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Insurance Agencies Global Market Report 2021: COVID-19 Impact and Recovery to 2030

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    Report

  • May 2021
  • Region: Global
  • The Business Research Company
  • ID: 5323182

FEATURED COMPANIES

  • Aon PLC
  • HUB International Ltd.
  • USI Insurance Services
Insurance Agencies Global Market Report 2021: COVID-19 Impact and Recovery to 2030 provides the strategists, marketers and senior management with the critical information they need to assess the global insurance agencies market as it emerges from the COVID-19 shut down.







Reasons to Purchase
  • Gain a truly global perspective with the most comprehensive report available on this market covering 12+ geographies.
  • Understand how the market is being affected by the coronavirus and how it is likely to emerge and grow as the impact of the virus abates.
  • Create regional and country strategies on the basis of local data and analysis.
  • Identify growth segments for investment.
  • Outperform competitors using forecast data and the drivers and trends shaping the market.
  • Understand customers based on the latest market research findings.
  • Benchmark performance against key competitors.
  • Utilize the relationships between key data sets for superior strategizing.
  • Suitable for supporting your internal and external presentations with reliable high quality data and analysis

Description:

Where is the largest and fastest growing market for the insurance agencies ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The Insurance Agencie market global report answers all these questions and many more.

The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market’s historic and forecast market growth by geography. It places the market within the context of the wider insurance agencies market, and compares it with other markets.
  • The market characteristics section of the report defines and explains the market.
  • The market size section gives the market size ($b) covering both the historic growth of the market, the impact of the COVID-19 virus and forecasting its recovery.
  • Market segmentations break down market into sub markets.
  • The regional and country breakdowns section gives an analysis of the market in each geography and the size of the market by geography and compares their historic and forecast growth. It covers the impact and recovery trajectory of COVID-19 for all regions, key developed countries and major emerging markets.
  • Competitive landscape gives a description of the competitive nature of the market, market shares, and a description of the leading companies. Key financial deals which have shaped the market in recent years are identified.
  • The trends and strategies section analyses the shape of the market as it emerges from the crisis and suggests how companies can grow as the market recovers.
  • The insurance agencies market section of the report gives context. It compares the insurance agencies market with other segments of the insurance agencies market by size and growth, historic and forecast.

Scope

Markets Covered:

1) By Insurance: Life Insurance; Property & Casualty Insurance; Health & Medical Insurance; Others 2) By Mode: Online; Offline 3) By End User: Corporate; Individual

Companies Mentioned: McGriff Insurance Services; Marsh & McLennan Agency LLC; Aon PLC; Brown & Brown Insurance Inc.; HUB International Ltd.

Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA

Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa

Time series: Five years historic and ten years forecast.

Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita,

Data segmentations: country and regional historic and forecast data, market share of competitors, market segments.

Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.
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Frequently Asked Questions about the Global Insurance Agencies Market

What is the estimated value of the Global Insurance Agencies Market?

The Global Insurance Agencies Market was estimated to be valued at $112.0 billion in 2021.

What is the growth rate of the Global Insurance Agencies Market?

The growth rate of the Global Insurance Agencies Market is 4.8%, with an estimated value of $135.0 billion by 2025.

What is the forecasted size of the Global Insurance Agencies Market?

The Global Insurance Agencies Market is estimated to be worth $135.0 billion by 2025.

Who are the key companies in the Global Insurance Agencies Market?

Key companies in the Global Insurance Agencies Market include McGriff Insurance Services, Marsh & McLennan Agency LLC, Aon PLC, Brown & Brown Insurance Inc. and USI Insurance Services.

FEATURED COMPANIES

  • Aon PLC
  • HUB International Ltd.
  • USI Insurance Services

1. Executive Summary2. Insurance Agencies Market Characteristics3. Insurance Agencies Market Trends and Strategies4. Impact of COVID-19 on Insurance Agencies
5. Insurance Agencies Market Size and Growth
5.1. Global Insurance Agencies Historic Market, 2015-2020, $ Billion
5.1.1. Drivers of the Market
5.1.2. Restraints on the Market
5.2. Global Insurance Agencies Forecast Market, 2020-2025F, 2030F, $ Billion
5.2.1. Drivers of the Market
5.2.2. Restraints on the Market
6. Insurance Agencies Market Segmentation
6.1. Global Insurance Agencies Market, Segmentation by Insurance, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion
  • Life Insurance
  • Property & Casualty Insurance
  • Health & Medical Insurance
  • Others
6.2. Global Insurance Agencies Market, Segmentation by Mode, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion
  • Online
  • Offline
6.3. Global Insurance Agencies Market, Segmentation by End User, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion
  • Corporate
  • Individual

