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Insurance Brokerage Market Analysis- Industry Size, Share, Research Report, Insights, Covid-19 Impact, Statistics, Trends, Growth and Forecast 2022-2030

Published Date: July, 2022
No of Pages: 189
Delivery Format: PDF + Excel

$2,950.00

Description of the Report

In 2019, the global insurance brokerage market was worth $265.03 billion. It is expected to grow at a 7.3% CAGR between 2020 and 2027 to reach $395.04billion. A broker is an intermediary between policyholders and their insurers. They play a crucial role in economic growth. Brokers offer professional and technical advice to clients about insurance products. Brokers provide various insurance products, including property and casualty, medical, and health insurance. Insurance brokers work closely with their clients’ coverage needs to meet them. Insurance brokers work closely with consumers to find the best terms, conditions, and prices for them and recommend the right insurance policy.

According to W.N.S. Holdings Ltd., the market offers tremendous global growth potential. The need for insurance brokerage reached $60 billion in 2019, thanks to a significant contribution of insurance premiums, which accounted for more than 60% in the U.S.A. and European regions. Insurance broking companies are constantly looking for ways to improve their business. Insurance brokerage firms invest heavily in technology such as A.I., Big Data, IoT, and mobile devices to improve their processes, reduce costs, and retain customers. These technologies give insurance brokers extensive information and insight about their clients and allow them to offer timely, relevant coverage based on individual requirements.

The main factors driving the growth of the global brokerage market for insurance are increased demand for policies, integration of I.T. & analytic solutions, and the provision of professional solutions and services. The market’s growth is impeded by the inability to purchase insurance policies directly from customers and the availability of other platforms to buy insurance policies. The demand for insurance brokerages is expected to grow significantly due to the implementation of technology in existing products and services and government initiatives regarding the insurance policy.

Due to the many benefits it offers, including guaranteed income, valuable return on investment, tax benefits, and death benefits, the life insurance segment will be a significant player during the forecast period. The forecast period will see immense growth in the property and casualty segment. This is due to increased awareness of the benefits of property & accident insurance among developing countries of Asia-Pacific, LAMEA, and other parts of the world.

The brokerage market was dominated in 2019 by North America. It is expected to maintain its dominance during the forecast period. These key players are essential in driving the market’s growth. They help clients find affordable home insurance, travel insurance, and health insurance.

Many insurance brokers in the U.S., Canada, and elsewhere are investing in innovative technology to increase customer retention and grow their insurance brokerage market share. The forecast period will see significant growth in Asia-Pacific due to the rapid adoption of mobile telematics technology among insurance companies from developing countries like India and China.

This report examines the market for insurance brokerage and the market trends. Porter’s five forces analysis is used to analyze the effects of different factors, including bargaining power, competitive intensity, the threat from new entrants, substitute threat, bargaining power, and bargaining ability of buyers in the global car insurance market.

Insurance Brokerage Market Report Scope and Segmentation

ATTRIBUTESDETAILS
ESTIMATED YEAR2022
BASE YEAR2021
FORECAST YEAR2030
HISTORICAL YEAR2017-2021
UNITValue (USD Million/Billion)
BY REGIONNorth America, Europe, Asia Pacific, Latin America, Middle East and Africa

Segment Review

The global insurance brokerage market can be segmented by insurance type, brokerage type, and location. It is divided into P&C and life insurance. It can be divided into wholesale or retail brokerage, depending on the type of brokerage. The market is analyzed across North America, Europe, and Asia-Pacific.

Competitive Analysis

Acrisure, L.L.C., Aon plc, Brown & Brown, Inc, Gallagher, H.U.B. International Limited, Lockton Companies, Marsh & McLennan Companies Inc., Trust Insurance Holdings, U.S.I. Insurance Services L.L.C. and Willis Towers Watson are the key players profiled within the insurance brokerage market report. They have used various strategies to expand their market penetration and strengthen themselves in the insurance brokerage sector.

