Insurance Brokers Global Market Report 2024

The insurance brokers market size has grown strongly in recent years. It will grow from $100.7 billion in 2023 to $105.81 billion in 2024 at a compound annual growth rate (CAGR) of 5.1%. The expansion observed in the historical period can be attributed to factors such as strong economic growth in emerging markets, government-led insurance reforms, rising healthcare costs, and the impact of the COVID-19 pandemic.

The insurance brokers market size is expected to see steady growth in the next few years. It will grow to $127.88 billion in 2028 at a compound annual growth rate (CAGR) of 4.8%. The anticipated growth in the forecast period can be attributed to factors such as an increase in chronic diseases and disabilities, the growth of the middle class in emerging markets, and a rise in mergers and acquisitions. Notable trends expected in the forecast period include the adoption of technologies to aid the automation of insurance processes, the adaptation of insurance portals and digital distribution channels for enhanced efficiency, the entry of non-traditional firms into the insurance brokers market, and a continued increase in mergers and acquisitions within the industry.

The anticipated growth in the insurance brokers market is fueled by an increasing demand for insurance policies, driven by the availability of security services and tailored financial solutions. In the fiscal year 2021-2022, the Life Insurance Corporation of India, as reported by the Insurance Regulatory and Development Authority (IRDAI), witnessed a 3.54% rise, selling 2.17 crore insurance policies compared to the previous year's 2.10 crore policies. This surge in insurance policy demand is a significant driver for the expansion of the insurance brokerage market.

The insurance broker market is expected to experience growth due to the rising demand for pet insurance. Pet insurance provides financial protection for veterinary costs related to pet care, aiding pet owners in managing healthcare expenses. Insurance brokers play a crucial role by offering diverse pet insurance policies to meet the evolving needs of pet owners. According to the North American Pet Health Insurance Association (NAPHIA), 5.36 million pets were insured in North America in 2022, marking a 21.7% increase from the 4.4 million in 2021. The escalating demand for pet insurance is a key factor propelling the insurance broker market.

A notable trend in the insurance brokers market is the integration of artificial intelligence (AI) in the insurance sector. The collaboration of AI and human creativity facilitates the development of the Intelligent Broker, an automation program for the insurance industry. AI empowers brokers to overcome complex challenges, innovate products and services, and explore or create new markets. Moreover, the application of AI in the insurance industry enhances customer service and safeguards against fraudulent activities. In 2021, 60% of insurance companies aimed to incorporate AI into decision-making processes and reduce manual input, indicating a doubling of interest over the past two years.

Major companies in the insurance agency broker market are concentrating on product innovation, exemplified by the introduction of Point of Sales Persons (PoSPs). The PoSPs app serves as an insurance broker app, enhancing customer experience and satisfaction by offering a swift and convenient method to purchase insurance products. Acuvisor Insurance Brokers (India) Private Limited launched PoSPs in December 2021, providing an e-learning platform to empower Point of Sales Persons (PoSPs) with training, certification, and the ability to sell various insurance products, ultimately increasing insurance product penetration.

In October 2021, Arthur J. Gallagher & Co., a US-based insurance brokerage company, acquired Edelweiss Gallagher Insurance Brokers Limited, with the aim of delivering enhanced services and insurance products to customers. Edelweiss Gallagher Insurance Brokers Limited, based in the US, was the subject of this acquisition by Arthur J. Gallagher & Co.

Major companies operating in the insurance brokers market report are Marsh & McLennan Cos Inc., Aon PLC, Arthur J Gallagher & Co, Willis Towers Watson PLC, Acrisure LLC, Brown & Brown Inc., Truist Insurance Holdings Inc., USI Insurance Services LLC, Lockton Companies Inc., 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 (India) 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., Jiangtai Insurance Broker Co. Ltd., Aon-Cofco Insurance Brokers Co. Ltd., Air Union Insurance Brokers Co. Ltd., Huatai Insurance Agency & Consultant Service Ltd., Axa France Vie, Icare Insurance Brokers, Western Europe, Lloyd's Of London Limited, Aon Holding Deutschland Gmbh, Funk Gruppe Gmbh, Ecclesia Holding Gmbh, Allianz Global, Crédit Agricole Assurances, Cnp Assurance, Société Générale, Bnp Paribas Cardif, Mai Insurance Brokers Poland Sp. Z O.O., Howden Insurance Brokers Nederland B.V, Meijers Assurantiën B.V, Aon Nederland, International Insurance Brokers S.R.O., Cbiz, Inc., Canadian Insurance Brokers Inc., Aligned Insurance Inc., Novamar Insurance, Jah Insurance Brokers Corp, Thb Mexico, Intermediario De Reaseguro, S.A. De C.V., Alliant Insurance Services, Inc., Nfp Corp, Assured Partners Inc., Aon Risk Services Argentina S.A, Ttms Argentina S.A, 123seguro, Insur Insurance Company S.A., Src Brokers, Uai Brazil Insurance Broker, Alc Corretora De Seguros, Aon Brasil - São Paulo, Ez Towers, Middle East, Bupa Arabia For Cooperative Insurance, Abu Dhabi Insurance Brokers L.L.C, Nexus Insurance Brokers Llc, Wehbe Insurance Services Llc, New Shield Insurance Brokers Llc, Gulf Oasis Insurance Brokers Llc, Earnest Insurance Brokers Llc, Al Noor Insurance Broker, Arab Orient Insurance Brokers, Lusail Insurance Brokers, Aon South Africa (Pty) Ltd., Insurance Brokers of Nigeria (Ibn), Northlink Insurance Brokers, Carrier Insurance Brokers, Glanvills Enthoven, Union Commercial Insurance Brokers.

North America was the largest region in the insurance brokers market in 2023. Western Europe was the second largest market in the global insurance brokers market share. The regions covered in the insurance brokers market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the insurance brokers market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Canada, Spain.

The primary types of insurance brokers include life insurance, general insurance, health insurance, and others. Life insurance in the insurance brokers market involves a contract between the insurer and the policyholder, promising to pay a specified sum of money upon the death of the insured person. Services offered by insurance brokers can be accessed through various modes, including offline and online, and are utilized by both corporate entities and individuals.

The insurance brokers research report is one of a series of new reports that provides insurance brokers statistics, including insurance brokers industry global market size, regional shares, competitors with insurance brokers share, detailed insurance brokers segments, market trends and opportunities, and any further data you may need to thrive in the insurance brokers industry. This insurance brokers 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 insurance brokers market consists of sales of insurance products by entities that act as intermediaries (i.e., agents or brokers) in selling annuities and insurance policies. 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 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.