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Insurance Brokers & Agents Global Market Report 2024

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    Report

  • 300 Pages
  • February 2024
  • Region: Global
  • The Business Research Company
  • ID: 5939720
The insurance brokers & agents market size has grown strongly in recent years. It will grow from $436.16 billion in 2023 to $467.59 billion in 2024 at a compound annual growth rate (CAGR) of 7.2%. The expansion observed in the historical period can be attributed to factors such as strong economic growth in emerging markets, rising healthcare costs, and government-led insurance reforms.

The insurance brokers & agents market size is expected to see strong growth in the next few years. It will grow to $612.72 billion in 2028 at a compound annual growth rate (CAGR) of 7.0%. The anticipated growth in the forecast period can be attributed to factors such as an increase in chronic diseases and disabilities, the impact of COVID-19, and the growth of the middle class in emerging markets. Notable trends expected in the forecast period include the adoption of artificial intelligence in digital insurance portals and distribution channels, strategic collaborations with banking organizations, and an increase in mergers and acquisitions within the insurance industry.

Insurance brokers and agents are increasingly investing in digital technologies to expand their services online, thereby boosting sales and improving profit margins. Digitalization involves converting information into digital formats and providing agents and brokers with digital tools through insurance portals, exchange websites, and other online channels. These platforms aim to enhance business processing efficiency and reduce costs. Notably, 39% of agents offer web-based portals for customers to request policy changes, check information, make payments, report claims, and access insurance-related documents. Additionally, 78% utilize social media platforms such as Facebook and LinkedIn to attract new customers. Major players in this space, including Marsh & McLennan Cos., Inc., Willis Towers Watson P.L.C., and Aon P.L.C., are actively involved in offering insurance portals and digital distribution channels.

The growth of the insurance broker and agent market is expected to be driven by an increased demand for insurance policies. These policies, acting as contracts between individuals or entities (policyholders) and insurance companies, constitute the core products offered by insurance brokers and agents. The effective sale and management of insurance policies contribute to financial success, client satisfaction, and professional recognition. In 2022, insurance sales reached $8.75 billion, up from $8.3 billion in 2021. Furthermore, spending on private health insurance in 2021 increased by 5.8% to $1,211.4 billion, accounting for 28% of total spending. Thus, the rising demand for insurance policies is a key driver of the insurance broker and agent market.

Leading companies in the insurance broker and agent market are adopting innovative platforms such as Neuron to enhance their market position. Neuron, introduced by Willis Towers Watson Public Limited Company, is an end-to-end trading solution that connects various broker and insurer systems, facilitating the flow of risks with common data standards across multiple lines of business. Launched in May 2023, Neuron serves as a cutting-edge trading platform that enables underwriters and brokers to connect rapidly. It streamlines insurance processes by linking brokers and insurers, ensuring swift information transfer, high data quality, and more efficient decision-making.

The insurance intermediary market is witnessing the entry of nontraditional companies such as Google, Amazon, and Walmart, leveraging their brand image, substantial capital, and customer base. These companies focus on distributing health, property, and casualty insurance products. They are forming partnerships, joint ventures, and alliances with established insurance carriers to offer a range of insurance products and services to their customers. For instance, SBI General collaborated with Google Pay in October 2021, allowing users to purchase health insurance on the Google Pay app. This trend enables new entrants to gain industry insights and understand the dynamics of the insurance market.