COVID-19 Analysis

The market for insurance brokerage has seen significant growth over the last few years. However, the COVID-19 pandemic is expected to cause a slight downturn in the market in 2020. This is due to the implementation of lockdown in most countries and the shutdown of businesses and other public and private organizations around the globe to stop the spread of the virus. To meet their conventional and daily needs, shareholders of publicly held insurance broker companies are also withdrawing their contributions. Oliver Wyman’s April 2020 survey found that approximately half of the top 30 international insurance brokers had started their shares during the COVID-19 epidemic. This is negatively impacting the global market growth.

Due to the potential decline in home and auto claims during COVID-19, there has been a significant increase in the need for insurance brokers within insurance companies. Leading insurance companies are increasingly looking to insurance brokers to improve their business processes and offer immediate insurance services worldwide. Insurance brokers are expected to be more prominent in providing different insurance services, such as helping customers understand their insurance coverage needs, simplifying the insurance distribution process, and offering accurate policy comparisons.

Top Influencing Factors

More People Want Insurance Policies

There has been an increase in demand for insurance policies, including life, health, and auto insurance policies, on the insurance brokerage market. The rise in demand is due to consumers becoming more aware of the benefits offered by insurance policies and their importance. The market has seen an increase in demand. Policyholders will need to use the services of a broker when purchasing the right policy based on their preferences and needs.

Government Initiatives Concerning Insurance Policies

Numerous government agencies are taking considerable initiatives to improve insurance policies. Customers can now enjoy a wide range of benefits. Governments are also making sure customers know all the risk coverages and opportunities that insurance policies offer. The government also provides various programs that allow the insurance industry to offer insurance policies to all sections of society. These initiatives by the government will provide lucrative opportunities for the market in the coming years.

Key Benefits for Stakeholders

  • This study presents a detailed analysis of global trends in insurance brokerage markets and future estimates to help you understand the potential investment pockets.
  • The report provides information about key drivers, limitations, opportunities, and their impact on the global insurance brokerage market.
  • The industry’s buyers and suppliers are illustrated by Porter’s Five Forces analysis.
  • To determine market potential, a quantitative analysis of the market is performed from 2019 to 2027.

Key Market Segments

  • By Brokerage Type
    • Retail brokerage
    • Wholesale Brokerage
  • By Type of Insurance
    • Life Insurance
    • Property & Casualty Insurance
  • By Region
    • North America
      • US
      • Canada
      • Mexico
    • Europe
      • Germany
      • Italy
      • France
      • UK
      • Spain
      • Poland
      • Russia
      • The Netherlands
      • Norway
      • Czech Republic
      • Rest of Europe
    • Asia Pacific
      • China
      • Japan
      • India
      • South Korea
      • Indonesia
      • Malaysia
      • Thailand
      • Singapore
      • Australia & New Zealand
      • Rest of Asia Pacific
    • South America
      • Brazil
      • Argentina
      • Colombia
      • Rest of South America
    • The Middle East & Africa
      • Saudi Arabia
      • UAE
      • South Africa
      • Northern Africa
      • Rest of MEA

Key Market Participants

  • ACRISURE LLC
  • AON PLC
  • BROWN AND BROWN INC
  • GALLAGHER
  • HUB INTERNATIONAL LIMITED
  • LOCKTON COMPANIES
  • MARSH and MCLENNAN COMPANIES INC
  • TRUST INSURANCE HOLDINGS
  • USI INSURANCE RESOURCES LLC
  • WILLS TOWERS WATSON

Table of Contents

CHAPTER 1: INTRODUCTION

1.1.REPORT DESCRIPTION
1.2.KEY MARKET SEGMENTS
1.3.KEY BENEFITS
1.4.RESEARCH METHODOLOGY

1.4.1.Primary research
1.4.2.Secondary research
1.4.3.Analyst tools and models

CHAPTER 2:EXECUTIVE SUMMARY

2.1.CXO PERSPECTIVE

CHAPTER 3:MARKET LANDSCAPE

3.1.MARKET DEFINITION AND SCOPE
3.2.KEY FINDINGS

3.2.1.Top investment pockets
3.2.2.Top winning strategies

3.3.PORTER’S FIVE FORCES ANALYSIS

3.3.1.Bargaining power of suppliers
3.3.2.Threat of new entrants
3.3.3.Threat of substitutes
3.3.4.Competitive rivalry
3.3.5.Bargaining power among buyers

