FEATURED COMPANIES
- Acrisure LLC
- Aon PLC
- Arthur J Gallagher & Co.
- Brown & Brown Inc.
- HUB International Limited
- Lockton Companies Inc.
Insurance Brokers & Agents Global Market Opportunities And Strategies To 2030: COVID-19 Impact And Recovery provides the strategists, marketers and senior management with the critical information they need to assess the global insurance brokers & agents market as it emerges from the COVID 19 shut down.
Where is the largest and fastest growing market for the 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? The insurance brokers & agents 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 brokers & agents market, and compares it with other markets.
Markets Covered:
Companies Mentioned: Marsh & McLennan Cos Inc.; Aon PLC; Arthur J Gallagher & Co.; Willis Towers Watson PLC; Brown & Brown Inc.
Metrics Covered: Number of Enterprises; Number of Employees
Countries: Argentina; Australia; Austria; Belgium; Brazil; Canada; Chile; China; Colombia; Czech Republic; Denmark; Egypt; Finland; France; Germany; Hong Kong; India; Indonesia; Ireland; Israel; Italy; Japan; Malaysia; Mexico; Netherlands; New Zealand; Nigeria; Norway; Peru; Philippines; Poland; Portugal; Romania; Russia; Saudi Arabia; Singapore; South Africa; South Korea; Spain; Sweden; Switzerland; Thailand; Turkey; UAE; UK; USA; Venezuela; Vietnam
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, insurance brokers & agents indicators comparison.
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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Description:
Where is the largest and fastest growing market for the 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? The insurance brokers & agents 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 brokers & agents market, and compares it with other markets.
The report covers the following chapters
- Executive Summary - The executive summary section of the report gives a brief overview and summary of the report.
- Report Structure - This section gives the structure of the report and the information covered in the various sections.
- Introduction - This section gives the segmentation of the electronic products market by geography, by type, by mode, by insurance and by end-user covered in this report.
- Market Characteristics - The market characteristics section of the report defines and explains the insurance brokers and agents market. This chapter includes different goods covered in the report and basic definitions.
- Product Analysis - The product analysis section of the report describes the leading products in the market along with key features and differentiators for those products.
- Supply Chain - The supply chain section of the report defines and explains the key players in the insurance brokers and agents industry supply chain.
- Customer Information - This chapter covers recent customers’ trends/preferences in the global insurance brokers and agents market.
- Trends And Strategies - This chapter describes the major trends shaping the global insurance brokers and agents market. This section highlights likely future developments in the market and suggests approaches companies can take to exploit these opportunities.
- COVID-19 Impact - This chapter describes the impact that the COVID-19 pandemic had across various industries and companies in the insurance brokers and agents industry.
- Global Market Size And Growth - This section contains the global historic (2015-2020) and forecast (2020-2025, 2025-2030) market values, and drivers and restraints that support and restrain the growth of the market in the historic and forecast periods.
- Regional Analysis - This section contains the historic (2015-2020), forecast (2020-2025, 2025-2030) market value and growth and market share comparison by region.
- Segmentation - This section contains the market values (2015-2020, 2020-2025, 2025-2030) and analysis for different segments in the market.
- Global Macro Comparison - The global insurance brokers and agents market comparison with macro-economic factors gives the insurance brokers and agents market size, percentage of GDP, and average insurance brokers and agents market expenditure.
- Regional Market Size and Growth - This section contains the region’s market size (2020), historic and forecast (2015-2020, 2020-2025, 2025-2030) market values, and growth and market share comparison of major countries within the region. This report includes information on all the regions (Asia Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa).
- Competitive Landscape - This section covers details on the competitive landscape of the global insurance brokers and agents market, estimated market shares and company profiles of the leading players.
- Key Mergers And Acquisitions - This chapter gives the information on recent mergers and acquisitions in the market covered in the report. This section gives key financial details of mergers and acquisitions which have shaped the market in recent years.
- Market Background - This section describes the insurance, reinsurance and insurance brokerage market of which the insurance brokers and agents market is a segment. This chapter includes the insurance, reinsurance and insurance brokerage market 2015-25 values, and regional analyses for the insurance, reinsurance and insurance brokerage market.
- Market Opportunities And Strategies - This section includes market opportunities and strategies based on findings of the research. This section also gives information on growth opportunities across countries, segments and strategies to be followed in those markets. It gives an understanding of where there is significant business to be gained by competitors in the next five years.
- Conclusions And Recommendations - This section includes conclusions and recommendations based on findings of the research. This section also gives recommendations for insurance brokers & agent companies in terms of product/service offerings, geographic expansion, marketing strategies and target groups.
- Appendix - This section includes details on the NAICS codes covered, abbreviations and currencies codes used in this report.
