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Insurance Brokerage Market By Insurance Type (Life Insurance and Property & Casualty Insurance), and Brokerage Type (Retail Brokerage and Wholesale Brokerage): Global Opportunity Analysis and Industry Forecast, 2020–2027

A10350
Pages: 278
Feb 2021 | 524 Views
 
Author(s) : Vaibhav Modi, Monica Chhabra , Vineet Kumar
Tables: 39
Charts: 26
 

COVID-19

Pandemic disrupted the entire world and affected many industries.

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Insurance Brokerage Market Outlook - 2027

The global insurance brokerage market was valued at $265.03 billion in 2019, and is projected to reach $395.04billion by 2027, growing at a CAGR of 7.3% from 2020 to 2027. An insurance broker plays a vital role in the growth of economic development and act as an intermediary between policyholder and insurers. Insurance brokers offer technical and professional advice about insurance products to their clients. The insurance products provided by brokers include medical insurance, property & casualty insurance, and health insurance. Insurance brokers work closely with their clients in order to cater to their needs with respect to coverage. Hence, insurance brokers represent consumers because they find proper terms, condition, and price and recommend them accordingly about the insurance policy that best fits the bill.

The COVID-19 outbreak had a negative impact on growth of the Insurance Brokerage Market due to decline consumer demand for insurance, shutdown of various insurance brokerage firms across the developing nations and shareholders of the publicly hold insurance brokers companies are withdrawing their contribution from the company to rise fund to fulfil their daily and conventional needs.

According to the WNS Holdings Ltd., the market has immense opportunities to grow across the world. It has been observed that insurance brokerage market reached up to $60 billion in 2019, owing to major contribution in insurance premiums accounted for more than 60% by the U.S. and European region. As digital technologies evolve, insurance broking firms are also looking for new ways to optimize their businesses. To enhance their processes, reduce cost and retain customers, insurance brokerage firms are highly investing in technologies such as AI, Big data while expanding the use of mobile devices, IoT, and others. These technologies provide extensive data and insights about clients to insurance brokerage firms and enable them to provide timely pertinent coverage based on individual needs.

Insurance-Brokerage-Market

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Increased demand for insurance policies, integration of IT & analytic solutions, and providing professional solutions and services are the major factors that drive the growth of the global insurance brokerage market. Moreover, direct purchases of insurance policies by customers and massive availability of alternative platforms for purchasing insurance policy hamper the growth of the market. Furthermore, implementation of technologies in existing products and service lines and government initiatives regarding insurance policies are expected to provide lucrative opportunity for the insurance brokerage market forecast period.

The life insurance segment is expected to garner a significant share during the forecast period owing to its various benefits provided to the end user which include guaranteed income, valuable return on investment, death benefits, tax benefits and others. However, the property & casualty insurance segment is expected to grow at the highest rate during the forecast period, due to rising awareness about the advantage of property & casualty insurance among the developing nations of Asia-Pacific and LAMEA.

Region wise, the insurance brokerage market was dominated by North America in 2019, and is expected to retain its position during the forecast period. The major factors that drive the growth of the market in this region include the presence of key players and help client find affordable home insurance, travel insurance, and health insurance. 

Moreover, several insurance brokers across the U.S. and Canada are making investment innovative technology to improve their customer retention rate and grow insurance brokerage market share. However, Asia-Pacific is expected to witness significant growth rate during the forecast period, owing to surge in adoption of mobile telematics technology by insurance companies among the developing nations such as China and India. 

The report focuses on the insurance brokerage market growth prospects, restraints, and trends of the global insurance brokerage market analysis. The study provides Porter’s five forces analysis to understand the impact of various factors such as bargaining power of suppliers, competitive intensity of competitors, threat of new entrants, threat of substitutes, and bargaining power of buyers on the global car insurance market.