Major companies operating in the insurance brokers & agents market report are Marsh & McLennan Cos Inc., Aon PLC, Arthur J Gallagher & Co, Willis Towers Watson PLC, Brown & Brown Inc., Truist Insurance Holdings Inc., Lockton Companies Inc., Acrisure LLC, USI Insurance Services LLC, HUB International Limited, Beacon Insurance Brokers Pvt. Ltd., Urjita Insurance Brokers Pvt. Ltd., Mahindra Insurance Brokers Limited, EFFICIENT Insurance Brokers Pvt. Ltd., VIBHUTI INSURANCE BROKERS PVT. LTD., UNISON Insurance Broking Services Pvt. Ltd., UIB Insurance Brokers Private Limited, MGA Insurance Brokers, Mega Capital, Roderick Insurance Brokers, Unity Insurance Brokers, Insurance Advisernet Australia, Fanhua Inc., Chang'an Insurance Brokers Co., Ltd., Mintaian Insurance Surveyors & Loss Adjusters Group Co., Ltd., Shenzhen Huakang Insurance Agency Co., Ltd., Union Insurance Broker Co., Ltd., JiangTai Insurance Broker Co. Ltd., Air Union Insurance Brokers Co. Ltd., Huatai Insurance Agency & Consultant Service Ltd., Willis Insurance Brokers Co. Ltd., Lloyd's of London Limited (UK), Funk Gruppe GmbH, Ecclesia Holding GmbH, Allianz Global, Crédit Agricole Assurances, CNP Assurance, Société Générale, BNP Paribas Cardif, AXA France Vie, Malakut, Insurance Brokers LLC, MAI Insurance Brokers Poland Sp. z o.o., Meijers Assurantiën B.V., International Insurance Brokers s.r.o., Arthur J. Gallagher, Lockton Inc., Alliant Insurance Services, Inc., NFP Corp., Assured Partners Inc., CBIZ, Inc., Canadian Insurance Brokers Inc., iCare Insurance Brokers, ALIGNED Insurance Inc., Novamar Insurance Mexico, JAH Insurance Brokers Corp, THB MEXICO, Intermediario de Reaseguro, S.A. de C.V., TTMS Argentina S.A., 123Seguro, Insur Insurance Company S.A., SRC Brokers, Lockton Brasil Corretora de Seguros Ltda, Uai Brazil Insurance Broker, ALC Corretora de Seguros, Capital Shield Insurance Brokers L.L.C., Nexus Insurance Brokers LLC, Wehbe Insurance Services LLC, New Shield Insurance Brokers LLC, Unitrust Insurance Broker LLC, Gulf Oasis Insurance Brokers LLC, Earnest Insurance Brokers LLC, Al Noor Insurance Broker, Arab Orient Insurance Brokers, Lusail Insurance Brokers, Glenrand MIB Limited, Howden, Northlink Insurance Brokers, Carrier Insurance Brokers, Glanvills Enthoven, Union Commercial Insurance Broker.

North America was the largest region in the global insurance brokers & agents market, accounting for in 2023. Western Europe was the second largest region insurance brokers & agents market. The regions covered in the insurance brokers & agents market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the insurance brokers & agents market report are Australia, China, India, Indonesia, Japan, South Korea, Bangladesh, Thailand, Vietnam, Malaysia, Singapore, Philippines, Hong Kong, New Zealand, USA, Canada, Mexico, Brazil, Chile, Argentina, Colombia, Peru, France, Germany, UK, Austria, Belgium, Denmark, Finland, Ireland, Italy, Netherlands, Norway, Portugal, Spain, Sweden, Switzerland, Russia, Czech Republic, Poland, Romania, Ukraine, Saudi Arabia, Israel, Iran, Turkey, UAE, Egypt, Nigeria, South Africa. The insurance brokers and agents’ market consist of sales of insurance products by entities and individuals that act as intermediaries (i.e., agents or brokers) in selling annuities and insurance policies. 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. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.


The main types of insurance brokers and agents include insurance agencies, insurance brokers, bancassurance, and other intermediaries. Insurance agencies act as intermediaries between policyholders and insurance providers. Various types of insurance offered include life insurance, property and casualty insurance, and health and medical insurance. These services can be accessed through online and offline modes and cater to both corporate and individual end-users.

The insurance brokers and agents research report is one of a series of new reports that provides insurance brokers and agents with statistics, including insurance brokers and agents industry global market size, regional shares, competitors with insurance brokers and agents share, detailed insurance brokers and agents segments, market trends and opportunities, and any further data you may need to thrive in the insurance brokers and agents industry. This insurance brokers and agents' research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