Scope
Markets Covered:
- By Type: Insurance Agencies; Insurance Brokers; Bancassurance; Other Intermediaries
- By Mode: Online; Offline
- By Insurance: Life Insurance; Property & Casualty Insurance; Health & Medical Insurance
- By End-User: Individual; Corporate
Companies Mentioned: Marsh & McLennan Cos Inc.; Aon PLC; Arthur J Gallagher & Co.; Willis Towers Watson PLC; Brown & Brown Inc.
Metrics Covered: Number of Enterprises; Number of Employees
Countries: Argentina; Australia; Austria; Belgium; Brazil; Canada; Chile; China; Colombia; Czech Republic; Denmark; Egypt; Finland; France; Germany; Hong Kong; India; Indonesia; Ireland; Israel; Italy; Japan; Malaysia; Mexico; Netherlands; New Zealand; Nigeria; Norway; Peru; Philippines; Poland; Portugal; Romania; Russia; Saudi Arabia; Singapore; South Africa; South Korea; Spain; Sweden; Switzerland; Thailand; Turkey; UAE; UK; USA; Venezuela; Vietnam
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, insurance brokers & agents indicators comparison.
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.
Frequently Asked Questions about the Global Insurance Brokers & Agents Global Market
What is the estimated value of the Global Insurance Brokers & Agents Global Market?
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Note: Product cover images may vary from those shown
FEATURED COMPANIES
- Acrisure LLC
- Aon PLC
- Arthur J Gallagher & Co.
- Brown & Brown Inc.
- HUB International Limited
- Lockton Companies Inc.
1. Insurance Brokers & Agents Market Executive Summary2. Table of Contents3. List of Figures4. List of Tables5. Report Structure9. Insurance Brokers & Agents Market Product Analysis - Product Examples
6. Introduction
7. Insurance Brokers & Agents Market Characteristics
8. Insurance Brokers & Agents Market, Supply Chain Analysis
10. Insurance Brokers & Agents Market Customer Information
11. Insurance Brokers & Agents Market Trends and Strategies
12. Impact Of COVID-19 On The Insurance Brokers & Agents Market
13. Global Insurance Brokers & Agents Market Size And Growth
14. Insurance Brokers & Agents Market, Regional Analysis
15. Global Insurance Brokers & Agents Market Segmentation
16. Global Insurance Brokers & Agents Market Comparison with Macro Economic Factors
17. Asia-Pacific Insurance Brokers & Agents Market
18. Western Europe Insurance Brokers & Agents Market
19. Eastern Europe Insurance Brokers & Agents Market
20. North America Insurance Brokers & Agents Market
21. South America Insurance Brokers & Agents Market
22. Middle East Insurance Brokers & Agents Market
23. Africa Insurance Brokers & Agents Market
24. Global Insurance Brokers & Agents Market Competitive Landscape
25. Key Mergers And Acquisitions In The Insurance Brokers & Agents Market
26. Market Background: Insurance, Reinsurance And Insurance Brokerage Market
27. Insurance Brokers & Agents Global Market Opportunities And Strategies
28. Insurance, Reinsurance And Insurance Brokerage Market, Conclusions And Recommendations
29. Appendix
Note: Product cover images may vary from those shown
FEATURED COMPANIES
- Acrisure LLC
- Aon PLC
- Arthur J Gallagher & Co.
- Brown & Brown Inc.
- HUB International Limited
- Lockton Companies Inc.
This report describes and explains the insurance brokers and agents market and covers 2015 to 2020, termed the historic period, and 2020 to 2025 termed the forecast period, along with further forecasts for the period 2025-2030. The report evaluates the market across each region and for the major economies within each region.
To take advantage of the opportunities, the publisher recommends the insurance brokers & agents companies to focus on technologies to aid automation of insurance, focus on cybersecurity as top priority, focus on providing exemplary customer services, focus on cover for pandemics, adoption of automated reinsurance platforms, expand operations in emerging markets, set up automated reinsurance platforms, scale up through merger and acquisition activity, provide competitively priced offerings, increase visibility through business websites, increase partnerships with banks, leverage social media to maximize reach, focus on younger population, and increasing influx of alternative capital.
The insurance brokers and agents market reached a value of nearly $350.24 billion in 2020, having increased at a compound annual growth rate (CAGR) of 3.7% since 2015. The market is expected to grow from $350.24 billion in 2020 to $457.31 billion in 2025 at a rate of 5.5%. The market is then expected to grow at a CAGR of 5.1% from 2025 and reach $585.50 billion in 2030.
Growth in the historic period resulted from strong economic growth in emerging markets, increasing healthcare costs, and government led insurance reforms. Factors that hindered the growth of the insurance brokers and agents market during the historic period include self-insuring, low insurance penetration, falling life insurance penetration rates, and lack of awareness.