Segment Review

The global insurance brokerage market is segmented on the basis of insurance type, brokerage type, and region. In terms of insurance type, it is fragmented into life insurance and P&C insurance. Depending on brokerage type, it is bifurcated into retail brokerage and wholesale brokerage. Region wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

Insurance Brokerage Market
By Insurance Type

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P&C insurance accounted for the largest market share

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Competitive Analysis

The key players profiled in the insurance brokerage market report are Acrisure, LLC, Aon plc, Brown & Brown, Inc, Gallagher, HUB International Limited, Lockton companies, Marsh & McLennan Companies Inc., Truist Insurance Holdings, USI Insurance Services L.L.C, and Willis Towers Watson. These players have adopted various strategies to increase their market penetration and strengthen their position in the insurance brokerage industry.

COVID-19 Impact Analysis

The insurance brokerage market has witnessed significant growth in the past few years; however, due to the outbreak of the COVID-19 pandemic, the market is projected to witness a minute downfall in 2020. This is attributed to implementation of lockdown by governments in most countries and shutdown of businesses and public & private organizations across the world to prevent transmission of the virus. In addition, the shareholders of the publicly hold insurance brokers companies are withdrawing their contribution from the company to rise fund to fulfill their daily and conventional needs. For instance, according to survey conducted by Oliver Wyman in April 2020, the shareholders of approximately 50% of the top 30 insurance brokers have withdrawing their stocks during COVID-19 outbreak, which is negatively impacting the global insurance brokers market size growth.

Insurance Brokerage Market
By Brokerage Type

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Retail Brokerage will secure the leading position during forecast period

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Furthermore, significant rise in need of insurance brokers in insurance companies has been observed, owing to potentially decline in auto and home claims volumes during the COVID-19. In addition, leading insurance providers are showing more interest on insurance brokers for enhancing their business processes and provide immediate insurance services all across the globe.  Moreover, post COVID-19, it is expected that insurance brokers will be to provide more priority to different types of insurance services such as understanding customers insurance coverage requirements, simplifying insurance distribution process and delivering accurate policy comparison service.

Top Impacting Factors

Increased Demand for Insurance Policies

The insurance brokerage market has experienced an increase in the demand for the insurance policies such as health insurance policy, auto insurance policy, and life insurance policy, among others. This increase in the demand is mainly due to increased awareness toward insurance policy among consumers, learning about the importance of insurance policies, and numerous benefits provided to the policy holders. Therefore, increase in demand for the insurance policy has led to a boost in the market, as the policy holders need the services of a broker while purchasing a policy that is suitable based on their needs & preferences.

Government Initiatives Regarding Insurance Policies

Several government bodies are undertaking huge initiatives regarding insurance policies and allowing customers to avail benefits of wide range of coverage. In addition, through survey data & publications, governments are making customers aware of the various opportunities and risk coverages that can be covered under an insurance policy. Furthermore, government is providing various schemes which is helping the insurance industry to provide insurance policies to all the sections of the society. Therefore, these initiatives by government are expected to provide lucrative opportunities to the marker in the upcoming years.

Insurance Brokerage Market
By Region

2027
North America 
Europe
Asia-pacific
Lamea

Asia-Pacific would exhibit the highest CAGR of 9.3% during 2020-2027.

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Key Benefits For Stakeholders 

  • The study provides an in-depth analysis of the global insurance brokerage market trends along with the current future estimations to elucidate the imminent investment pockets.
  • Information about key drivers, restraints, and opportunities and their impact analysis on the global insurance brokerage market size is provided in the report.
  • Porter’s five forces analysis illustrates the potency of the buyers and suppliers operating in the industry.
  • The quantitative analysis of the market from 2019 to 2027 is provided to determine the market potential.

Key Market Segments

By Insurance Type

  • Life Insurance
  • Property & Casualty Insurance

By Brokerage Type

  • Retail Brokerage
  • Wholesale Brokerage

By Region

  • North America
    • U.S.
    • Canada
  • Europe 
    • Germany
    • France
    • UK
    • Italy
    • Spain
    • Belgium
    • Rest of Europe
  • Asia-Pacific 
    • China
    • Japan
    • India
    • Australia
    • South Korea
    • Indonesia
    • Rest of Asia-Pacific
  • LAMEA
    • Latin America 
    • Middle East 
    • Africa

Key Market Players

  • Acrisure, LLC
  • Aon plc
  • Brown & Brown, Inc
  • Gallagher
  • HUB International Limited
  • Lockton Companies
  • Marsh & McLennan Companies Inc. 
  • Truist Insurance Holdings
  • USI Insurance Services LLC
  • Wills Towers Watson
 

CHAPTER 1:  INTRODUCTION

1.1.REPORT DESCRIPTION
1.2.KEY MARKET SEGMENTS
1.3.KEY BENEFITS
1.4.RESEARCH METHODOLOGY

1.4.1.Primary research
1.4.2.Secondary research
1.4.3.Analyst tools and models

CHAPTER 2:EXECUTIVE SUMMARY

2.1.CXO PERSPECTIVE

CHAPTER 3:MARKET LANDSCAPE

3.1.MARKET DEFINITION AND SCOPE
3.2.KEY FINDINGS

3.2.1.Top investment pockets
3.2.2.Top winning strategies

3.3.PORTER'S FIVE FORCES ANALYSIS

3.3.1.Bargaining power of suppliers
3.3.2.Threat of new entrants
3.3.3.Threat of substitutes
3.3.4.Competitive rivalry
3.3.5.Bargaining power among buyers

3.4.MARKET SHARE ANALYSIS/TOP PLAYER POSITIONING 2019
3.5.MARKET DYNAMICS

3.5.1.Drivers
3.5.2.Restraints
3.5.3.Opportunities

CHAPTER 4:INSURANCE BORKERAGE MARKET BY INSURANCE TYPE

4.1.OVERVIEW
4.2.LIFE INSURANCE

4.2.1.Key market trends, growth factors and opportunities
4.2.2.Market size and forecast, by region 
4.2.3.Market share analysis, by country

4.3.PROPERTY AND CASUALTY INSURANCE

4.3.1.Key market trends, growth factors and opportunities
4.3.2.Market size and forecast, by region 
4.3.3.Market share analysis, by country

CHAPTER 5:  INSURANCE BORKERAGE MARKET BY BROKERAGE TYPE

5.1.OVERVIEW
5.2.RETAIL BROKERAGE

5.2.1.Key market trends, growth factors and opportunities
5.2.2.Market size and forecast, by region 
5.2.3.Market share analysis, by country

5.3.WHOLESALE BROKERAGE

5.3.1.Key market trends, growth factors and opportunities
5.3.2.Market size and forecast, by region 
5.3.3.Market share analysis, by country

CHAPTER 6:  INSURANCE BORKERAGE MARKET BY REGION

6.1.OVERVIEW
6.2.NORTH AMERICA

6.2.1.Key market trends and opportunities
6.2.2.Market size and forecast, by insurance type
6.2.3.Market size and forecast, by brokerage type
6.2.4.Market size and forecast, by Country
6.2.5.US

6.2.5.1.Market size and forecast, by insurance type
6.2.5.2.Market size and forecast, by brokerage type

6.2.6.Canada

6.2.6.1.Market size and forecast, by insurance type
6.2.6.2.Market size and forecast, by brokerage type

6.3.EUROPE

6.3.1.Key market trends and opportunities
6.3.2.Market size and forecast, by insurance type
6.3.3.Market size and forecast, by brokerage type
6.3.4.Market size and forecast, by Country
6.3.5.Germany

6.3.5.1.Market size and forecast, by insurance type
6.3.5.2.Market size and forecast, by brokerage type

6.3.6.France

6.3.6.1.Market size and forecast, by insurance type
6.3.6.2.Market size and forecast, by brokerage type