Table of Contents

1. Executive Summary2. Insurance Brokers & Agents Market Characteristics
3. Insurance Brokers & Agents Product/Service Analysis -Product/Service Examples
3.1. Insurance Brokers & Agents Supply Chain Analysis
3.1.1. Insurance Brokers & Agents Resources
3.1.2. Insurance Brokers & Agents Manufacturers
3.1.3. Insurance Brokers & Agents Distributors and Retailers
3.1.4. Insurance Brokers & Agents End Users
3.2. Insurance Brokers & Agents Customer Information
4. Insurance Brokers & Agents Market Trends and Strategies
5. Insurance Brokers & Agents Market - Macro Economic Scenario
5.1. Impact of High Inflation on the Market
5.2. Ukraine-Russia War Impact on the Market
5.3. COVID-19 Impact on the Market
6. Global Insurance Brokers & Agents Market Size and Growth
6.1. Global Insurance Brokers & Agents Market Drivers and Restraints
6.1.1. Drivers of the Market
6.1.2. Restraints of the Market
6.2. Global Insurance Brokers & Agents Historic Market Size and Growth, 2018-2023, Value ($ Billion)
6.3. Global Insurance Brokers & Agents Forecast Market Size and Growth, 2023-2028, 2033F, Value ($ Billion)
7. Insurance Brokers & Agents Market Segmentation
7.1. Global Insurance Brokers & Agents Market, Segmentation by Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • Insurance Agencies
  • Insurance Brokers
  • Bancassurance
  • Other Intermediaries
7.2. Global Insurance Brokers & Agents Market, Segmentation by Insurance, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • Life Insurance
  • Property and Casualty Insurance
  • Health and Medical Insurance
7.3. Global Insurance Brokers & Agents Market, Segmentation by Mode, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • Online
  • Offline
7.4. Global Insurance Brokers & Agents Market, Segmentation by End User, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • Corporate
  • Individual
8. Insurance Brokers & Agents Market Regional and Country Analysis
8.1. Global Insurance Brokers & Agents Market, Split by Region, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
8.2. Global Insurance Brokers & Agents Market, Split by Country, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
9. Asia-Pacific Insurance Brokers & Agents Market
9.1. Asia-Pacific Insurance Brokers & Agents 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
9.2. Asia-Pacific Insurance Brokers & Agents Market, Segmentation by Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
9.3. Asia-Pacific Insurance Brokers & Agents Market, Segmentation by Mode, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
9.4. Asia-Pacific Insurance Brokers & Agents Market, Segmentation by End User, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
10. China Insurance Brokers & Agents Market
10.1. China Insurance Brokers & Agents Market Overview
10.2. China Insurance Brokers & Agents Market, Segmentation by Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F,$ Billion
10.3. China Insurance Brokers & Agents Market, Segmentation by Mode, Historic and Forecast, 2018-2023, 2023-2028F, 2033F,$ Billion
10.4. China Insurance Brokers & Agents Market, Segmentation by End User, Historic and Forecast, 2018-2023, 2023-2028F, 2033F,$ Billion
11. India Insurance Brokers & Agents Market
11.1. India Insurance Brokers & Agents Market, Segmentation by Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
11.2. India Insurance Brokers & Agents Market, Segmentation by Mode, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
11.3. India Insurance Brokers & Agents Market, Segmentation by End User, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
12. Japan Insurance Brokers & Agents Market
12.1. Japan Insurance Brokers & Agents Market Overview
12.2. Japan Insurance Brokers & Agents Market, Segmentation by Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
12.3. Japan Insurance Brokers & Agents Market, Segmentation by Mode, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
12.4. Japan Insurance Brokers & Agents Market, Segmentation by End User, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
13. Australia Insurance Brokers & Agents Market
13.1. Australia Insurance Brokers & Agents Market, Segmentation by Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
13.2. Australia Insurance Brokers & Agents Market, Segmentation by Mode, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
13.3. Australia Insurance Brokers & Agents Market, Segmentation by End User, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
14. Indonesia Insurance Brokers & Agents Market
14.1. Indonesia Insurance Brokers & Agents Market, Segmentation by Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
14.2. Indonesia Insurance Brokers & Agents Market, Segmentation by Mode, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
14.3. Indonesia Insurance Brokers & Agents Market, Segmentation by End User, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
15. South Korea Insurance Brokers & Agents Market
15.1. South Korea Insurance Brokers & Agents Market Overview
15.2. South Korea Insurance Brokers & Agents Market, Segmentation by Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
15.3. South Korea Insurance Brokers & Agents Market, Segmentation by Mode, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
15.4. South Korea Insurance Brokers & Agents Market, Segmentation by End User, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
16. Bangladesh Insurance Brokers & Agents Market
16.1. Bangladesh, Insurance Brokers & Agents Historic Market, 2018-2023, $ Billion