3.4.MARKET SHARE ANALYSIS/TOP PLAYER POSITIONING 2019
3.5.MARKET DYNAMICS

3.5.1.Drivers
3.5.2.Restraints
3.5.3.Opportunities

CHAPTER 4:INSURANCE BORKERAGE MARKET BY INSURANCE TYPE

4.1.OVERVIEW
4.2.LIFE INSURANCE

4.2.1.Key market trends, growth factors and opportunities
4.2.2.Market size and forecast, by region
4.2.3.Market share analysis, by country

4.3.PROPERTY AND CASUALTY INSURANCE

4.3.1.Key market trends, growth factors and opportunities
4.3.2.Market size and forecast, by region
4.3.3.Market share analysis, by country

CHAPTER 5: INSURANCE BORKERAGE MARKET BY BROKERAGE TYPE

5.1.OVERVIEW
5.2.RETAIL BROKERAGE

5.2.1.Key market trends, growth factors and opportunities
5.2.2.Market size and forecast, by region
5.2.3.Market share analysis, by country

5.3.WHOLESALE BROKERAGE

5.3.1.Key market trends, growth factors and opportunities
5.3.2.Market size and forecast, by region
5.3.3.Market share analysis, by country

CHAPTER 6: INSURANCE BORKERAGE MARKET BY REGION

6.1.OVERVIEW
6.2.NORTH AMERICA

6.2.1.Key market trends and opportunities
6.2.2.Market size and forecast, by insurance type
6.2.3.Market size and forecast, by brokerage type
6.2.4.Market size and forecast, by Country
6.2.5.US

6.2.5.1.Market size and forecast, by insurance type
6.2.5.2.Market size and forecast, by brokerage type

6.2.6.Canada

6.2.6.1.Market size and forecast, by insurance type
6.2.6.2.Market size and forecast, by brokerage type

6.3.EUROPE

6.3.1.Key market trends and opportunities
6.3.2.Market size and forecast, by insurance type
6.3.3.Market size and forecast, by brokerage type
6.3.4.Market size and forecast, by Country
6.3.5.Germany

6.3.5.1.Market size and forecast, by insurance type
6.3.5.2.Market size and forecast, by brokerage type

6.3.6.France

6.3.6.1.Market size and forecast, by insurance type
6.3.6.2.Market size and forecast, by brokerage type

6.3.7.UK

6.3.7.1.Market size and forecast, by insurance type
6.3.7.2.Market size and forecast, by brokerage type

6.3.8.Italy

6.3.8.1.Market size and forecast, by insurance type
6.3.8.2.Market size and forecast, by brokerage type

6.3.9.Spain

6.3.9.1.Market size and forecast, by insurance type
6.3.9.2.Market size and forecast, by brokerage type

6.3.10.Rest of Europe

6.3.10.1.Market size and forecast, by insurance type
6.3.10.2.Market size and forecast, by brokerage type

6.4.ASIA PACIFIC

6.4.1.Key market trends and opportunities
6.4.2.Market size and forecast, by insurance type
6.4.3.Market size and forecast, by brokerage type
6.4.4.Market size and forecast, by Country
6.4.5.China

6.4.5.1.Market size and forecast, by insurance type
6.4.5.2.Market size and forecast, by brokerage type

6.4.6.Japan

6.4.6.1.Market size and forecast, by insurance type
6.4.6.2.Market size and forecast, by brokerage type

6.4.7.India

6.4.7.1.Market size and forecast, by insurance type
6.4.7.2.Market size and forecast, by brokerage type

6.4.8.Australia

6.4.8.1.Market size and forecast, by insurance type
6.4.8.2.Market size and forecast, by brokerage type

