The global insurance brokers and agents market size is expected to grow from $374.20 billion in 2021 to $409.15 billion in 2022 at a compound annual growth rate (CAGR) of 9.3%. The global insurance broker and agent market size is expected to grow to $551.88 billion in 2026 at a CAGR of 7.8%.
What is the Global Insurance Brokers & Agents Market?
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.
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What drives the Global Insurance Brokers & Agents Market?
Insurance brokers and agents are investing in digital technologies to offer services online and thereby increase sales and boost insurance brokers & agents market growth. Digitalization is the 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 an 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.
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Global Insurance Brokers & Agents Market Segments
The global insurance brokers & agents market is segmented:
By Type: Insurance Agencies, Insurance Brokers, Bancassurance, Other Intermediaries
By End-User: Corporate, Individual
By Mode: Online, Offline
By Insurance: Life Insurance, Property and Casualty Insurance, Health and Medical Insurance
By Geography: The regions covered in the insurance brokers & agents market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
Insurance Brokers & Agents Global Market Report 2022provides market size and growth forecasts for the global insurance brokers & agents market, global insurance brokers & agents market share, insurance brokers & agents market segments and geographies, insurance brokers & agents market competitive landscape including leading competitors’ revenues, profiles and market shares. The insurance brokers & agents market report identifies top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.
Global Insurance Brokers & Agents Industry Playersinclude Marsh & McLennan, Chubb Limited, Toyota Motor Corp, Arthur J. Gallagher & Co., Bank of China, Hub international, Willis Towers Watson, Brown & Brown, BB&T Insurance Holdings Inc, and Jardine Matheson. Based on industry trends and company analysis, the report explains a number of strategies for companies in the market.
