Global Insurance Agencies Market Share Report 2024, Forecast To 2033
12 Jan, 2024
The insurance agencies market has witnessed steady growth, increasing from $125.25 billion in 2023 to $129.89 billion in 2024, with a 3.7% CAGR. Historical growth drivers include economic conditions, regulatory environment, demographics, and the competitive landscape. The forecast indicates steady growth, reaching $149.72 billion in 2028, with a 3.6% CAGR. Ongoing factors include customer expectations, climate change and natural disasters, ESG (environmental, social, and governance) factors, health and wellness trends, insurance distribution channels, and remote work and digital operations. Emerging trends include technology adoption, insurtech integration, data analytics and AI, customer-centric focus, product diversification, and partnerships and alliances.
Global Insurance Agencies Market Key Driver
Rising awareness about insurance benefits drives the insurance agency market. The pandemic instilled a sense of uncertainty, prompting individuals to seek insurance coverage. Max Bupa's survey reveals a substantial increase in insurance plan interest, with buyers rising from 32% to 55%, and planners from 41% to 60%. Increased public awareness about insurance coverage benefits boosts the growth of insurance agencies.
Get A Free Sample Of The Global Insurance Agencies Market ReportGlobal Insurance Agencies Market Segments
The insurance agencies market covered in this report is segmented –
1)By Insurance: Life Insurance, Property And Casualty Insurance, Health And Medical Insurance, Other Insurance
2)By Mode: Online, Offline
3)By End User: Corporate, Individual
By Geography: The regions covered in the insurance agencies market report are Asia-Pacific, Western Europe, Eastern Europe,North America, South America, Middle East, and Africa. Among these regions
North America was the largest region in the insurance agencies accounting for in 2023. Western Europe was the second largest region in the insurance agencies market. The regions covered in the insurance agencies market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
Major Insurance Agencies Industry Players
McGriff Insurance Services LLC, Marsh & McLennan Agency LLC, Aon PLC, Brown & Brown Insurance Inc., HUB International Ltd., USI Insurance Services, AXA Equitable Holdings Inc., Arthur J. Gallagher & Co, BRP Group Inc., Brookfield Residential Properties Inc., China United Insurance Service Inc., Corvel Corp, Crawford & Co, Equitable Holdings Inc., Erie Indemnity Co, Fanhua Inc., GoHealth Inc., Goosehead Insurance Inc., Hagerty Inc., Huize Holding Ltd., Prevention Insurance.Com, Reliance Global Group, RSC Insurance Brokerage Inc., IMA World Insurance Associates LLC, Higginbotham, Highstreet Insurance Partners Inc., Hilb Group LLC, Leavitt Group, Insurance Office of America Inc., Frankenmuth Insurance
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Insurance Agencies Market Overview
An insurance agency is a business or individual authorized by an insurance company to sell their insurance products on their behalf. They find, write, and bind policies between their clients and insurance companies.
Insurance Agencies Global Market Report 2023 provides data on the global insurance agencies market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The insurance agencies market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.