6.4.9.South Korea

6.4.9.1.Market size and forecast, by insurance type
6.4.9.2.Market size and forecast, by brokerage type

6.4.10.Singapore

6.4.10.1.Market size and forecast, by insurance type
6.4.10.2.Market size and forecast, by brokerage type

6.4.11.Rest of Asia Pacific

6.4.11.1.Market size and forecast, by insurance type
6.4.11.2.Market size and forecast, by brokerage type

6.5.LAMEA

6.5.1.Key market trends and opportunities
6.5.2.Market size and forecast, by insurance type
6.5.3.Market size and forecast, by brokerage type
6.5.4.Market size and forecast, by Country
6.5.5.Latin America

6.5.5.1.Market size and forecast, by insurance type
6.5.5.2.Market size and forecast, by brokerage type

6.5.6.Middle East

6.5.6.1.Market size and forecast, by insurance type
6.5.6.2.Market size and forecast, by brokerage type

6.5.7.Africa

6.5.7.1.Market size and forecast, by insurance type
6.5.7.2.Market size and forecast, by brokerage type

CHAPTER 7:COMPANY PROFILES

7.1.ACRISURE LLC

7.1.1.Company overview
7.1.2.Key Executives
7.1.3.Company snapshot
7.1.4.Operating business segments
7.1.5.Product portfolio
7.1.6.Business performance
7.1.7.Key strategic moves and developments

7.2.AON PLC

7.2.1.Company overview
7.2.2.Key Executives
7.2.3.Company snapshot
7.2.4.Operating business segments
7.2.5.Product portfolio
7.2.6.Business performance
7.2.7.Key strategic moves and developments

7.3.BROWN AND BROWN INC

7.3.1.Company overview
7.3.2.Key Executives
7.3.3.Company snapshot
7.3.4.Operating business segments
7.3.5.Product portfolio
7.3.6.Business performance
7.3.7.Key strategic moves and developments

7.4.GALLAGHER

7.4.1.Company overview
7.4.2.Key Executives
7.4.3.Company snapshot
7.4.4.Operating business segments
7.4.5.Product portfolio
7.4.6.Business performance
7.4.7.Key strategic moves and developments

7.5.HUB INTERNATIONAL LIMITED

7.5.1.Company overview
7.5.2.Key Executives
7.5.3.Company snapshot
7.5.4.Operating business segments
7.5.5.Product portfolio
7.5.6.Business performance
7.5.7.Key strategic moves and developments

7.6.LOCKTON COMPANIES

7.6.1.Company overview
7.6.2.Key Executives
7.6.3.Company snapshot
7.6.4.Operating business segments
7.6.5.Product portfolio
7.6.6.Business performance
7.6.7.Key strategic moves and developments

7.7.MARSH AND MCLENNAN COMPANIES INC

7.7.1.Company overview
7.7.2.Key Executives
7.7.3.Company snapshot
7.7.4.Operating business segments
7.7.5.Product portfolio
7.7.6.Business performance
7.7.7.Key strategic moves and developments

7.8.TRUIST INSURANCE HOLDINGS

7.8.1.Company overview
7.8.2.Key Executives
7.8.3.Company snapshot
7.8.4.Operating business segments
7.8.5.Product portfolio
7.8.6.Business performance
7.8.7.Key strategic moves and developments

7.9.USI INSURANCE SERVICES LLC

7.9.1.Company overview
7.9.2.Key Executives
7.9.3.Company snapshot
7.9.4.Operating business segments
7.9.5.Product portfolio
7.9.6.Business performance
7.9.7.Key strategic moves and developments

7.10.WILLS TOWERS WATSON

7.10.1.Company overview
7.10.2.Key Executives
7.10.3.Company snapshot
7.10.4.Operating business segments
7.10.5.Product portfolio
7.10.6.Business performance
7.10.7.Key strategic moves and developments

