Insurance Brokers Market Report 2022 – By Type (Life Insurance, General Insurance, Health Insurance), By Mode (Offline, Online), By End User (Corporate, Individual) – Market Size, Trends, And Global Forecast 2022-2026

Starting Price : $4000.00 | Pages : 175 | Published : March 2022 | SKU CODE : | Delivery Time: 2-3 business days | Format :


The insurance brokers market consists of sales of insurance policies by entities (organizations, sole traders, and partnerships) that act as intermediaries (i.e., agents or brokers) in selling annuities and insurance policies. Only goods and services traded between entities or sold to end consumers are included.

The main types of insurance brokers are life insurance, general insurance, health insurance, others. Life insurance in the insurance brokers market refers to the contract between the insurer and the insurance policyholder that promises to pay a total sum of money upon the death of an insured person. The services are offered in various modes such as offline, and online mode. These are used by corporate, and individuals.

The global insurance brokers market size is expected to grow from $90.52 billion in 2021 to $97.46 billion in 2022 at a compound annual growth rate (CAGR) of 7.7%. The global insurance broker market size is expected to grow to $122.69 billion in 2026 at a CAGR of 5.9%.

The increasing demand for insurance policies is expected to fuel the growth of the insurance brokers market over the coming years. The demand for insurance policies has risen due to the availability of security services and customized financial services to clients. According to the Insurance Regulatory and Development Authority (IRDAI) of India, life insurers provided 286.48 lakh new individual policies in 2019, in which LIC provided 214.04 lakh policies and 72.44 lakh policies were issued by private life insurers. Therefore, the increasing demand for insurance policies drives the growth of the insurance brokerage market.

The impact of COVID-19 is predicted to limit the growth of the insurance brokers market over the forecast period. COVID-19 pandemic has taken the lives of millions of people, affected supply chains & business sectors, and disrupted economies worldwide. Coronavirus outbreak has several impacts on the insurance sector, from employee and business continuity concerns to customer care considerations to the financial outlook. For instance, the Indian insurance industry's productivity has been hit by 30% in March 2020. The pandemic has pushed the insurance industry to heavily depend on digitalization for selling new policies, setting up claims, and making other transactions. Therefore, the impact of COVID-19 restraints the growth of the insurance brokers market.

The integration of AI in the insurance sector is a key trend gaining popularity in the insurance brokers market. The AI and human creativity combined power integrate the Intelligent Broker, an automation program for the insurance industry. Brokers will be able to resolve complicated obstacles, produce innovative products and services, and join or build new markets. In addition to this, AI in the insurance industry will improve customer service and prevent customers from fraud. In2021, 60 percent of the insurance companies are targeting AI to be used in decision making and to reduce manual input which has doubled in the last two years.

In March 2020, Aon, a UK-based global professional services firm that is engaged in selling a wide range of financial risk-mitigation products, including pension administration, insurance, and health-insurance plans acquired Willis Towers Watson for $30 billion. The acquisition provided Aon to serve in areas including intellectual property, cyber, and climate risk to the company clients. Moreover, the deal will accelerate the innovations and strengthen the company’s position in the insurance industry with more relevant solutions for clients. Willis Towers Watson is a British-American company engaged in providing risk management, insurance brokerage, and advisory services.

Major players in the market are Aon Plc, Arthur J. Gallagher & Co, BB&T Corp., Brown & Brown Insurance Inc., HUB International Ltd., Marsh & McLennan Companies Inc., NFP Corp., Willis Towers Watson Plc, Wells Fargo Insurance Services, and Meadowbrook Insurance Group.

North America was the largest region in the insurance brokers market in 2021. Western Europe was the second largest market in the global insurance brokers market. The regions covered in the global insurance brokers market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.

The countries covered in the insurance brokers market are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, and USA.

The global insurance brokers market is segmented -

1) By Type: Life Insurance, General Insurance, Health Insurance, Others

2) By Mode: Offline, Online

3) By End-User: Corporate, Individual

    Table Of Contents

    1. Executive Summary

    2. Insurance Brokers Market Characteristics

    3. Insurance Brokers Market Trends And Strategies

    4. Impact Of COVID-19 On Insurance Brokers

    5. Insurance Brokers Market Size And Growth

    5.1. Global Insurance Brokers Historic Market, 2016-2021, $ Billion

    5.1.1. Drivers Of The Market

    5.1.2. Restraints On The Market

    5.2. Global Insurance Brokers Forecast Market, 2021-2026F, 2031F, $ Billion

    5.2.1. Drivers Of The Market

    5.2.2. Restraints On the Market

    6. Insurance Brokers Market Segmentation

    6.1. Global Insurance Brokers Market, Segmentation By Type, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion

    Life Insurance

    General Insurance

    Health Insurance

    Other Types

    6.2. Global Insurance Brokers Market, Segmentation By Mode, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion

    Offline

    Online

    6.3. Global Insurance Brokers Market, Segmentation By End User, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion

    Corporate

    Individual

    7. Insurance Brokers Market Regional And Country Analysis

    7.1. Global Insurance Brokers Market, Split By Region, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion

    7.2. Global Insurance Brokers Market, Split By Country, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion

    8. Asia-Pacific Insurance Brokers Market

    8.1. Asia-Pacific Insurance Brokers Market Overview

    Region Information, Impact Of COVID-19, Market Information, Background Information, Government Initiatives, Regulations, Regulatory Bodies, Major Associations, Taxes Levied, Corporate Tax Structure, Investments, Major Companies