16.2. Bangladesh, Insurance Brokers & Agents Forecast Market, 2018-2023, 2028F, 2033F, $ Billion
17. Thailand Insurance Brokers & Agents Market
17.1. Thailand, Insurance Brokers & Agents Historic Market, 2018-2023, $ Billion
17.2. Thailand, Insurance Brokers & Agents Forecast Market, 2018-2023, 2028F, 2033F, $ Billion
18. Vietnam Insurance Brokers & Agents Market
18.1. Vietnam, Insurance Brokers & Agents Historic Market, 2018-2023, $ Billion
18.2. Vietnam, Insurance Brokers & Agents Forecast Market, 2018-2023, 2028F, 2033F, $ Billion
19. Malaysia Insurance Brokers & Agents Market
19.1. Malaysia, Insurance Brokers & Agents Historic Market, 2018-2023, $ Billion
19.2. Malaysia, Insurance Brokers & Agents Forecast Market, 2018-2023, 2028F, 2033F, $ Billion
20. Singapore Insurance Brokers & Agents Market
20.1. Singapore, Insurance Brokers & Agents Historic Market, 2018-2023, $ Billion
20.2. Singapore, Insurance Brokers & Agents Forecast Market, 2018-2023, 2028F, 2033F, $ Billion
21. Philippines Insurance Brokers & Agents Market
21.1. Philippines, Insurance Brokers & Agents Historic Market, 2018-2023, $ Billion
21.2. Philippines, Insurance Brokers & Agents Forecast Market, 2018-2023, 2028F, 2033F, $ Billion
22. Hong kong Insurance Brokers & Agents Market
22.1. Hong Kong, Insurance Brokers & Agents Historic Market, 2018-2023, $ Billion
22.2. Hong Kong, Insurance Brokers & Agents Forecast Market, 2018-2023, 2028F, 2033F, $ Billion
23. New Zealand Insurance Brokers & Agents Market
23.1. New Zealand, Insurance Brokers & Agents Historic Market, 2018-2023, $ Billion
23.2. New Zealand, Insurance Brokers & Agents Forecast Market, 2018-2023, 2028F, 2033F, $ Billion
24. Western Europe Insurance Brokers & Agents Market
24.1. Western Europe Insurance Brokers & Agents Market Overview
24.2. Western Europe Insurance Brokers & Agents Market, Segmentation by Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
24.3. Western Europe Insurance Brokers & Agents Market, Segmentation by Mode, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
24.4. Western Europe Insurance Brokers & Agents Market, Segmentation by End User, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
25. UK Insurance Brokers & Agents Market
25.1. UK Insurance Brokers & Agents Market, Segmentation by Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
25.2. UK Insurance Brokers & Agents Market, Segmentation by Mode, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
25.3. UK Insurance Brokers & Agents Market, Segmentation by End User, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
26. Germany Insurance Brokers & Agents Market
26.1. Germany Insurance Brokers & Agents Market, Segmentation by Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
26.2. Germany Insurance Brokers & Agents Market, Segmentation by Mode, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
26.3. Germany Insurance Brokers & Agents Market, Segmentation by End User, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
27. France Insurance Brokers & Agents Market
27.1. France Insurance Brokers & Agents Market, Segmentation by Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
27.2. France Insurance Brokers & Agents Market, Segmentation by Mode, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
27.3. France Insurance Brokers & Agents Market, Segmentation by End User, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
28. Italy Insurance Brokers & Agents Market
28.1. Italy Insurance Brokers & Agents Market, Segmentation by Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
28.2. Italy Insurance Brokers & Agents Market, Segmentation by Mode, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
28.3. Italy Insurance Brokers & Agents Market, Segmentation by End User, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
29. Spain Insurance Brokers & Agents Market
29.1. Spain Insurance Brokers & Agents Market, Segmentation by Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
29.2. Spain Insurance Brokers & Agents Market, Segmentation by Mode, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
29.3. Spain Insurance Brokers & Agents Market, Segmentation by End User, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
30. Austria Insurance Brokers & Agents Market
30.1. Austria, Insurance Brokers & Agents Historic Market, 2018-2023, $ Billion
30.2. Austria, Insurance Brokers & Agents Forecast Market, 2018-2023, 2028F, 2033F, $ Billion
31. Belgium Insurance Brokers & Agents Market
31.1. Belgium, Insurance Brokers & Agents Historic Market, 2018-2023, $ Billion
31.2. Belgium, Insurance Brokers & Agents Forecast Market, 2018-2023, 2028F, 2033F, $ Billion
32. Denmark Insurance Brokers & Agents Market
32.1. Denmark, Insurance Brokers & Agents Historic Market, 2018-2023, $ Billion
32.2. Denmark, Insurance Brokers & Agents Forecast Market, 2018-2023, 2028F, 2033F, $ Billion
33. Finland Insurance Brokers & Agents Market
33.1. Finland, Insurance Brokers & Agents Historic Market, 2018-2023, $ Billion
33.2. Finland, Insurance Brokers & Agents Forecast Market, 2018-2023, 2028F, 2033F, $ Billion
34. Ireland Insurance Brokers & Agents Market
34.1. Ireland, Insurance Brokers & Agents Historic Market, 2018-2023, $ Billion
34.2. Ireland, Insurance Brokers & Agents Forecast Market, 2018-2023, 2028F, 2033F, $ Billion
35. Netherlands Insurance Brokers & Agents Market
35.1. Netherlands, Insurance Brokers & Agents Historic Market, 2018-2023, $ Billion
35.2. Netherlands, Insurance Brokers & Agents Forecast Market, 2018-2023, 2028F, 2033F, $ Billion