7. Insurance Agencies Market Regional and Country Analysis
7.1. Global Insurance Agencies Market, Split by Region, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion
7.2. Global Insurance Agencies Market, Split by Country, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion
8. Asia-Pacific Insurance Agencies Market
8.1. Asia-Pacific Insurance Agencies 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 Agencies Market, Segmentation by Insurance, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion
8.3. Asia-Pacific Insurance Agencies Market, Segmentation by End User, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion
9. China Insurance Agencies Market
9.1. China Insurance Agencies Market Overview
9.2. China Insurance Agencies Market, Segmentation by Insurance, Historic and Forecast, 2015-2020, 2020-2025F, 2030F,$ Billion
9.3. China Insurance Agencies Market, Segmentation by End User, Historic and Forecast, 2015-2020, 2020-2025F, 2030F,$ Billion
10. India Insurance Agencies Market
10.1. India Insurance Agencies Market, Segmentation by Insurance, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion
10.2. India Insurance Agencies Market, Segmentation by End User, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion
11. Japan Insurance Agencies Market
11.1. Japan Insurance Agencies Market, Segmentation by Insurance, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion
11.2. Japan Insurance Agencies Market, Segmentation by End User, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion
12. Australia Insurance Agencies Market
12.1. Australia Insurance Agencies Market, Segmentation by Insurance, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion
12.2. Australia Insurance Agencies Market, Segmentation by End User, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion
13. Indonesia Insurance Agencies Market
13.1. Indonesia Insurance Agencies Market, Segmentation by Insurance, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion
13.2. Indonesia Insurance Agencies Market, Segmentation by End User, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion
14. South Korea Insurance Agencies Market
14.1. South Korea Insurance Agencies Market, Segmentation by Insurance, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion
14.2. South Korea Insurance Agencies Market, Segmentation by End User, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion
15. Western Europe Insurance Agencies Market
15.1. Western Europe Insurance Agencies Market Overview
15.2. Western Europe Insurance Agencies Market, Segmentation by Insurance, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion
15.3. Western Europe Insurance Agencies Market, Segmentation by End User, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion
16. UK Insurance Agencies Market
16.1. UK Insurance Agencies Market, Segmentation by Insurance, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion
16.2. UK Insurance Agencies Market, Segmentation by End User, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion
17. Germany Insurance Agencies Market
17.1. Germany Insurance Agencies Market, Segmentation by Insurance, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion
17.2. Germany Insurance Agencies Market, Segmentation by End User, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion
18. France Insurance Agencies Market
18.4. France Insurance Agencies Market, Segmentation by Insurance, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion
18.5. France Insurance Agencies Market, Segmentation by End User, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion
19. Eastern Europe Insurance Agencies Market
19.1. Eastern Europe Insurance Agencies Market Overview
19.2. Eastern Europe Insurance Agencies Market, Segmentation by Insurance, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion
19.3. Eastern Europe Insurance Agencies Market, Segmentation by End User, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion
20. Russia Insurance Agencies Market
20.1. Russia Insurance Agencies Market, Segmentation by Insurance, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion
20.2. Russia Insurance Agencies Market, Segmentation by End User, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion
21. North America Insurance Agencies Market
21.1. North America Insurance Agencies Market Overview
21.2. North America Insurance Agencies Market, Segmentation by Insurance, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion
21.3. North America Insurance Agencies Market, Segmentation by End User, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion
22. USA Insurance Agencies Market
22.1. USA Insurance Agencies Market Overview
22.2. USA Insurance Agencies Market, Segmentation by Insurance, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion
22.3. USA Insurance Agencies Market, Segmentation by End User, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion
23. South America Insurance Agencies Market
23.1. South America Insurance Agencies Market Overview
23.2. South America Insurance Agencies Market, Segmentation by Insurance, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion
23.3. South America Insurance Agencies Market, Segmentation by End User, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion
24. Brazil Insurance Agencies Market
24.1. Brazil Insurance Agencies Market, Segmentation by Insurance, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion
24.2. Brazil Insurance Agencies Market, Segmentation by End User, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion
25. Middle East Insurance Agencies Market
25.1. Middle East Insurance Agencies Market Overview
25.2. Middle East Insurance Agencies Market, Segmentation by Insurance, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion
25.3. Middle East Insurance Agencies Market, Segmentation by End User, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion
26. Africa Insurance Agencies Market
26.1. Africa Insurance Agencies Market Overview
26.2. Africa Insurance Agencies Market, Segmentation by Insurance, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion
26.3. Africa Insurance Agencies Market, Segmentation by End User, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion
27. Insurance Agencies Market Competitive Landscape and Company Profiles
27.1. Insurance Agencies Market Competitive Landscape
27.2. Insurance Agencies Market Company Profiles
27.2.1. McGriff Insurance Services
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. Marsh & McLennan Agency LLC
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. Aon PLC
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 Agencies Market29. Insurance Agencies Market Future Outlook and Potential Analysis
30. Appendix
30.1. Abbreviations
30.2. Currencies
30.3. Research Inquiries
30.4. About the Publisher
30.5. Copyright and Disclaimer