LIST OF TABLES

TABLE 1.GLOBAL INSURANCE BORKERAGE MARKET, BY INSURANCE TYPE 2019-2027 ($MILLION)
TABLE 2.INSURANCE BORKERAGE MARKET FOR LIFE INSURANCE, BY REGION, 2019-2027 ($MILLION)
TABLE 3.INSURANCE BORKERAGE MARKET FOR PROPERTY AND CASUALTY INSURANCE, BY REGION, 2019-2027 ($MILLION)
TABLE 4.GLOBAL INSURANCE BORKERAGE MARKET, BY BROKERAGE TYPE 2019-2027 ($MILLION)
TABLE 5.INSURANCE BORKERAGE MARKET FOR RETAIL BROKERAGE, BY REGION, 2019-2027 ($MILLION)
TABLE 6.INSURANCE BORKERAGE MARKET FOR WHOLESALE BROKERAGE, BY REGION, 2019-2027 ($MILLION)
TABLE 7.INSURANCE BORKERAGE MARKET FOR , BY REGION, , 2019-2027 ($MILLION)
TABLE 8.NORTH AMERICA INSURANCE BORKERAGE, BY INSURANCE TYPE 2019-2027 ($MILLION)
TABLE 9.NORTH AMERICA INSURANCE BORKERAGE, BY BROKERAGE TYPE 2019-2027 ($MILLION)
TABLE 10.NORTH AMERICA INSURANCE BORKERAGE, BY REGION, 2019-2027 ($MILLION)
TABLE 11.EUROPE INSURANCE BORKERAGE, BY INSURANCE TYPE 2019-2027 ($MILLION)
TABLE 12.EUROPE INSURANCE BORKERAGE, BY BROKERAGE TYPE 2019-2027 ($MILLION)
TABLE 13.EUROPE INSURANCE BORKERAGE, BY REGION, 2019-2027 ($MILLION)
TABLE 14.ASIA PACIFIC INSURANCE BORKERAGE, BY INSURANCE TYPE 2019-2027 ($MILLION)
TABLE 15.ASIA PACIFIC INSURANCE BORKERAGE, BY BROKERAGE TYPE 2019-2027 ($MILLION)
TABLE 16.ASIA PACIFIC INSURANCE BORKERAGE, BY REGION, 2019-2027 ($MILLION)
TABLE 17.LAMEA INSURANCE BORKERAGE, BY INSURANCE TYPE 2019-2027 ($MILLION)
TABLE 18.LAMEA INSURANCE BORKERAGE, BY BROKERAGE TYPE 2019-2027 ($MILLION)
TABLE 19.LAMEA INSURANCE BORKERAGE, BY REGION, 2019-2027 ($MILLION)
TABLE 20.ACRISURE LLC: COMPANY SNAPSHOT
TABLE 21.ACRISURE LLC: OPERATING SEGMENTS
TABLE 22.AON PLC: COMPANY SNAPSHOT
TABLE 23.AON PLC: OPERATING SEGMENTS
TABLE 24.BROWN AND BROWN INC: COMPANY SNAPSHOT
TABLE 25.BROWN AND BROWN INC: OPERATING SEGMENTS
TABLE 26.GALLAGHER: COMPANY SNAPSHOT
TABLE 27.GALLAGHER: OPERATING SEGMENTS
TABLE 28.HUB INTERNATIONAL LIMITED: COMPANY SNAPSHOT
TABLE 29.HUB INTERNATIONAL LIMITED: OPERATING SEGMENTS
TABLE 30.LOCKTON COMPANIES: COMPANY SNAPSHOT
TABLE 31.LOCKTON COMPANIES: OPERATING SEGMENTS
TABLE 32.MARSH AND MCLENNAN COMPANIES INC: COMPANY SNAPSHOT
TABLE 33.MARSH AND MCLENNAN COMPANIES INC: OPERATING SEGMENTS
TABLE 34.TRUIST INSURANCE HOLDINGS: COMPANY SNAPSHOT
TABLE 35.TRUIST INSURANCE HOLDINGS: OPERATING SEGMENTS
TABLE 36.USI INSURANCE SERVICES LLC: COMPANY SNAPSHOT
TABLE 37.USI INSURANCE SERVICES LLC: OPERATING SEGMENTS
TABLE 38.WILLS TOWERS WATSON: COMPANY SNAPSHOT
TABLE 39.WILLS TOWERS WATSON: OPERATING SEGMENTS