36. Norway Insurance Brokers & Agents Market
36.1. Norway, Insurance Brokers & Agents Historic Market, 2018-2023, $ Billion
36.2. Norway, Insurance Brokers & Agents Forecast Market, 2018-2023, 2028F, 2033F, $ Billion
37. Portugal Insurance Brokers & Agents Market
37.1. Portugal, Insurance Brokers & Agents Historic Market, 2018-2023, $ Billion
37.2. Portugal, Insurance Brokers & Agents Forecast Market, 2018-2023, 2028F, 2033F, $ Billion
38. Sweden Insurance Brokers & Agents Market
38.1. Sweden, Insurance Brokers & Agents Historic Market, 2018-2023, $ Billion
38.2. Sweden, Insurance Brokers & Agents Forecast Market, 2018-2023, 2028F, 2033F, $ Billion
39. Switzerland Insurance Brokers & Agents Market
39.1. Switzerland, Insurance Brokers & Agents Historic Market, 2018-2023, $ Billion
39.2. Switzerland, Insurance Brokers & Agents Forecast Market, 2018-2023, 2028F, 2033F, $ Billion
40. Eastern Europe Insurance Brokers & Agents Market
40.1. Eastern Europe Insurance Brokers & Agents Market Overview
40.2. Eastern Europe Insurance Brokers & Agents Market, Segmentation by Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
40.3. Eastern Europe Insurance Brokers & Agents Market, Segmentation by Mode, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
40.4. Eastern Europe Insurance Brokers & Agents Market, Segmentation by End User, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
41. Russia Insurance Brokers & Agents Market
41.1. Russia Insurance Brokers & Agents Market, Segmentation by Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
41.2. Russia Insurance Brokers & Agents Market, Segmentation by Mode, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
41.3. Russia Insurance Brokers & Agents Market, Segmentation by End User, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
42. Czech Republic Insurance Brokers & Agents Market
42.1. Czech Republic, Insurance Brokers & Agents Historic Market, 2018-2023, $ Billion
42.2. Czech Republic, Insurance Brokers & Agents Forecast Market, 2018-2023, 2028F, 2033F, $ Billion
43. Poland Insurance Brokers & Agents Market
43.1. Poland, Insurance Brokers & Agents Historic Market, 2018-2023, $ Billion
43.2. Poland, Insurance Brokers & Agents Forecast Market, 2018-2023, 2028F, 2033F, $ Billion
44. Romania Insurance Brokers & Agents Market
44.1. Romania, Insurance Brokers & Agents Historic Market, 2018-2023, $ Billion
44.2. Romania, Insurance Brokers & Agents Forecast Market, 2018-2023, 2028F, 2033F, $ Billion
45. Ukraine Insurance Brokers & Agents Market
45.1. Ukraine, Insurance Brokers & Agents Historic Market, 2018-2023, $ Billion
45.2. Ukraine, Insurance Brokers & Agents Forecast Market, 2018-2023, 2028F, 2033F, $ Billion
46. North America Insurance Brokers & Agents Market
46.1. North America Insurance Brokers & Agents Market Overview
46.2. North America Insurance Brokers & Agents Market, Segmentation by Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
46.3. North America Insurance Brokers & Agents Market, Segmentation by Mode, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
46.4. North America Insurance Brokers & Agents Market, Segmentation by End User, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
47. USA Insurance Brokers & Agents Market
47.1. USA Insurance Brokers & Agents Market Overview
47.2. USA Insurance Brokers & Agents Market, Segmentation by Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
47.3. USA Insurance Brokers & Agents Market, Segmentation by Mode, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
47.4. USA Insurance Brokers & Agents Market, Segmentation by End User, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
48. Canada Insurance Brokers & Agents Market
48.1. Canada Insurance Brokers & Agents Market Overview
48.2. Canada Insurance Brokers & Agents Market, Segmentation by Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
48.3. Canada Insurance Brokers & Agents Market, Segmentation by Mode, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
48.4. Canada Insurance Brokers & Agents Market, Segmentation by End User, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
49. Mexico Insurance Brokers & Agents Market
49.1. Mexico, Insurance Brokers & Agents Historic Market, 2018-2023, $ Billion
49.2. Mexico, Insurance Brokers & Agents Forecast Market, 2018-2023, 2028F, 2033F, $ Billion
50. South America Insurance Brokers & Agents Market
50.1. South America Insurance Brokers & Agents Market Overview
50.2. South America Insurance Brokers & Agents Market, Segmentation by Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
50.3. South America Insurance Brokers & Agents Market, Segmentation by Mode, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
50.4. South America Insurance Brokers & Agents Market, Segmentation by End User, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
51. Brazil Insurance Brokers & Agents Market
51.1. Brazil Insurance Brokers & Agents Market, Segmentation by Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
51.2. Brazil Insurance Brokers & Agents Market, Segmentation by Mode, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
51.3. Brazil Insurance Brokers & Agents Market, Segmentation by End User, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
52. Chile Insurance Brokers & Agents Market
52.1. Chile, Insurance Brokers & Agents Historic Market, 2018-2023, $ Billion
52.2. Chile, Insurance Brokers & Agents Forecast Market, 2018-2023, 2028F, 2033F, $ Billion
53. Argentina Insurance Brokers & Agents Market
53.1. Argentina, Insurance Brokers & Agents Historic Market, 2018-2023, $ Billion