Going forward, increase in chronic diseases and disabilities, impact of covid-19, and growth of the middle-class in emerging markets will drive the growth. Factors that could hinder the growth of the insurance brokers and agents market in the future include direct sales by insurance providers, additional charges, and non-investment grade.
The insurance brokers and agents market is segmented by type into insurance agencies, insurance brokers, bancassurance, and other intermediaries. The insurance agencies market was the largest segment of the insurance brokers and agents market segmented by type, accounting for 39.4% of the total in 2020. Going forward, the bancassurance market is expected to be the fastest growing segment in the insurance brokers and agents market segmented by type, at a CAGR of 6.6% during 2020-2025.
The insurance brokers and agents market is also segmented by mode into online and offline. The offline market was the largest segment of the insurance brokers and agents market segmented by mode, accounting for 79.8% of the total in 2020. Going forward, the online segment is expected to be the fastest growing segment in the insurance brokers and agents market segmented by mode, at a CAGR of 9.3% during 2020-2025
The insurance brokers and agents market is also segmented by end-user into corporate and individual. The corporate market was the largest segment of the insurance brokers and agents market segmented by end-user, accounting for 57.8% of the total in 2020. Going forward, the individual segment is expected to be the fastest growing segment in the insurance brokers and agents market segmented by end-user, at a CAGR of 5.6% during 2020-2025.
The insurance brokers and agents market is also segmented by insurance into life insurance, property & casualty insurance and health & medical insurance. The life insurance market was the largest segment of the insurance brokers and agents market segmented by insurance, accounting for 55.3% of the total in 2020. Going forward, the health & medical insurance segment is expected to be the fastest growing segment in the insurance brokers and agents market segmented by insurance, at a CAGR of 9.2% during 2020-2025.
North America was the largest region in the insurance brokers and agents market, accounting for 43.5% of the total in 2020. It was followed by Western Europe, and then the other regions. Going forward, the fastest-growing regions in the insurance brokers and agents market will be Middle East and South America where growth will be at CAGRs of 10.7% and 9.7% respectively. These will be followed by Africa, and Eastern Europe, where the markets are expected to grow at CAGRs of 9.3% and 8.0% respectively.
The coronavirus pandemic that has swept the world is affecting every industry, in more ways than one. The insurance brokers and agents market is experiencing its fair share of the impact of COVID-19 on players in this market. People around the world have faced a severe shock with an increase in demand for life insurance. The virus can be widely spread through human contact, and governments worldwide are urging people to minimize this contact in efforts to contain the spread of the disease. Due to this, the insurance brokerage firms and agencies are trying to digitalize the process, to allow buying and disbursements of life insurance to continue as usual. The pandemic has taken a toll on new premiums on certain business lines, such as travel, events, and trade credit insurance, and losses from these lines of business may become significant.
The global insurance brokers and agents market is fragmented, with a large number of top players and small players. The top ten competitors in the market made up to 9.01% of the total market in 2020. Major players in the market include Marsh & McLennan Cos Inc, Aon PLC, Arthur J Gallagher & Co, Willis Towers Watson PLC, and Brown & Brown Inc.
The top opportunities in the insurance brokers and agents market segmented by type will arise in the insurance agencies segment, which will gain $40.4 billion of global annual sales by 2025. The top opportunities in segment by mode will arise in the offline segment, which will gain $67.6 billion of global annual sales by 2025. The top opportunities in segment by end-user will arise in the corporate segment, which will gain $61.1 billion of global annual sales by 2025. The top opportunities in segment by insurance will arise in the life insurance segment, which will gain $58.1 billion of global annual sales by 2025. The insurance brokers and agents market size will gain the most in the USA at $28.19 billion.
Market-trend-based strategies for the insurance brokers and agents industry include adoption of artificial intelligence digital insurance portal and distribution channels, strategic collaborations with baking organizations, mergers and acquisitions . Player-adopted strategies in the insurance brokers and agents industry include strategic acquisition of emerging and established companies and investments in development of digital technologies to strengthen their business and operational presence in insurance brokers and agents market across the globe.
To take advantage of the opportunities, the publisher recommends the insurance brokers & agents companies to focus on technologies to aid automation of insurance, focus on cybersecurity as top priority, focus on providing exemplary customer services, focus on cover for pandemics, adoption of automated reinsurance platforms, expand operations in emerging markets, set up automated reinsurance platforms, scale up through merger and acquisition activity, provide competitively priced offerings, increase visibility through business websites, increase partnerships with banks, leverage social media to maximize reach, focus on younger population, and increasing influx of alternative capital.