6.3.7.UK

6.3.7.1.Market size and forecast, by insurance type
6.3.7.2.Market size and forecast, by brokerage type

6.3.8.Italy

6.3.8.1.Market size and forecast, by insurance type
6.3.8.2.Market size and forecast, by brokerage type

6.3.9.Spain

6.3.9.1.Market size and forecast, by insurance type
6.3.9.2.Market size and forecast, by brokerage type

6.3.10.Rest of Europe

6.3.10.1.Market size and forecast, by insurance type
6.3.10.2.Market size and forecast, by brokerage type

6.4.ASIA PACIFIC

6.4.1.Key market trends and opportunities
6.4.2.Market size and forecast, by insurance type
6.4.3.Market size and forecast, by brokerage type
6.4.4.Market size and forecast, by Country
6.4.5.China

6.4.5.1.Market size and forecast, by insurance type
6.4.5.2.Market size and forecast, by brokerage type

6.4.6.Japan

6.4.6.1.Market size and forecast, by insurance type
6.4.6.2.Market size and forecast, by brokerage type

6.4.7.India

6.4.7.1.Market size and forecast, by insurance type
6.4.7.2.Market size and forecast, by brokerage type

6.4.8.Australia

6.4.8.1.Market size and forecast, by insurance type
6.4.8.2.Market size and forecast, by brokerage type

6.4.9.South Korea

6.4.9.1.Market size and forecast, by insurance type
6.4.9.2.Market size and forecast, by brokerage type

6.4.10.Singapore

6.4.10.1.Market size and forecast, by insurance type
6.4.10.2.Market size and forecast, by brokerage type

6.4.11.Rest of Asia Pacific

6.4.11.1.Market size and forecast, by insurance type
6.4.11.2.Market size and forecast, by brokerage type

6.5.LAMEA

6.5.1.Key market trends and opportunities
6.5.2.Market size and forecast, by insurance type
6.5.3.Market size and forecast, by brokerage type
6.5.4.Market size and forecast, by Country
6.5.5.Latin America

6.5.5.1.Market size and forecast, by insurance type
6.5.5.2.Market size and forecast, by brokerage type

6.5.6.Middle East

6.5.6.1.Market size and forecast, by insurance type
6.5.6.2.Market size and forecast, by brokerage type

6.5.7.Africa

6.5.7.1.Market size and forecast, by insurance type
6.5.7.2.Market size and forecast, by brokerage type

CHAPTER 7:COMPANY PROFILES

7.1.ACRISURE LLC

7.1.1.Company overview
7.1.2.Key Executives
7.1.3.Company snapshot
7.1.4.Operating business segments
7.1.5.Product portfolio
7.1.6.Business performance
7.1.7.Key strategic moves and developments

7.2.AON PLC

7.2.1.Company overview
7.2.2.Key Executives
7.2.3.Company snapshot
7.2.4.Operating business segments
7.2.5.Product portfolio
7.2.6.Business performance
7.2.7.Key strategic moves and developments

7.3.BROWN AND BROWN INC

7.3.1.Company overview
7.3.2.Key Executives
7.3.3.Company snapshot
7.3.4.Operating business segments
7.3.5.Product portfolio
7.3.6.Business performance
7.3.7.Key strategic moves and developments

7.4.GALLAGHER

7.4.1.Company overview
7.4.2.Key Executives
7.4.3.Company snapshot
7.4.4.Operating business segments
7.4.5.Product portfolio
7.4.6.Business performance
7.4.7.Key strategic moves and developments

7.5.HUB INTERNATIONAL LIMITED

7.5.1.Company overview
7.5.2.Key Executives
7.5.3.Company snapshot
7.5.4.Operating business segments
7.5.5.Product portfolio
7.5.6.Business performance
7.5.7.Key strategic moves and developments

