Insurance Advisory Services Market Report 2025

The insurance advisory services market size has grown strongly in recent years. It will grow from $13.67 billion in 2024 to $14.85 billion in 2025 at a compound annual growth rate (CAGR) of 8.6%. Growth during the historic period was driven by increasing regulatory complexity in the insurance industry, global convergence of insurance regulations, mandatory risk assessment and reporting requirements, rapid expansion of insurance product portfolios, and the growing complexity of insurance policies and contracts.

The insurance advisory services market size is expected to see strong growth in the next few years. It will grow to $20.41 billion in 2029 at a compound annual growth rate (CAGR) of 8.3%. Growth in the forecast period is expected to be driven by the rise in cross-border insurance operations requiring advisory services, expansion of emerging economies and middle-income groups, increasing disposable incomes and insurable assets, greater awareness of insurance as a form of financial protection, and an aging population driving demand for retirement planning. Key trends anticipated during this period include the adoption of AI, machine learning, and predictive analytics, increased demand for digital transformation in insurance, emergence of Insurtech solutions and platforms, cloud-based scalable advisory services, and the use of real-time data processing and automation tools.

The expanding SME sector is expected to drive the growth of the insurance advisory services market in the coming years. SMEs, or small and medium-sized enterprises, operate on a smaller scale in terms of workforce and financial resources but play a significant role in economic development and job creation. The sector’s growth is fueled by increasing digital adoption, which allows SMEs to access broader markets, streamline operations, and compete more effectively with larger businesses. Insurance advisory services help SMEs identify and manage business risks, ensuring appropriate coverage to protect against financial losses and operational disruptions. For instance, in November 2024, the House of Commons Library reported that SMEs accounted for over 99% of all businesses in the UK, with around 5.5 million operating nationwide, generating 60% of employment and contributing 48% to overall business turnover.

Companies in the insurance advisory services market are increasingly focusing on integrated digital platforms to streamline risk placement and improve connectivity between brokers and insurers. Digital trading platforms automate data exchange, standardize risk information, and enable real-time matching between brokers and underwriters. For example, in May 2023, Willis Towers Watson (WTW), a UK-based advisory firm, launched Neuron, an end-to-end digital insurance platform. Neuron features a universal adapter connecting multiple broker and insurer systems, offering automation, governance, high-quality data flow, and faster, cost-efficient trading. By standardizing data formats and enabling seamless communication, the platform overcomes the limitations of disconnected digital insurance environments and supports scalable risk management.

In March 2025, Accenture Plc, an Ireland-based professional services company, acquired Altus Consulting for an undisclosed amount. The acquisition integrated Altus Consulting’s expert team into Accenture’s UK Insurance practice, bringing specialized knowledge in distribution, regulation, operations, data, and technology. This collaboration enhances Accenture’s ability to execute large-scale transformation initiatives by combining Altus’s software solutions and insights with its own technological and service capabilities. Altus Consulting, based in the US, specializes in providing insurance advisory services.

Major players in the insurance advisory services market are FTI Consulting Inc., Lockton Companies LLC, AssuredPartners NL, Davies Group Limited, CBIZ Inc., Capco, EPIC Insurance Brokers & Consultants, Sia Partners Co., Moreton & Company, Kapnick Insurance Group, The Horton Group Inc., Scofield Insurance Consulting LLC, Risk International Services Inc., Angela Adams Consulting Services Inc., JPIC Group Ltd., Reagan Consulting Inc., Alakai Global Advisors LLC, Perr&Knight Inc., Mallery Financial Inc., Mingya Insurance Brokers Co. Ltd.

North America was the largest region in the insurance advisory services market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in insurance advisory services report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa. The countries covered in the insurance advisory services market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Note that the outlook for this market is being affected by rapid changes in trade relations and tariffs globally. The report will be updated prior to delivery to reflect the latest status, including revised forecasts and quantified impact analysis. The report’s Recommendations and Conclusions sections will be updated to give strategies for entities dealing with the fast-moving international environment.

The rapid escalation of U.S. tariffs and the resulting trade tensions in spring 2025 are significantly impacting the financial sector, particularly in investment strategies and risk management. Heightened tariffs have fueled market volatility, prompting cautious behavior among institutional investors and increasing demand for hedging instruments. Banks and asset managers are facing higher costs associated with cross-border transactions, as tariffs disrupt global supply chains and dampen corporate earnings, key drivers of equity market performance. Insurance companies, meanwhile, are grappling with increased claims risks tied to supply chain disruptions and trade-related business losses. Additionally, reduced consumer spending and weakened export demand are constraining credit growth and investment appetite. The sector must now prioritize diversification, digital transformation, and robust scenario planning to navigate the heightened economic uncertainty and protect profitability.

Insurance advisory services provide expert guidance to individuals or businesses to help them understand and manage their insurance requirements. These services focus on assessing potential risks, reviewing existing coverage, and offering recommendations aligned with clients’ financial and protection goals. Their purpose is to assist clients in making informed decisions by clarifying complex insurance concepts and ensuring adequate coverage.

The main types of insurance advisory services include investment advisory, risk management advisory, claims advisory, regulatory compliance advisory, and policy analysis and recommendations. Investment advisory involves guiding clients in selecting insurance-linked investment products that align with their financial objectives, risk tolerance, and time horizon. These services cover various insurance types, including life insurance, health insurance, property and casualty insurance, commercial insurance, and specialty insurance. They are delivered through online consultations, in-person meetings, phone consultations, third-party brokers, and in-house advisory teams. End-users include original insurance advisors and reinsurance advisors.

The insurance advisory services market research report is one of a series of new reports that provides insurance advisory services market statistics, including insurance advisory services industry global market size, regional shares, competitors with a insurance advisory services market share, detailed insurance advisory services market segments, market trends and opportunities, and any further data you may need to thrive in the insurance advisory services industry. This insurance advisory services market 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 advisory services market includes revenues earned by entities by providing services such as customized insurance planning, renewal management services, risk transfer strategy design, and cost-benefit analysis. 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.

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