The insurance brokers and agents market reached a value of nearly $350.24 billion in 2020, having increased at a compound annual growth rate (CAGR) of 3.7% since 2015. The market is expected to grow from $350.24 billion in 2020 to $457.31 billion in 2025 at a rate of 5.5%. The market is then expected to grow at a CAGR of 5.1% from 2025 and reach $585.50 billion in 2030.
Growth in the historic period resulted from strong economic growth in emerging markets, increasing healthcare costs, and government led insurance reforms. Factors that hindered the growth of the insurance brokers and agents market during the historic period include self-insuring, low insurance penetration, falling life insurance penetration rates, and lack of awareness.
Going forward, increase in chronic diseases and disabilities, impact of covid-19, and growth of the middle-class in emerging markets will drive the growth. Factors that could hinder the growth of the insurance brokers and agents market in the future include direct sales by insurance providers, additional charges, and non-investment grade.
The insurance brokers and agents market is segmented by type into insurance agencies, insurance brokers, bancassurance, and other intermediaries. The insurance agencies market was the largest segment of the insurance brokers and agents market segmented by type, accounting for 39.4% of the total in 2020. Going forward, the bancassurance market is expected to be the fastest growing segment in the insurance brokers and agents market segmented by type, at a CAGR of 6.6% during 2020-2025.
The insurance brokers and agents market is also segmented by mode into online and offline. The offline market was the largest segment of the insurance brokers and agents market segmented by mode, accounting for 79.8% of the total in 2020. Going forward, the online segment is expected to be the fastest growing segment in the insurance brokers and agents market segmented by mode, at a CAGR of 9.3% during 2020-2025
The insurance brokers and agents market is also segmented by end-user into corporate and individual. The corporate market was the largest segment of the insurance brokers and agents market segmented by end-user, accounting for 57.8% of the total in 2020. Going forward, the individual segment is expected to be the fastest growing segment in the insurance brokers and agents market segmented by end-user, at a CAGR of 5.6% during 2020-2025.
The insurance brokers and agents market is also segmented by insurance into life insurance, property & casualty insurance and health & medical insurance. The life insurance market was the largest segment of the insurance brokers and agents market segmented by insurance, accounting for 55.3% of the total in 2020. Going forward, the health & medical insurance segment is expected to be the fastest growing segment in the insurance brokers and agents market segmented by insurance, at a CAGR of 9.2% during 2020-2025.
North America was the largest region in the insurance brokers and agents market, accounting for 43.5% of the total in 2020. It was followed by Western Europe, and then the other regions. Going forward, the fastest-growing regions in the insurance brokers and agents market will be Middle East and South America where growth will be at CAGRs of 10.7% and 9.7% respectively. These will be followed by Africa, and Eastern Europe, where the markets are expected to grow at CAGRs of 9.3% and 8.0% respectively.
The coronavirus pandemic that has swept the world is affecting every industry, in more ways than one. The insurance brokers and agents market is experiencing its fair share of the impact of COVID-19 on players in this market. People around the world have faced a severe shock with an increase in demand for life insurance. The virus can be widely spread through human contact, and governments worldwide are urging people to minimize this contact in efforts to contain the spread of the disease. Due to this, the insurance brokerage firms and agencies are trying to digitalize the process, to allow buying and disbursements of life insurance to continue as usual. The pandemic has taken a toll on new premiums on certain business lines, such as travel, events, and trade credit insurance, and losses from these lines of business may become significant.
The global insurance brokers and agents market is fragmented, with a large number of top players and small players. The top ten competitors in the market made up to 9.01% of the total market in 2020. Major players in the market include Marsh & McLennan Cos Inc, Aon PLC, Arthur J Gallagher & Co, Willis Towers Watson PLC, and Brown & Brown Inc.
The top opportunities in the insurance brokers and agents market segmented by type will arise in the insurance agencies segment, which will gain $40.4 billion of global annual sales by 2025. The top opportunities in segment by mode will arise in the offline segment, which will gain $67.6 billion of global annual sales by 2025. The top opportunities in segment by end-user will arise in the corporate segment, which will gain $61.1 billion of global annual sales by 2025. The top opportunities in segment by insurance will arise in the life insurance segment, which will gain $58.1 billion of global annual sales by 2025. The insurance brokers and agents market size will gain the most in the USA at $28.19 billion.
Market-trend-based strategies for the insurance brokers and agents industry include adoption of artificial intelligence digital insurance portal and distribution channels, strategic collaborations with baking organizations, mergers and acquisitions . Player-adopted strategies in the insurance brokers and agents industry include strategic acquisition of emerging and established companies and investments in development of digital technologies to strengthen their business and operational presence in insurance brokers and agents market across the globe.
Note: Product cover images may vary from those shown
A selection of companies mentioned in this report includes:
- 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
Note: Product cover images may vary from those shown
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