What is the current size and annual growth rate of the insurance (providers, brokers and re-insurers) market?
The insurance (providers, brokers and re-insurers) market size has grown strongly in recent years. It will grow from $7751.02 billion in 2024 to $8307.01 billion in 2025 at a compound annual growth rate (CAGR) of 7.2%. The growth in the historic period can be attributed to rising diabetes prevalence, advancements in insulin delivery, patient preference for convenience, aging population.
The insurance (providers, brokers and re-insurers) market size is expected to see strong growth in the next few years. It will grow to $10832.92 billion in 2029 at a compound annual growth rate (CAGR) of 6.9%. The growth in the forecast period can be attributed to emerging markets growth, regulatory support and reimbursement, personalized medicine, value-based healthcare. Major trends in the forecast period include artificial intelligence (ai) integration, handheld and wireless ultrasound devices, 3d/4d imaging, fusion imaging.
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Which major factors have contributed to the expansion of the insurance (providers, brokers and re-insurers) market?
The global payments industry has witnessed a rapid increase in the adoption of EMV technology. This growth is driven by the higher level of data security offered by EMV chips and PIN cards as compared to traditional magnetic stripe cards. EMV is a security standard for various payment cards, including debit, credit, charge, and prepaid cards. The chip carries data for the cardholder and the account, which is protected using both hardware and software security measures. For instance, in August 2023, according to Thales Group, a France-based manufacturer of electrical systems, in 2023, 69.25% of all issued payment cards worldwide were EMV chip-based in 2022. EMV card transactions increased from 77,52% in 2021 to 87,19% in 2022.
How is the insurance (providers, brokers and re-insurers) market segmented?
The insurance (providers, brokers and re-insurers) market covered in this report is segmented –
1) By Type: Insurance Providers, Insurance Brokers And Agents, Reinsurance Providers
2) By Mode: Online, Offline
3) By End User: Corporate, Individual
Subsegments:
1) By Insurance Providers: Life Insurance, Health Insurance, Property And Casualty Insurance, Auto Insurance, Commercial Insurance, Others (Travel Insurance, Pet Insurance)
2) By Insurance Brokers and Agents: Independent Brokers, Captive Agents, Direct Brokers, Online Brokers
3) By Reinsurance Providers: Life Reinsurance, Non-life Reinsurance, Facultative Reinsurance, Treaty Reinsurance
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Who are the top competitors in the insurance (providers, brokers and re-insurers) market?
Major companies operating in the insurance (providers, brokers and re-insurers) market include UnitedHealth Group, Axa S.A., Munich Re, Allianz SE, Generali Group, Swiss Re Ltd., Hannover Reinsurance S.E., Berkshire Hathaway Assurance, Progressive Corporation, Allstate Corporation, Liberty Mutual Insurance Group, The Travelers Companies Inc., USAA, Chubb Limited, Nationwide Mutual Insurance Company, American International Group Inc., American Family Insurance Group, Erie Insurance Group, Auto-Owners Insurance Group, CNA Financial Corporation, The Hartford Financial Services Group Inc., State Auto Financial Corporation, Cincinnati Financial Corporation, Mercury General Corporation, AmTrust Financial Services Inc., AXIS Capital Holdings Limited, Taiping Reinsurance Co. Ltd., Marsh McLennan Companies Inc., Aon plc, Willis Towers Watson Holdings plc, Arthur J. Gallagher & Co., Hub International Limited, Brown & Brown Inc., Lincoln Financial Group.
What are the top industry trends projected to impact the insurance (providers, brokers and re-insurers) market?
Major companies operating in the insurance market are innovating new technologies, such as robotic errors and omissions insurance product, to sustain their position in the market. Robotic errors and omissions insurance is a specialized insurance product that provides professional liability coverage specifically geared towards robotics services. For instance, in September 2022, Koop Technologies, a US-based insurance technology company, launched the robotic errors and omissions Insurance Product. Robotic Errors and Omissions Insurance is a type of professional liability insurance. This is designed for manufacturers, operators, and service providers of robots and off-road autonomous vehicles from a range of sectors. This insurance coverage focuses on automation risks and serves the unique needs of the robotics ecosystem. This also covers the legal costs if a third party claims that a robotics company caused them financial loss.
What are the major regional insights for the insurance (providers, brokers and re-insurers) market, and which region holds the top position?
North America was the largest region in the insurance (providers, brokers, and re-insurers) market in 2023. Asia-Pacific was the second largest region in the global insurance (providers, brokers, and re-insurers) market. The regions covered in the insurance (providers, brokers, and re-insurers) market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
What Does The Insurance (Providers, Brokers and Re-Insurers) Market Report 2025 Offer?
The insurance (providers, brokers and re-insurers) market research report from The Business Research Company offers global market size, growth rate, regional shares, competitor analysis, detailed segments, trends, and opportunities.
Insurance (providers, brokers, and re-insurers) refers to the key roles in the insurance industry. Providers are companies that underwrite and offer insurance policies, while brokers act as intermediaries, helping clients find the best policies from various insurers. Re-insurers provide insurance to insurers, sharing risk to protect against large-scale financial losses.
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