LIST OF FIGURES

FIGURE 1.GLOBAL INSURANCE BORKERAGE MARKET SEGMENTATION
FIGURE 2.TOP INVESTMENT POCKET
FIGURE 3.TOP WINNING STRATEGIES (%)
FIGURE 4.INSURANCE BORKERAGE MARKET FOR LIFE INSURANCE, 2019-2027 ($MILLION)
FIGURE 5.INSURANCE BORKERAGE MARKET FOR PROPERTY AND CASUALTY INSURANCE, 2019-2027 ($MILLION)
FIGURE 6.INSURANCE BORKERAGE MARKET FOR RETAIL BROKERAGE, 2019-2027 ($MILLION)
FIGURE 7.INSURANCE BORKERAGE MARKET FOR WHOLESALE BROKERAGE, 2019-2027 ($MILLION)
FIGURE 8.GLOBAL INSURANCE BORKERAGE, BY REGION, 2019 (%)
FIGURE 9.US INSURANCE BORKERAGE MARKET, 2019-2027 ($MILLION)
FIGURE 10.CANADA INSURANCE BORKERAGE MARKET, 2019-2027 ($MILLION)
FIGURE 11.GERMANY INSURANCE BORKERAGE MARKET, 2019-2027 ($MILLION)
FIGURE 12.FRANCE INSURANCE BORKERAGE MARKET, 2019-2027 ($MILLION)
FIGURE 13.UK INSURANCE BORKERAGE MARKET, 2019-2027 ($MILLION)
FIGURE 14.ITALY INSURANCE BORKERAGE MARKET, 2019-2027 ($MILLION)
FIGURE 15.SPAIN INSURANCE BORKERAGE MARKET, 2019-2027 ($MILLION)
FIGURE 16.REST OF EUROPE INSURANCE BORKERAGE MARKET, 2019-2027 ($MILLION)
FIGURE 17.CHINA INSURANCE BORKERAGE MARKET, 2019-2027 ($MILLION)
FIGURE 18.JAPAN INSURANCE BORKERAGE MARKET, 2019-2027 ($MILLION)
FIGURE 19.INDIA INSURANCE BORKERAGE MARKET, 2019-2027 ($MILLION)
FIGURE 20.AUSTRALIA INSURANCE BORKERAGE MARKET, 2019-2027 ($MILLION)
FIGURE 21.SOUTH KOREA INSURANCE BORKERAGE MARKET, 2019-2027 ($MILLION)
FIGURE 22.SINGAPORE INSURANCE BORKERAGE MARKET, 2019-2027 ($MILLION)
FIGURE 23.REST OF ASIA PACIFIC INSURANCE BORKERAGE MARKET, 2019-2027 ($MILLION)
FIGURE 24.LATIN AMERICA INSURANCE BORKERAGE MARKET, 2019-2027 ($MILLION)
FIGURE 25.MIDDLE EAST INSURANCE BORKERAGE MARKET, 2019-2027 ($MILLION)
FIGURE 26.AFRICA INSURANCE BORKERAGE MARKET, 2019-2027 ($MILLION)

Major Companies

  • ACRISURE LLC
  • AON PLC
  • BROWN AND BROWN INC
  • GALLAGHER
  • HUB INTERNATIONAL LIMITED
  • LOCKTON COMPANIES
  • MARSH and MCLENNAN COMPANIES INC
  • TRUST INSURANCE HOLDINGS
  • USI INSURANCE RESOURCES LLC
  • WILLS TOWERS WATSON

Major Segmentation

  • By Brokerage Type
    • Retail brokerage
    • Wholesale Brokerage
  • By Type of Insurance
    • Life Insurance
    • Property & Casualty Insurance

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