Insurance Agencies Market Size and Forecast 2024-2033| McGriff Insurance Services LLC, Marsh & McLennan Agency LLC, Aon PLC, Brown & Brown Insurance Inc., HUB International Ltd

Overview and Scope

An insurance agency is a business or individual authorized by an insurance company to sell their insurance products on their behalf. They find, write, and bind policies between their clients and insurance companies.

Sizing and Forecast

The insurance agencies market size has grown steadily in recent years. It will grow from $125.25 billion in 2023 to $129.89 billion in 2024 at a compound annual growth rate (CAGR) of 3.7%. The growth in the historic period can be attributed to economic conditions, regulatory environment, demographics, competitive landscape.

The insurance agencies market size is expected to see steady growth in the next few years. It will grow to $149.72 billion in 2028 at a compound annual growth rate (CAGR) of 3.6%. The growth in the forecast period can be attributed to customer expectations, climate change and natural disasters, esg (environmental, social, and governance) factors, health and wellness trends, insurance distribution channels, remote work and digital operations. Major trends in the forecast period include technology adoption, insurtech integration, data analytics and ai, customer-centric focus, product diversification, partnerships and alliances.

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Segmentation & Regional Insights

The insurance agencies market covered in this report is segmented –

1) By Insurance: Life Insurance, Property And Casualty Insurance, Health And Medical Insurance, Other Insurance

2) By Mode: Online, Offline

3) By End User: Corporate, Individual

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

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Major Driver Impacting Market Growth

Increased awareness about the benefits of insurance coverage is expected to drive the insurance agency’s market. The pandemic has alerted the public and made them aware of the uncertainty, which led them towards opting for insurance to protect their and their family’s lives. For instance, according to the Max Bupa survey on the difference of mindset of people before and after the COVID-19 onset, during pre-COVID times the percentage of buyers and planners for comprehensive plans was 32% and 41%, respectively. The demand for insurance plans has seen a significant increase over the last few months, with the percentages of buyers and people intending to buy rising to 55% and 60%, respectively. These insurance agencies help the people in obtaining the best insurance policy as per their needs and budget. Hence, a higher awareness rate among the public on the benefits of insurance coverage aids in the growth of the insurance agencies market.

Key Industry Players

Major companies operating in the insurance agencies market include McGriff Insurance Services LLC, Marsh & McLennan Agency LLC, Aon PLC, Brown & Brown Insurance Inc., HUB International Ltd., USI Insurance Services, AXA Equitable Holdings Inc., Arthur J. Gallagher & Co, BRP Group Inc., Brookfield Residential Properties Inc., China United Insurance Service Inc., Corvel Corp, Crawford & Co, Equitable Holdings Inc., Erie Indemnity Co, Fanhua Inc., GoHealth Inc., Goosehead Insurance Inc., Hagerty Inc., Huize Holding Ltd., Prevention Insurance.Com, Reliance Global Group, RSC Insurance Brokerage Inc., IMA World Insurance Associates LLC, Higginbotham, Highstreet Insurance Partners Inc., Hilb Group LLC, Leavitt Group, Insurance Office of America Inc., Frankenmuth Insurance

The insurance agencies market report table of contents includes

1. Executive Summary

2. Insurance Agencies Market Characteristics

3. Insurance Agencies Market Trends And Strategies

4. Insurance Agencies Market – Macro Economic Scenario

5. Global Insurance Agencies Market Size and Growth

26. South America Insurance Agencies Market

27. Brazil Insurance Agencies Market

28. Middle East Insurance Agencies Market

29. Africa Insurance Agencies Market

30. Insurance Agencies Market Competitive Landscape And Company Profiles

Top Major Players: