Insurance Brokers And Agents Global Market To Reach Value Of About $457 Billion In 2025
24 May, 2021
The insurance brokers and agents market consists of sales of insurance policies by entities (organizations, sole traders and partnerships) and individuals that act as intermediaries (i.e., agents or brokers) in selling annuities and insurance policies. They represent consumers or insurance providers or both in insurance premium collection. Insurance brokers and agents can be contracted with single or multiple insurance companies as they try to meet different client needs with available insurance products. This market excludes the direct selling of insurance products by insurance companies. The value of the market is based on the fees or commissions paid to brokers by the insured, both commercial and personal
Global Insurance Brokers And Agents Market Size And Drivers:
The global insurance brokers & agents market is expected to grow from $350.24 billion in 2020 to $362.54 billion in 2021 at a compound annual growth rate (CAGR) of 3.5%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $457.31 billion in 2025 at a CAGR of 6%.
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Trends In The Global Insurance Brokers And Agents Market
Insurance brokers and agents are investing in digital technologies to offer services online and thereby increase sales and boost margins. Digitalization is a process of converting information into digital formats. This includes providing tools and resources to agents and brokers in digital formats through insurance portals, exchange websites and digital distribution channels. These web-based portals and other digital channels are aimed at improving efficiency in business processing and reduction of costs. For instance, according to insurance digital transformation survey, 39% of agents provide web-based portals to allow customers to request policy changes, check policy information and payments, report claims, obtain insurance ID cards, and get insurance certificates, and, 78% of them are increasingly using social media to acquire new customers on Facebook and 68% through LinkedIn. Some of the major insurance companies offering insurance portals and digital distribution channels are Marsh & McLennan Cos. Inc, Willis Towers Watson P.L.C and Aon P.L.C.
Global Insurance Brokers And Agents Market Segments:
The global insurance brokers and agents market is further segmented based on type and geography.
By Type:Insurance Agencies, Insurance Brokers, Bancassurance, Other Intermediaries
By End User: Corporate, Individual
By Mode: Online, Offline
By Insurance: Life Insurance, Property & Casualty Insurance, Health & Medical Insurance
By Geography: The global insurance brokers and agents market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa. Among these regions, the North American insurance brokers and agents market accounts for the largest share in the global insurance brokers and agents market.
Read More On The Report For The Global Insurance Brokers And Agents Market At:https://www.thebusinessresearchcompany.com/report/insurance-brokers-and-agents-global-market-report-2020-30-covid-19-impact-and-recovery
Insurance Brokers And Agents Global Market Report 2021 is one of a series of new reports from The Business Research Company that provides insurance brokers and agents market overviews, analyzes and forecasts market size and growth for the global insurance brokers and agents market, insurance brokers and agents market share, insurance brokers and agents market players, insurance brokers and agents market segments and geographies, insurance brokers and agents market’s leading competitors’ revenues, profiles and market shares. The insurance brokers and agents market report identifies top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.