7.6.LOCKTON COMPANIES

7.6.1.Company overview
7.6.2.Key Executives
7.6.3.Company snapshot
7.6.4.Operating business segments
7.6.5.Product portfolio
7.6.6.Business performance
7.6.7.Key strategic moves and developments

7.7.MARSH AND MCLENNAN COMPANIES INC

7.7.1.Company overview
7.7.2.Key Executives
7.7.3.Company snapshot
7.7.4.Operating business segments
7.7.5.Product portfolio
7.7.6.Business performance
7.7.7.Key strategic moves and developments

7.8.TRUIST INSURANCE HOLDINGS

7.8.1.Company overview
7.8.2.Key Executives
7.8.3.Company snapshot
7.8.4.Operating business segments
7.8.5.Product portfolio
7.8.6.Business performance
7.8.7.Key strategic moves and developments

7.9.USI INSURANCE SERVICES LLC

7.9.1.Company overview
7.9.2.Key Executives
7.9.3.Company snapshot
7.9.4.Operating business segments
7.9.5.Product portfolio
7.9.6.Business performance
7.9.7.Key strategic moves and developments

7.10.WILLS TOWERS WATSON

7.10.1.Company overview
7.10.2.Key Executives
7.10.3.Company snapshot
7.10.4.Operating business segments
7.10.5.Product portfolio
7.10.6.Business performance
7.10.7.Key strategic moves and developments

LIST OF TABLES

TABLE 1.GLOBAL INSURANCE BORKERAGE MARKET, BY INSURANCE TYPE 2019-2027 ($MILLION)
TABLE 2.INSURANCE BORKERAGE MARKET FOR LIFE INSURANCE, BY REGION,  2019-2027 ($MILLION)
TABLE 3.INSURANCE BORKERAGE MARKET FOR PROPERTY AND CASUALTY INSURANCE, BY REGION,  2019-2027 ($MILLION)
TABLE 4.GLOBAL INSURANCE BORKERAGE MARKET, BY BROKERAGE TYPE 2019-2027 ($MILLION)
TABLE 5.INSURANCE BORKERAGE MARKET FOR RETAIL BROKERAGE, BY REGION,  2019-2027 ($MILLION)
TABLE 6.INSURANCE BORKERAGE MARKET FOR WHOLESALE BROKERAGE, BY REGION,  2019-2027 ($MILLION)
TABLE 7.INSURANCE BORKERAGE MARKET FOR , BY REGION, , 2019-2027 ($MILLION)
TABLE 8.NORTH AMERICA INSURANCE BORKERAGE, BY INSURANCE TYPE 2019-2027 ($MILLION)
TABLE 9.NORTH AMERICA INSURANCE BORKERAGE, BY BROKERAGE TYPE 2019-2027 ($MILLION)
TABLE 10.NORTH AMERICA INSURANCE BORKERAGE, BY REGION,  2019-2027 ($MILLION)
TABLE 11.EUROPE INSURANCE BORKERAGE, BY INSURANCE TYPE 2019-2027 ($MILLION)
TABLE 12.EUROPE INSURANCE BORKERAGE, BY BROKERAGE TYPE 2019-2027 ($MILLION)
TABLE 13.EUROPE INSURANCE BORKERAGE, BY REGION,  2019-2027 ($MILLION)
TABLE 14.ASIA PACIFIC INSURANCE BORKERAGE, BY INSURANCE TYPE 2019-2027 ($MILLION)
TABLE 15.ASIA PACIFIC INSURANCE BORKERAGE, BY BROKERAGE TYPE 2019-2027 ($MILLION)
TABLE 16.ASIA PACIFIC INSURANCE BORKERAGE, BY REGION,  2019-2027 ($MILLION)
TABLE 17.LAMEA INSURANCE BORKERAGE, BY INSURANCE TYPE 2019-2027 ($MILLION)
TABLE 18.LAMEA INSURANCE BORKERAGE, BY BROKERAGE TYPE 2019-2027 ($MILLION)
TABLE 19.LAMEA INSURANCE BORKERAGE, BY REGION,  2019-2027 ($MILLION)
TABLE 20.ACRISURE LLC: COMPANY SNAPSHOT
TABLE 21.ACRISURE LLC: OPERATING SEGMENTS
TABLE 22.AON PLC: COMPANY SNAPSHOT
TABLE 23.AON PLC: OPERATING SEGMENTS
TABLE 24.BROWN AND BROWN INC: COMPANY SNAPSHOT
TABLE 25.BROWN AND BROWN INC: OPERATING SEGMENTS
TABLE 26.GALLAGHER: COMPANY SNAPSHOT
TABLE 27.GALLAGHER: OPERATING SEGMENTS
TABLE 28.HUB INTERNATIONAL LIMITED: COMPANY SNAPSHOT
TABLE 29.HUB INTERNATIONAL LIMITED: OPERATING SEGMENTS
TABLE 30.LOCKTON COMPANIES: COMPANY SNAPSHOT
TABLE 31.LOCKTON COMPANIES: OPERATING SEGMENTS
TABLE 32.MARSH AND MCLENNAN COMPANIES INC: COMPANY SNAPSHOT
TABLE 33.MARSH AND MCLENNAN COMPANIES INC: OPERATING SEGMENTS
TABLE 34.TRUIST INSURANCE HOLDINGS: COMPANY SNAPSHOT
TABLE 35.TRUIST INSURANCE HOLDINGS: OPERATING SEGMENTS
TABLE 36.USI INSURANCE SERVICES LLC: COMPANY SNAPSHOT
TABLE 37.USI INSURANCE SERVICES LLC: OPERATING SEGMENTS
TABLE 38.WILLS TOWERS WATSON: COMPANY SNAPSHOT
TABLE 39.WILLS TOWERS WATSON: OPERATING SEGMENTS

