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Europe Insurance Brokerage Market - Growth, Trends, COVID-19 Impact, and Forecasts (2023-2028)

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  • 150 Pages
  • March 2023
  • Region: Europe
  • Mordor Intelligence
  • ID: 5012723
Insurance brokerage is a type of activity currently serving about 80% of insurance operations in the developed world. Insurance brokers who know the insurance market, its products, prices, and providers and understand the needs of insurance customers will gain a unique role. After looking at the practice of several European countries without insurance brokers, a very small number of insurance contracts were concluded.

The COVID-19 pandemic is pressing insurance companies to respond urgently to megatrends, most importantly, climate change and digitalization. The industry is starting to understand the physical transition more precisely and the liability risks of climate change and is revising underwriting and investments.

Given the importance of brokerage companies, the digitalization of the insurance industry also impacts the distribution channels. Aggregators, i.e., online brokers, have had their place in Europe for the past 20 years. The technological advancements ultimately shape the future of brokerage firms in Europe in the critical roles of brokers.

Brexit has an everlasting impact on every possible industry in the European Union and the United Kingdom. Brokerage firms with EU and UK operations are not exempt from this. From registration to business profitability, insurance brokers have to work more cautiously.

Europe Insurance Brokerage Market Trends

Increased Demand for Insurance Policies Driving the Insurance Brokerage Market in Europe

The expanding population of baby boomers and millennials generates growth opportunities for medical, life, and accidental insurance. Insurance brokers are focusing on insurance policies that provide maximum benefits for customers. Providing customers with security and personalized financial services has increased the demand for insurance products. Insurance firms are also investing in innovative insurance policies and services to tap their potential in insurance markets. Thus, increased awareness about the benefits of insurance policies is likely to drive the growth of the European insurance brokerage market during the forecast period.

Importance of Digital Brokers in the European Region is Expected to Surge the Market Growth

European aggregators are digital brokers, and expert advisers have evolved significantly in the past few years. As per an estimate, almost 50% of the online insurance in Europe is sold via aggregators. In many countries, aggregators have been the customer-facing side of their business. This business is mutually beneficial, as aggregators get good profit margins and a surge in M&A interest from potential acquirers. Insurers can cater to a large customer base by understanding the pros and cons of aggregators’ business models.

Aggregators generally begin as specialists in any one product and broaden their reach by incorporating more verticals. Insurance products in many major European markets still account for 75% or more of aggregators’ total revenue.

Europe Insurance Brokerage Market Competitor Analysis

The report includes an overview of the largest insurance brokers and online aggregators operating in the market studied. An oligopoly market with some of the major players dominating the market studied in terms of market share is covered in detail. The report covers company profiles of major players including, Marsh & McLennan Co., Willis Towers Watson PLc, Arthur J. Gallagher & Co., BGL Group, and others.

Additional Benefits:

  • The market estimate (ME) sheet in Excel format
  • 3 months of analyst support

Table of Contents

1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2.1 Analysis Methodology
2.2 Research Phases
4.1 Market Overview
4.1.1 Historical Performance of the Insurance Industry in Europe, by Insurance Type
4.1.2 Distribution Channels for the Insurance Market across Europe
4.1.3 Prominence of Brokers - Market Share by Insurance Types
4.1.4 Prominence of Brokers - Market Share by Country
4.2 Digital Broking
4.2.1 A Brief about Aggregators in the European Insurance Market
4.2.2 Industry Perspective on the Evolution of Broker Technology
4.2.3 Automation of Underwriting and Lead Generation Through Digital Broking
4.3 Impact of Bexit on Insurance Broking in Europe
4.3.1 Changes in Business Models of Insurance Brokers with EU Ties due to Brexit
4.3.2 Impact on Broking Business due to Brexit, by Insurance Type
4.4 Market Drivers
4.5 Market Restraints
4.6 A Brief on Evolving Regulatory Landscape in the Region
4.7 Porter's Five Forces Analysis
4.7.1 Threat of New Entrants
4.7.2 Bargaining Power of Buyers/Consumers
4.7.3 Bargaining Power of Suppliers
4.7.4 Threat of Substitute Products
4.7.5 Intensity of Competitive Rivalry
4.8 Impact of COVID-19 on the Market
5.1 By Type of Insurance
5.1.1 Life Insurance
5.1.2 Non-life Insurance
5.2 By Country
5.2.1 Germany
5.2.2 United Kingdom
5.2.3 France
5.2.4 Italy
5.2.5 Belgium
5.2.6 Spain
5.2.7 Other Countries*
6.1 Market Concentration Overview
6.2 Company Profiles
6.2.1 Marsh & McLennan Co.
6.2.2 Willis Towers Watson PLC
6.2.3 Aon PLC
6.2.4 Arthur J. Gallagher & Co.
6.2.5 BGL Group
6.2.6 AmWINS Group Inc.
6.2.7 Assured Partners Inc.
6.2.8 NFP Corp.
6.2.9 Lockton Companies
6.2.10 HUB International Ltd*

Companies Mentioned

A selection of companies mentioned in this report includes:

  • Marsh & McLennan Co.
  • Willis Towers Watson PLC
  • Aon PLC
  • Arthur J. Gallagher & Co.
  • BGL Group
  • AmWINS Group Inc.
  • Assured Partners Inc.
  • NFP Corp.
  • Lockton Companies
  • HUB International Ltd