Insurance Brokers Global Market Size, Industry Trends, Analysis 2023 To 2032

The Insurance Brokers Global Market Report 2023 by The Business Research Company, provides insurance brokers market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa for the 27 major global industries. The report covers a ten-year historic period – 2010-2021, and a ten-year forecast period – 2023-2032.

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According to The Business Research Company’s Insurance Brokers Global Market Report 2023, the global insurance brokers market will grow from $98.82 billion in 2022 to $105.33 billion in 2023 at a compound annual growth rate (CAGR) of 6.6%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The market size of the global insurance brokers market is expected to grow to $130.35 billion in 2027 at a CAGR of 5.5%.

The increasing demand for insurance policies is expected to fuel the growth of the insurance brokers market over the forecast period. The demand for insurance policies has risen due to the availability of security services and customized financial services to clients. According to the Insurance Regulatory and Development Authority (IRDAI) of India, the Life Insurance Corporation of India sold 2.17 crore insurance policies in the fiscal year 2021-2022 which was an 3.54% increase from previous year’s 2.10 crore policies. Therefore, the increasing demand for insurance policies drives the growth of the insurance brokerage market.

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The insurance brokers market is segmented:

1) By Type: Life Insurance, General Insurance, Health Insurance, Other Types

2) By Mode: Offline, Online

3) By End User: Corporate, Individual

The integration of AI in the insurance sector is a key trend gaining popularity in the insurance broker market. The combined power of AI and human creativity enables the Intelligent Broker, an automation programme for the insurance industry. Brokers will be able to resolve complicated obstacles, produce innovative products and services, and join or build new markets. In addition to this, AI in the insurance industry will improve customer service and prevent customers from fraud. In 2021, 60% of the insurance companies are targeting AI to be used in decision making and to reduce manual input, which has doubled in the last two years.

The insurance brokers market report table of contents includes: