific

      3. 2.3.3 Europe

        1. 2.3.3.1 UK

        2. 2.3.3.2 Germany

        3. 2.3.3.3 France

        4. 2.3.3.4 Italy

        5. 2.3.3.5 Spain

        6. 2.3.3.6 Rest of Europe

      4. 2.3.4 South America

        1. 2.3.4.1 Brazil

        2. 2.3.4.2 Chile

        3. 2.3.4.3 Argentina

        4. 2.3.4.4 Rest of South America

      5. 2.3.5 Middle East & Africa

        1. 2.3.5.1 UAE

        2. 2.3.5.2 Egypt

        3. 2.3.5.3 Saudi Arabia

        4. 2.3.5.4 Qatar

        5. 2.3.5.5 South Africa

        6. 2.3.5.6 Rest of Middle East & Africa

Insurance Brokerage Market Size FAQs

The Insurance Brokerage Market size is expected to reach USD 320.55 billion in 2024 and grow at a CAGR of 3.56% to reach USD 381.81 billion by 2029.

In 2024, the Insurance Brokerage Market size is expected to reach USD 320.55 billion.

Insurance Brokerage Market Report Snapshots

Insurance Brokerage Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)