FEATURED COMPANIES

  • Aon PLC
  • HUB International Ltd.
  • USI Insurance Services
Major players in the insurance agencies market are McGriff Insurance Services, Marsh & McLennan Agency LLC, Aon PLC, Brown & Brown Insurance Inc., and HUB International Ltd.

The global insurance agencies market is expected to grow from $109.91 billion in 2020 to $111.98 billion in 2021 at a compound annual growth rate (CAGR) of 1.9%. 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 $135 billion in 2025 at a CAGR of 4.8%.

The insurance agencies market consists of sales of insurance policies by entities (organizations, sole traders, and partnerships) that act as agents in selling annuities and insurance policies.

Introduction to technology-enabled services and platforms is a leading trend in the insurance agencies market. Insurance and technology companies are assisting insurance agencies by developing technology-enabled services and platforms for enhancing smooth customer experience and versatility. For instance, in 2019, Nationwide and Bold Penguin partnered to launch the commercial digital storefront, to deliver an easy-to-use single-entry software that allows agents to reach the best markets in record time, and in July 2020 the companies are now validating an independent agent-facing commercial insurance quoting and sales platform. Furthermore, in April 2020, Aureus Analytics, an artificial intelligence technology company, partnered with HawkSoft to help independent insurance agents understand better how well their agency serves the insured.

The insurance agencies market covered in this report is segmented by insurance into life insurance; property & casualty insurance; health & medical insurance; others. It is also segmented by mode into online; offline and by end user into corporate; individual.

In March 2020, USI Insurance Services, a USA based consulting and insurance brokerage firm with expertise in risk management, employee benefit, and retirement plan consulting has acquired Full Service Insurance Agency, Inc. for an undisclosed amount. This acquisition is expected to expand USI Insurance Services' commercial, employee benefit, and personal risk expertise into Tennessee. Full Service Insurance, Inc., is a US-based insurance agency, concentrating on commercial insurance, employee benefits, and risk solutions for businesses and individuals.

Increased awareness about the benefits of insurance coverage is expected to drive the insurance agencies market. The pandemic has alerted the public and made them aware of the uncertainty, which led them towards opting for insurance to protect their and their families' lives. For instance, according to the Max Bupa survey on the difference of mindset of people before and after the COVID-19 onset, during pre-COVID times the percentage of buyers and planners for comprehensive plans was 32% and 41%, respectively. The demand for insurance plans has seen a significant increase over the last few months, with the percentage of buyers and people intending to buy rising to 55% and 60%. The insurance agencies help the people in obtaining the best insurance policy as per their need and budget. Hence, a higher awareness rate among the public on the benefits of insurance coverage aids in the growth of the insurance agencies market.

Change in consumers' behavior of approaching the insurance providers directly for availing insurance policies instead of insurance agencies is expected to hinder the market growth. Customers feel empowered to forego agents and brokers as most of the insurance providers are providing online services. According to Capgemini and Efma’s World Insurance Report 2020, people of all ages are now adopting a millennial mentality where they trust their research through a variety of channels, primarily digital channels to gather information and directly purchase insurance products online. Moreover, online term plans offered by life insurance companies are comparatively 20-30% cheaper than offline ones. Thus, changing customer-approach towards insurance agencies eliminates the involvement of agencies and brokers in the process of insurance purchase, which in turn is restricting the growth of the insurance agencies market.

A selection of companies mentioned in this report includes:

  • McGriff Insurance Services
  • Marsh & McLennan Agency LLC
  • Aon PLC
  • Brown & Brown Insurance Inc.
  • HUB International Ltd.
  • USI Insurance Services

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