LIST OF FIGURES

FIGURE 1.GLOBAL INSURANCE BORKERAGE MARKET SEGMENTATION
FIGURE 2.TOP INVESTMENT POCKET
FIGURE 3.TOP WINNING STRATEGIES (%)
FIGURE 4.INSURANCE BORKERAGE MARKET FOR LIFE INSURANCE, 2019-2027 ($MILLION)
FIGURE 5.INSURANCE BORKERAGE MARKET FOR PROPERTY AND CASUALTY INSURANCE, 2019-2027 ($MILLION)
FIGURE 6.INSURANCE BORKERAGE MARKET FOR RETAIL BROKERAGE, 2019-2027 ($MILLION)
FIGURE 7.INSURANCE BORKERAGE MARKET FOR WHOLESALE BROKERAGE, 2019-2027 ($MILLION)
FIGURE 8.GLOBAL INSURANCE BORKERAGE, BY REGION,  2019 (%)
FIGURE 9.US INSURANCE BORKERAGE MARKET, 2019-2027 ($MILLION)
FIGURE 10.CANADA INSURANCE BORKERAGE MARKET, 2019-2027 ($MILLION)
FIGURE 11.GERMANY INSURANCE BORKERAGE MARKET, 2019-2027 ($MILLION)
FIGURE 12.FRANCE INSURANCE BORKERAGE MARKET, 2019-2027 ($MILLION)
FIGURE 13.UK INSURANCE BORKERAGE MARKET, 2019-2027 ($MILLION)
FIGURE 14.ITALY INSURANCE BORKERAGE MARKET, 2019-2027 ($MILLION)
FIGURE 15.SPAIN INSURANCE BORKERAGE MARKET, 2019-2027 ($MILLION)
FIGURE 16.REST OF EUROPE INSURANCE BORKERAGE MARKET, 2019-2027 ($MILLION)
FIGURE 17.CHINA INSURANCE BORKERAGE MARKET, 2019-2027 ($MILLION)
FIGURE 18.JAPAN INSURANCE BORKERAGE MARKET, 2019-2027 ($MILLION)
FIGURE 19.INDIA INSURANCE BORKERAGE MARKET, 2019-2027 ($MILLION)
FIGURE 20.AUSTRALIA INSURANCE BORKERAGE MARKET, 2019-2027 ($MILLION)
FIGURE 21.SOUTH KOREA INSURANCE BORKERAGE MARKET, 2019-2027 ($MILLION)
FIGURE 22.SINGAPORE INSURANCE BORKERAGE MARKET, 2019-2027 ($MILLION)
FIGURE 23.REST OF ASIA PACIFIC INSURANCE BORKERAGE MARKET, 2019-2027 ($MILLION)
FIGURE 24.LATIN AMERICA INSURANCE BORKERAGE MARKET, 2019-2027 ($MILLION)
FIGURE 25.MIDDLE EAST INSURANCE BORKERAGE MARKET, 2019-2027 ($MILLION)
FIGURE 26.AFRICA INSURANCE BORKERAGE MARKET, 2019-2027 ($MILLION)

