The Business Research Company’s report on the Insurance Brokers Market provides insights into the global market size, growth rate, regional distribution, competitive landscape, key segments, emerging trends, and strategic opportunities.
What are the primary drivers fueling the growth of the insurance brokers market in recent years?
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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What is the projected market size of the insurance brokers industry, and how is it expected to grow?
The insurance brokers market size has grown strongly in recent years. It will grow from $119.37 billion in 2024 to $125.38 billion in 2025 at a compound annual growth rate (CAGR) of 5.0%. The growth in the historic period can be attributed to strong economic growth in emerging markets, government led insurance reforms, increasing healthcare costs, and impact of COVID-19.
The insurance brokers market size is expected to see steady growth in the next few years. It will grow to $151.24 billion in 2029 at a compound annual growth rate (CAGR) of 4.8%. The growth in the forecast period can be attributed to an increase in chronic diseases and disabilities, growth of the middle-class in emerging markets, and increasing mergers and acquisitions. Major trends in the forecast period include technologies to aid automation of insurance, adaption of insurance portals and digital distribution channels for efficiency, entry of nontraditional firms in the insurance brokers market, and increasing mergers and acquisitions.
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Who are the key players driving competition in the insurance brokers market?
Major companies operating in the insurance brokers market include 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., 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, 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, Insurance Brokers of Nigeria (Ibn), Northlink Insurance Brokers, Carrier Insurance Brokers, Glanvills Enthoven, Union Commercial Insurance Brokers
What key trends are expected to drive the insulin drugs market during the forecast period?
Major companies operating in the insurance brokers market are focused on developing insurance platforms to streamline operations, enhance customer experience, improve policy management, and provide more personalized and efficient insurance solutions through digital transformation and automation. Insurance platform, aimed at enhancing the management of healthcare and insurance services. This innovative platform integrates technology, data-driven insights, and personalized care to streamline the user experience in navigating health insurance. For instance, in May 2024, Riskbirbal Insurance Brokers Pvt Ltd, an India-based company, launched Wellconnect platform. Wellconnect centralizes all relevant information regarding health insurance services, making it easier for users to access what they need without having to navigate multiple sources. Wellconnect integrates seamlessly with existing Human Resource Management Systems (HRMS), facilitating a streamlined onboarding process for new users and ensuring that all health-related benefits are easily accessible.
Which key geographies are driving the growth of the insurance brokers market?
North America was the largest region in the insurance brokers market in 2024. 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
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What are the key segments driving growth in the insurance brokers market?
The insurance brokers market covered in this report is segmented –
1) By Type: Life Insurance, General Insurance, Health Insurance, Other Types
2) By Mode: Offline, Online
3) By End User: Corporate, Individuals
Subsegments:
1) By Life Insurance: Term Life Insurance, Whole Life Insurance, Universal Life Insurance
2) By General Insurance: Property Insurance, Liability Insurance, Auto Insurance
3) By Health Insurance: Individual Health Plans, Group Health Plans, Critical Illness Insurance
4) By Other Types: Travel Insurance, Pet Insurance, Specialty Insurance
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What defines the structure and scope of the insurance brokers market?
An insurance broker is a person who is authorized to sell insurance and frequently collaborates with numerous insurance providers to provide customers with a range of products.
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