53.2. Argentina, Insurance Brokers & Agents Forecast Market, 2018-2023, 2028F, 2033F, $ Billion
54. Colombia Insurance Brokers & Agents Market
54.1. Colombia, Insurance Brokers & Agents Historic Market, 2018-2023, $ Billion
54.2. Colombia, Insurance Brokers & Agents Forecast Market, 2018-2023, 2028F, 2033F, $ Billion
55. Peru Insurance Brokers & Agents Market
55.1. Peru, Insurance Brokers & Agents Historic Market, 2018-2023, $ Billion
55.2. Peru, Insurance Brokers & Agents Forecast Market, 2018-2023, 2028F, 2033F, $ Billion
56. Middle East Insurance Brokers & Agents Market
56.1. Middle East Insurance Brokers & Agents Market Overview
56.2. Middle East Insurance Brokers & Agents Market, Segmentation by Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
56.3. Middle East Insurance Brokers & Agents Market, Segmentation by Mode, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
56.4. Middle East Insurance Brokers & Agents Market, Segmentation by End User, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
57. Saudi Arabia Insurance Brokers & Agents Market
57.1. Saudi Arabia, Insurance Brokers & Agents Historic Market, 2018-2023, $ Billion
57.2. Saudi Arabia, Insurance Brokers & Agents Forecast Market, 2018-2023, 2028F, 2033F, $ Billion
58. Israel Insurance Brokers & Agents Market
58.1. Israel, Insurance Brokers & Agents Historic Market, 2018-2023, $ Billion
58.2. Israel, Insurance Brokers & Agents Forecast Market, 2018-2023, 2028F, 2033F, $ Billion
59. Iran Insurance Brokers & Agents Market
59.1. Iran, Insurance Brokers & Agents Historic Market, 2018-2023, $ Billion
59.2. Iran, Insurance Brokers & Agents Forecast Market, 2018-2023, 2028F, 2033F, $ Billion
60. Turkey Insurance Brokers & Agents Market
60.1. Turkey, Insurance Brokers & Agents Historic Market, 2018-2023, $ Billion
60.2. Turkey, Insurance Brokers & Agents Forecast Market, 2018-2023, 2028F, 2033F, $ Billion
61. United Arab Emirates Insurance Brokers & Agents Market
61.1. United Arab Emirates, Insurance Brokers & Agents Historic Market, 2018-2023, $ Billion
61.2. United Arab Emirates, Insurance Brokers & Agents Forecast Market, 2018-2023, 2028F, 2033F, $ Billion
62. Africa Insurance Brokers & Agents Market
62.1. Africa Insurance Brokers & Agents Market Overview
62.2. Africa Insurance Brokers & Agents Market, Segmentation by Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
62.3. Africa Insurance Brokers & Agents Market, Segmentation by Mode, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
62.4. Africa Insurance Brokers & Agents Market, Segmentation by End User, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
63. Egypt Insurance Brokers & Agents Market
63.1. Egypt, Insurance Brokers & Agents Historic Market, 2018-2023, $ Billion
63.2. Egypt, Insurance Brokers & Agents Forecast Market, 2018-2023, 2028F, 2033F, $ Billion
64. Nigeria Insurance Brokers & Agents Market
64.1. Nigeria, Insurance Brokers & Agents Historic Market, 2018-2023, $ Billion
64.2. Nigeria, Insurance Brokers & Agents Forecast Market, 2018-2023, 2028F, 2033F, $ Billion
65. South Africa Insurance Brokers & Agents Market
65.1. South Africa, Insurance Brokers & Agents Historic Market, 2018-2023, $ Billion
65.2. South Africa, Insurance Brokers & Agents Forecast Market, 2018-2023, 2028F, 2033F, $ Billion
66. Insurance Brokers & Agents Market Competitive Landscape and Company Profiles
66.1. Insurance Brokers & Agents Market Competitive Landscape
66.2. Insurance Brokers & Agents Market Company Profiles
66.2.1. Marsh & McLennan Cos Inc
66.2.1.1. Overview
66.2.1.2. Products and Services
66.2.1.3. Strategy
66.2.1.4. Financial Performance
66.2.2. Aon PLC
66.2.2.1. Overview
66.2.2.2. Products and Services
66.2.2.3. Strategy
66.2.2.4. Financial Performance
66.2.3. Arthur J Gallagher & Co
66.2.3.1. Overview
66.2.3.2. Products and Services
66.2.3.3. Strategy
66.2.3.4. Financial Performance
66.2.4. Willis Towers Watson PLC
66.2.4.1. Overview
66.2.4.2. Products and Services
66.2.4.3. Strategy
66.2.4.4. Financial Performance
66.2.5. Brown & Brown Inc.
66.2.5.1. Overview
66.2.5.2. Products and Services
66.2.5.3. Strategy
66.2.5.4. Financial Performance
67. Insurance Brokers & Agents Market Other Major and Innovative Companies
67.1. Truist Insurance Holdings Inc.
67.2. Lockton Companies Inc
67.3. Acrisure LLC
67.4. USI Insurance Services LLC
67.5. HUB International Limited
67.6. Beacon Insurance Brokers Pvt. Ltd.
67.7. Urjita Insurance Brokers Pvt. Ltd.
67.8. Mahindra Insurance Brokers Limited
67.9. EFFICIENT Insurance Brokers Pvt. Ltd.
67.10. VIBHUTI INSURANCE BROKERS PVT. LTD.
67.11. UNISON Insurance Broking Services Pvt. Ltd.
67.12. UIB Insurance Brokers Private Limited
67.13. MGA Insurance Brokers
67.14. Mega Capital
67.15. Roderick Insurance Brokers
68. Global Insurance Brokers & Agents Market Competitive Benchmarking69. Global Insurance Brokers & Agents Market Competitive Dashboard70. Key Mergers and Acquisitions in the Insurance Brokers & Agents Market
71. Insurance Brokers & Agents Market Future Outlook and Potential Analysis
71.1 Insurance Brokers & Agents Market in 2028 - Countries Offering Most New Opportunities
71.2 Insurance Brokers & Agents Market in 2028 - Segments Offering Most New Opportunities
71.3 Insurance Brokers & Agents Market in 2028 - Growth Strategies
71.3.1 Market Trend-based Strategies
71.3.2 Competitor Strategies
72. Appendix
72.1. Abbreviations
72.2. Currencies
72.3. Historic and Forecast Inflation Rates
72.4. Research Inquiries
72.5. About the Analyst
72.6. Copyright and Disclaimer

Executive Summary

Insurance Brokers & Agents Global Market Report 2024 provides strategists, marketers and senior management with the critical information they need to assess the market.

This report focuses on insurance brokers & agents market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.

Reasons to Purchase

  • Gain a truly global perspective with the most comprehensive report available on this market covering 50+ geographies.
  • Understand how the market has been affected by the coronavirus and how it is responding as the impact of the virus abates.
  • Assess the Russia-Ukraine war’s impact on agriculture, energy and mineral commodity supply and its direct and indirect impact on the market.
  • Measure the impact of high global inflation on market growth.
  • 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 shares.
  • Benchmark performance against key competitors.
  • Suitable for supporting your internal and external presentations with reliable high quality data and analysis.
  • Report will be updated with the latest data and delivered to you along with an Excel data sheet for easy data extraction and analysis.
  • All data from the report will also be delivered in an excel dashboard format.
Description
Where is the largest and fastest growing market for insurance brokers & agents? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? This 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.
  • 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, and forecasting its development.
  • The forecasts are made after considering the major factors currently impacting the market. These include:
  • The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
  • The impact of higher inflation in many countries and the resulting spike in interest rates.
  • The continued but declining impact of COVID-19 on supply chains and consumption patterns.
  • Market segmentations break down the 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 growth trajectory of COVID-19 for all regions, key developed countries and major emerging markets.
  • The competitive landscape chapter 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.

Report Scope

Markets Covered:
1) By Type: Insurance Agencies, Insurance Brokers, Bancassurance, Other Intermediaries
2) By Insurance: Life Insurance, Property and Casualty Insurance, Health and Medical Insurance
3) By Mode: Online, Offline
4) By End-user: Corporate, Individual

Key Companies Mentioned: Marsh & McLennan Cos Inc; Aon PLC; Arthur J Gallagher & Co; Willis Towers Watson PLC; Brown & Brown Inc.

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

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 Segmentation: 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

Delivery Format: PDF, Word and Excel Data Dashboard

Companies Mentioned (Partial List)

A selection of companies mentioned in this report includes, but is not limited to:

  • Marsh & McLennan Cos Inc
  • Aon PLC
  • Arthur J Gallagher & Co
  • Willis Towers Watson PLC
  • Brown & Brown Inc.
  • Truist Insurance Holdings Inc.
  • Lockton Companies Inc
  • Acrisure LLC
  • USI Insurance Services LLC
  • HUB International Limited
  • Beacon Insurance Brokers Pvt. Ltd.
  • Urjita Insurance Brokers Pvt. Ltd.
  • Mahindra Insurance Brokers Limited
  • EFFICIENT Insurance Brokers Pvt. Ltd.
  • VIBHUTI INSURANCE BROKERS PVT. LTD.
  • UNISON Insurance Broking Services Pvt. Ltd.
  • UIB Insurance Brokers Private Limited
  • MGA Insurance Brokers
  • Mega Capital
  • Roderick Insurance Brokers
  • Unity Insurance Brokers
  • Insurance Advisernet Australia
  • Fanhua Inc.
  • Chang'an Insurance Brokers Co., Ltd.
  • Mintaian Insurance Surveyors & Loss Adjusters Group Co., Ltd.
  • Shenzhen Huakang Insurance Agency Co., Ltd.
  • Union Insurance Broker Co., Ltd.
  • JiangTai Insurance Broker Co. Ltd.
  • Air Union Insurance Brokers Co. Ltd.
  • Huatai Insurance Agency & Consultant Service Ltd.
  • Willis Insurance Brokers Co. Ltd.
  • Lloyd's of London Limited (UK)
  • Funk Gruppe GmbH
  • Ecclesia Holding GmbH
  • Allianz Global
  • Crédit Agricole Assurances
  • CNP Assurance
  • Société Générale
  • BNP Paribas Cardif
  • AXA France Vie
  • Malakut
  • Insurance Brokers LLC
  • MAI Insurance Brokers Poland Sp. z o.o.
  • Meijers Assurantiën B.V.
  • International Insurance Brokers s.r.o.
  • Arthur J. Gallagher
  • Lockton Inc.
  • Alliant Insurance Services, Inc.
  • NFP Corp.
  • Assured Partners Inc.
  • CBIZ, Inc.
  • Canadian Insurance Brokers Inc.
  • iCare Insurance Brokers
  • ALIGNED Insurance Inc.
  • Novamar Insurance Mexico
  • JAH Insurance Brokers Corp
  • THB MEXICO, Intermediario de Reaseguro, S.A. de C.V.
  • TTMS Argentina S.A.
  • 123Seguro
  • Insur Insurance Company S.A.
  • SRC Brokers
  • Lockton Brasil Corretora de Seguros Ltda
  • Uai Brazil Insurance Broker
  • ALC Corretora de Seguros
  • Capital Shield Insurance Brokers L.L.C.
  • Nexus Insurance Brokers LLC
  • Wehbe Insurance Services LLC
  • New Shield Insurance Brokers LLC
  • Unitrust Insurance Broker LLC
  • Gulf Oasis Insurance Brokers LLC
  • Earnest Insurance Brokers LLC
  • Al Noor Insurance Broker
  • Arab Orient Insurance Brokers
  • Lusail Insurance Brokers
  • Glenrand MIB Limited
  • Howden
  • Northlink Insurance Brokers
  • Carrier Insurance Brokers
  • Glanvills Enthoven
  • Union Commercial Insurance Broker

Methodology

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