    8.2. Asia-Pacific Insurance Brokers Market, Segmentation By Type, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion

    9. China Insurance Brokers Market

    9.1. China Insurance Brokers Market Overview

    9.2. China Insurance Brokers Market, Segmentation By Type, Historic and Forecast, 2016-2021, 2021-2026F, 2031F,$ Billion

    10. India Insurance Brokers Market

    10.1. India Insurance Brokers Market, Segmentation By Type, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion

    11. Japan Insurance Brokers Market

    11.1. Japan Insurance Brokers Market, Segmentation By Type, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion

    12. Australia Insurance Brokers Market

    12.1. Australia Insurance Brokers Market, Segmentation By Type, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion

    13. Indonesia Insurance Brokers Market

    13.1. Indonesia Insurance Brokers Market, Segmentation By Type, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion

    14. South Korea Insurance Brokers Market

    14.1. South Korea Insurance Brokers Market, Segmentation By Type, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion

    15. Western Europe Insurance Brokers Market

    15.1. Western Europe Insurance Brokers Market Overview

    15.2. Western Europe Insurance Brokers Market, Segmentation By Type, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion

    16. UK Insurance Brokers Market

    16.1. UK Insurance Brokers Market, Segmentation By Type, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion

    17. Germany Insurance Brokers Market

    17.1. Germany Insurance Brokers Market, Segmentation By Type, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion

    18. France Insurance Brokers Market

    18.3. France Insurance Brokers Market, Segmentation By Type, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion

    19. Eastern Europe Insurance Brokers Market

    19.1. Eastern Europe Insurance Brokers Market Overview

    19.2. Eastern Europe Insurance Brokers Market, Segmentation By Type, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion

    20. Russia Insurance Brokers Market

    20.1. Russia Insurance Brokers Market, Segmentation By Type, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion

    21. North America Insurance Brokers Market

    21.1. North America Insurance Brokers Market Overview

    21.2. North America Insurance Brokers Market, Segmentation By Type, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion

    22. USA Insurance Brokers Market

    22.1. USA Insurance Brokers Market Overview

    22.2. USA Insurance Brokers Market, Segmentation By Type, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion

    23. South America Insurance Brokers Market

    23.1. South America Insurance Brokers Market Overview

    23.2. South America Insurance Brokers Market, Segmentation By Type, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion

    24. Brazil Insurance Brokers Market

    24.1. Brazil Insurance Brokers Market, Segmentation By Type, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion

    25. Middle East Insurance Brokers Market

    25.1. Middle East Insurance Brokers Market Overview

    25.2. Middle East Insurance Brokers Market, Segmentation By Type, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion

