What Fueled Insurance Brokers & Agents Market?
The insurance brokers & agents market has seen considerable growth due to a variety of factors.
• In recent years, there has been significant growth in the market size for insurance brokers and agents. This market is poised to expand from $464.66 billion in 2024 to an estimated $496.24 billion in 2025, reflecting a compound annual growth rate (CAGR) of 6.8%.
The upward trend in the historical period is largely due to robust economic growth in burgeoning markets, escalating healthcare expenses, and insurance reforms initiated by the government.
What Is The Expected Growth In The Insurance Brokers & Agents Market Size?
The insurance brokers & agents market is expected to maintain its strong growth trajectory in upcoming years.
• Expectations are high for a substantial expansion in the insurance brokers & agents market in the upcoming years. This sector's size is anticipated to escalate to $637.12 billion in 2029, experiencing a compound annual growth rate (CAGR) of 6.4%.
The predicted expansion within the forecast period can be linked to a rise in chronic illnesses and disabilities, the effects of COVID-19, and the emergent middle-class in burgeoning markets. The key trends foreseen during the forecast period encompass embracing AI digital insurance portals and distribution networks, purposeful partnerships with banking institutions, and a spike in mergers and acquisitions.
What Main Forces Are Fueling Expansion In The Insurance Brokers & Agents Market?
Investments in digital technology are being made by insurance brokers and agents with the goal of offering online services that could lead to increased sales and improved margins. Digitalization, or the conversion of information into digital formats, involves providing agents and brokers with digital tools and resources via insurance portals, exchange websites, and digital distribution avenues. The purpose of these digital channels and portals is to enhance business processing efficiency and decrease expenses. For example, in an insurance digital transformation survey, it was revealed that 39% of agents utilize web-based portals for customers to be able to request changes to their policy, check up on policy information and payments, report claims, attain insurance ID cards, and receive insurance certificates. In addition, 78% of agents increasingly turn to social media, such as Facebook and LinkedIn (68%), to draw in new customers. Major insurance companies like Marsh & McLennan Cos., Inc., Willis Towers Watson P.L.C., and Aon P.L.C. offer these insurance portals and digital distribution channels.
What Are The Primary Segments In The Global Insurance Brokers & Agents Market?
The insurance brokers & agents market covered in this report is segmented –
1) By Type: Insurance Agencies, Insurance Brokers, Bancassurance, Other Intermediaries
2) By Insurance: Life Insurance, Property And Casualty Insurance, Health And Medical Insurance
3) By Mode: Online, Offline
4) By End User: Corporate, Individual
Subsegments:
1) By Insurance Agencies: Captive Insurance Agencies, Independent Insurance Agencies
2) By Insurance Brokers: Retail Insurance Brokers, Wholesale Insurance Brokers
3) By Bancassurance: Bank-Affiliated Insurance Products, Integrated Banking and Insurance Services
4) By Other Intermediaries: Online Insurance Platforms, Insurance Consultants, Financial Advisors Providing Insurance Products
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Which Key Trends Are Driving Changes In The Insurance Brokers & Agents Market?
Leading entities in the insurance broker and agent market are beginning to utilize innovative smart platforms to maintain their market dominance. These smart platforms refer to software solutions built to aid insurance agents and brokers in conducting their business tasks more effectively. For instance, Limit Inc., a company based in the US known for its mobile apps and web platforms, introduced a bridge platform in April 2023. This platform is designed to further the objectives of wholesale insurance brokers. It's a digital tool that lets insurance agents receive immediate commercial line quotes from their chosen carriers. Furthermore, it permits insurance brokers to interact directly with carriers, making the process more streamlined and efficient. The platform aims to enhance the effectiveness and user experience of insurance brokers by offering them real-time data and the opportunity to connect with a broader selection of carriers.
Who Are the Key Players in the Insurance Brokers & Agents Market?
Major companies operating in the insurance brokers & agents market include:
• Marsh & McLennan Cos Inc
• Aon PLC
• Arthur J Gallagher & Co
• Willis Towers Watson PLC
• Brown & Brown Inc.
• Truist Insurance Holdings Inc.
• Lockton Companies Inc
• Acrisure LLC
• USI Insurance Services LLC
• HUB International Limited
• Beacon Insurance Brokers Pvt. Ltd.
• Urjita Insurance Brokers Pvt. Ltd.
• Mahindra Insurance Brokers Limited
• EFFICIENT Insurance Brokers Pvt. Ltd.
• VIBHUTI INSURANCE BROKERS PVT. LTD.
• UNISON Insurance Broking Services Pvt. Ltd.
• UIB Insurance Brokers Private Limited
• MGA Insurance Brokers
• Mega Capital
• Roderick Insurance Brokers
• Unity Insurance Brokers
• Insurance Advisernet Australia
• Fanhua Inc.
• Chang'an Insurance Brokers Co. Ltd.
• Mintaian Insurance Surveyors & Loss Adjusters Group Co. Ltd.
• Shenzhen Huakang Insurance Agency Co. Ltd.
• Union Insurance Broker Co. Ltd.
• JiangTai Insurance Broker Co. Ltd.
• Air Union Insurance Brokers Co. Ltd.
• Huatai Insurance Agency & Consultant Service Ltd.
• Willis Insurance Brokers Co. Ltd.
• Lloyd's of London Limited (UK)
• Funk Gruppe GmbH
• Ecclesia Holding GmbH
• Insurance Brokers LLC
• MAI Insurance Brokers Poland Sp. z o.o.
• Meijers Assurantiën B.V.
• International Insurance Brokers s.r.o.
• Arthur J. Gallagher
• Lockton Inc.
• Alliant Insurance Services. Inc.
• NFP Corp.
• Assured Partners Inc.
• CBIZ. Inc.
• Canadian Insurance Brokers Inc.
• iCare Insurance Brokers
• ALIGNED Insurance Inc.
• Novamar Insurance Mexico
• JAH Insurance Brokers Corp
• THB MEXICO
• Intermediario de Reaseguro
• S.A. de C.V.
• TTMS Argentina S.A.
• 123Seguro
• Insur Insurance Company S.A.
• SRC Brokers
• Lockton Brasil Corretora de Seguros Ltda
• Uai Brazil Insurance Broker
• ALC Corretora de Seguros
• Capital Shield Insurance Brokers L.L.C.
• Nexus Insurance Brokers LLC
• Wehbe Insurance Services LLC
• New Shield Insurance Brokers LLC
• Unitrust Insurance Broker LLC
• Gulf Oasis Insurance Brokers LLC
• Earnest Insurance Brokers LLC
• Al Noor Insurance Broker
• Arab Orient Insurance Brokers
• Lusail Insurance Brokers
• Glenrand MIB Limited
• Howden
• Northlink Insurance Brokers
• Carrier Insurance Brokers
• Glanvills Enthoven
• Union Commercial Insurance Broker
What Is The Most Dominant Region In The Insurance Brokers & Agents Market?
North America was the largest region in the global insurance brokers & agents’ market, accounting for in 2024. Western Europe was the second largest region insurance brokers & agents’ market. The regions covered in the insurance brokers & agents market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