 
 

The insurance industry plays a major role in economic growth by providing financial protection to individuals, assets, and businesses against uncertain events. Hence, the business of insurance has become a massive contributor toward the development of a country. However, the insurance brokerage industry has been largely affected due to the outbreak of the COVID-19 pandemic leading to economic instability.

Almost 40% of trips have been decreased, usage of public transportation for commuting to work reduced to 0%, and total distance of short trips has increased. All these factors reduce the need for insurance brokers and drops the number of claims nearby to 50%, which is profitable for insurance companies in short term only. However, in long term, it is likely to severely hit the market growth, owing to travel restrictions and less usage of cars, which imposes consumers not to take extra burden of premiums.

Increase in economic strength of the developing nations such as China and India is expected to provide lucrative opportunities for the market growth. North America occupied a major share in the insurance brokerage market in 2019, owing to the presence of major market players such as Aon plc and Gallagher. They are offering additional coverages such as understanding customer’s insurance coverage requirements, simplifying insurance distribution process, and delivering accurate policy comparison services.

Furthermore, technological advances such as telematics, including black box, block chain, AI, IoT, and others propel the growth of the market, by giving an opportunity to insurance brokerage companies to provide products linked to in-vehicle telematics along with the liability coverage. Moreover, emerging countries in Asia-Pacific and Latin America are projected to offer significant growth opportunities during the forecast period. The global players are focusing toward product development and increasing their geographical presence, owing to increase in competition among local vendors, in terms of features, quality, and price.

 

 
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FREQUENTLY ASKED QUESTIONS?
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A. The Insurance Brokerage Market is estimated to grow at a CAGR of 7.3% from 2020 to 2027.

A. The Insurance Brokerage Market is projected to reach $395.04 billion by 2027.

A. To get the latest version of sample report

A. Increased demand for insurance policies, integration of IT & analytic solutions, and providing professional solutions and services are the major factors that drives the growth of the global insurance brokerage market

A. The key players profiled in the report include Acrisure, LLC, Aon plc, Brown & Brown, Inc, Gallagher, HUB International Limited, Lockton companies, Marsh & McLennan Companies Inc., Truist Insurance Holdings, USI Insurance Services L.L.C, and Willis Towers Watson, and many more.

A. On the basis of top growing big corporations, we select top 10 players.

A. The Insurance Brokerage Market is segmented on the basis of insurance type, brokerage type, and region.

A. The key growth strategies of Insurance Brokerage market players include product portfolio expansion, mergers & acquisitions, agreements, geographical expansion, and collaborations.

A. Property & Casualty (P&C) Insurance segment holds a dominant position throughout the forecast period.

A. Retail Brokerage segment will grow at a highest CAGR of 8.4%% during 2020 2027.

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