    26. Africa Insurance Brokers Market

    26.1. Africa Insurance Brokers Market Overview

    26.2. Africa Insurance Brokers Market, Segmentation By Type, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion

    27. Insurance Brokers Market Competitive Landscape And Company Profiles

    27.1. Insurance Brokers Market Competitive Landscape

    27.2. Insurance Brokers Market Company Profiles

    27.2.1. Aon Plc

    27.2.1.1. Overview

    27.2.1.2. Products and Services

    27.2.1.3. Strategy

    27.2.1.4. Financial Performance

    27.2.2. Arthur J. Gallagher & Co

    27.2.2.1. Overview

    27.2.2.2. Products and Services

    27.2.2.3. Strategy

    27.2.2.4. Financial Performance

    27.2.3. BB&T Corp.

    27.2.3.1. Overview

    27.2.3.2. Products and Services

    27.2.3.3. Strategy

    27.2.3.4. Financial Performance

    27.2.4. Brown & Brown Insurance Inc

    27.2.4.1. Overview

    27.2.4.2. Products and Services

    27.2.4.3. Strategy

    27.2.4.4. Financial Performance

    27.2.5. HUB International Ltd.

    27.2.5.1. Overview

    27.2.5.2. Products and Services

    27.2.5.3. Strategy

    27.2.5.4. Financial Performance

    29. Key Mergers And Acquisitions In The Insurance Brokers Market

    29. Insurance Brokers Market Future Outlook and Potential Analysis

    30. Appendix

    30.1. Abbreviations

    30.2. Currencies

    30.3. Research Inquiries

    30.4. The Business Research Company

    30.5. Copyright And Disclaimer

List Of Tables

    Table 1: Global Historic Market Growth, 2016-2021, $ Billion
  • Table 2: Global Forecast Market Growth, 2021-2026F, 2031F, $ Billion
  • Table 3: Global Insurance Brokers Market, Segmentation By Type, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
  • Table 4: Global Insurance Brokers Market, Segmentation By Mode, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
  • Table 5: Global Insurance Brokers Market, Segmentation By End User, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
  • Table 6: Global Insurance Brokers Market, Split By Region, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
  • Table 7: Global Insurance Brokers Market, Split By Country, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
  • Table 8: Asia-Pacific, Insurance Brokers Market, Segmentation By Type, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
  • Table 9: China, Insurance Brokers Market, Segmentation By Type, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
  • Table 10: India, Insurance Brokers Market, Segmentation By Type, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
  • Table 11: Japan, Insurance Brokers Market, Segmentation By Type, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
  • Table 12: Australia, Insurance Brokers Market, Segmentation By Type, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
  • Table 13: Indonesia, Insurance Brokers Market, Segmentation By Type, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
  • Table 14: South Korea, Insurance Brokers Market, Segmentation By Type, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
  • Table 15: Western Europe, Insurance Brokers Market, Segmentation By Type, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
  • Table 16: UK, Insurance Brokers Market, Segmentation By Type, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
  • Table 17: Germany, Insurance Brokers Market, Segmentation By Type, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
  • Table 18: France, Insurance Brokers Market, Segmentation By Type, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
  • Table 19: Eastern Europe, Insurance Brokers Market, Segmentation By Type, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
  • Table 20: Russia, Insurance Brokers Market, Segmentation By Type, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
  • Table 21: North America, Insurance Brokers Market, Segmentation By Type, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
  • Table 22: USA, Insurance Brokers Market, Segmentation By Type, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
  • Table 23: South America, Insurance Brokers Market, Segmentation By Type, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
  • Table 24: Brazil, Insurance Brokers Market, Segmentation By Type, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
  • Table 25: Middle East, Insurance Brokers Market, Segmentation By Type, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
  • Table 26: Africa, Insurance Brokers Market, Segmentation By Type, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
  • Table 27: Aon Plc Financial Performance
  • Table 28: Arthur J. Gallagher & Co Financial Performance
  • Table 29: BB&T Corp. Financial Performance
  • Table 30: Brown & Brown Insurance Inc Financial Performance
  • Table 31: HUB International Ltd. Financial Performance

List Of Figures

    Figure 1: Global Historic Market Growth, 2016-2021, $ Billion
  • Figure 2: Global Forecast Market Growth, 2021-2026F, 2031F, $ Billion
  • Figure 3: Global Insurance Brokers Market, Segmentation By Type, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
  • Figure 4: Global Insurance Brokers Market, Segmentation By Mode, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
  • Figure 5: Global Insurance Brokers Market, Segmentation By End User, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
  • Figure 6: Global Insurance Brokers Market, Split By Region, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
  • Figure 7: Global Insurance Brokers Market, Split By Country, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
  • Figure 8: Asia-Pacific, Insurance Brokers Market, Segmentation By Type, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
  • Figure 9: China, Insurance Brokers Market, Segmentation By Type, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
  • Figure 10: India, Insurance Brokers Market, Segmentation By Type, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
  • Figure 11: Japan, Insurance Brokers Market, Segmentation By Type, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
  • Figure 12: Australia, Insurance Brokers Market, Segmentation By Type, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
  • Figure 13: Indonesia, Insurance Brokers Market, Segmentation By Type, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
  • Figure 14: South Korea, Insurance Brokers Market, Segmentation By Type, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
  • Figure 15: Western Europe, Insurance Brokers Market, Segmentation By Type, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
  • Figure 16: UK, Insurance Brokers Market, Segmentation By Type, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
  • Figure 17: Germany, Insurance Brokers Market, Segmentation By Type, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
  • Figure 18: France, Insurance Brokers Market, Segmentation By Type, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
  • Figure 19: Eastern Europe, Insurance Brokers Market, Segmentation By Type, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
  • Figure 20: Russia, Insurance Brokers Market, Segmentation By Type, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
  • Figure 21: North America, Insurance Brokers Market, Segmentation By Type, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
  • Figure 22: USA, Insurance Brokers Market, Segmentation By Type, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
  • Figure 23: South America, Insurance Brokers Market, Segmentation By Type, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
  • Figure 24: Brazil, Insurance Brokers Market, Segmentation By Type, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
  • Figure 25: Middle East, Insurance Brokers Market, Segmentation By Type, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
  • Figure 26: Africa, Insurance Brokers Market, Segmentation By Type, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
  • Figure 27: Aon Plc Financial Performance
  • Figure 28: Arthur J. Gallagher & Co Financial Performance
  • Figure 29: BB&T Corp. Financial Performance
  • Figure 30: Brown & Brown Insurance Inc Financial Performance
  • Figure 31: HUB International Ltd. Financial Performance
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