Insurance Brokerage Market in Europe Size

Report on Industry Size & Market Share Analysis - Growth Trends & Forecasts (2024 - 2029)

The Report Covers Europe Insurance Brokerage Market Overview and it is Segmented Based on the Type of Insurance (Life and Non-life) and by Geography (Germany, United Kingdom, France, Italy, Belgium, Spain, and Other Countries). The Market Size and Forecasts Are Provided in Terms of Value (USD Million) for All the Above Segments.

Europe Insurance Brokerage Market Size

Europe Insurance Brokerage Market  Summary
Study Period 2020 - 2029
Base Year For Estimation 2023
Market Size (2024) EUR 261.19 Billion
Market Size (2029) EUR 370.90 Billion
CAGR (2024 - 2029) 7.27 %
Market Concentration Medium

Major Players

Europe Insurance Brokerage Market  Major Players

*Disclaimer: Major Players sorted in no particular order


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Europe Insurance Brokerage Market Analysis

The Europe Insurance Brokerage Market size in terms of gross written premiums value is expected to grow from EUR 261.19 billion in 2024 to EUR 370.90 billion by 2029, at a CAGR of 7.27% during the forecast period (2024-2029).

Insurance brokerage is a type of activity currently serving about 80% of insurance operations in the developed world. Insurance brokers who know the insurance market, its products, prices, and providers and understand the needs of insurance customers will gain a unique role. After looking at the practice of several European countries without insurance brokers, a very small number of insurance contracts were concluded.

The COVID-19 pandemic is pressing insurance companies to respond urgently to megatrends, most importantly, climate change and digitalization. The industry is starting to understand the physical transition more precisely and the liability risks of climate change and is revising underwriting and investments.

Given the importance of brokerage companies, the digitalization of the insurance industry also impacts the distribution channels. Aggregators, i.e., online brokers, have had their place in Europe for the past 20 years. The technological advancements ultimately shape the future of brokerage firms in Europe in the critical roles of brokers.

Brexit has an everlasting impact on every possible industry in the European Union and the United Kingdom. Brokerage firms with EU and UK operations are not exempt from this. From registration to business profitability, insurance brokers have to work more cautiously.

Europe Insurance Brokerage Market Trends

This section covers the major market trends shaping the Europe Insurance Brokerage Market according to our research experts:

Increased Demand for Insurance Policies Driving the Insurance Brokerage Market in Europe

The expanding population of baby boomers and millennials generates growth opportunities for medical, life, and accidental insurance. Insurance brokers are focusing on insurance policies that provide maximum benefits for customers. Providing customers with security and personalized financial services has increased the demand for insurance products. Insurance firms are also investing in innovative insurance policies and services to tap their potential in insurance markets. Thus, increased awareness about the benefits of insurance policies is likely to drive the growth of the European insurance brokerage market during the forecast period.

Europe Insurance Brokerage Market : Life and Non-Life Insurance Penetration in Selected Countries, Europe, 2021

Importance of Digital Brokers in the European Region is Expected to Surge the Market Growth

European aggregators are digital brokers, and expert advisers have evolved significantly in the past few years. As per an estimate, almost 50% of the online insurance in Europe is sold via aggregators. In many countries, aggregators have been the customer-facing side of their business. This business is mutually beneficial, as aggregators get good profit margins and a surge in M&A interest from potential acquirers. Insurers can cater to a large customer base by understanding the pros and cons of aggregators' business models.

Aggregators generally begin as specialists in any one product and broaden their reach by incorporating more verticals. Insurance products in many major European markets still account for 75% or more of aggregators' total revenue.

Europe Insurance Brokerage Market : Share of Motor Insurance Premiums Written Ofline and Online in the UnitedKingdom, 2018-2024

Europe Insurance Brokerage Industry Overview

The report includes an overview of the largest insurance brokers and online aggregators operating in the market studied. An oligopoly market with some of the major players dominating the market studied in terms of market share is covered in detail. The report covers company profiles of major players including, Marsh & McLennan Co., Willis Towers Watson PLc, Arthur J. Gallagher & Co., BGL Group, and others.

Europe Insurance Brokerage Market Leaders

  1. Marsh & McLennan Co.

  2. Willis Towers Watson PLc

  3. AON PLc

  4. Arthur J. Gallagher & Co.

  5. BGL Group

*Disclaimer: Major Players sorted in no particular order

Europe Insurance Brokerage Market Concentration
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Europe Insurance Brokerage Market News

  • March 2022: Marsh & McLennan, the world's largest insurance broker, was planning to exit all of its businesses in Russia, while its rival Aon suspended operations in the country.
  • March 2022: Aon PLC, a leading global professional services firm, acquired the actuarial software platform Tyche from technology and software firm RPC Tyche. The transaction significantly expands Aon's capabilities to help re/insurer clients rethink access to capital and make better business decisions.

Europe Insurance Brokerage Market Report - Table of Contents


    1. 1.1 Study Assumptions and Market Definition

    2. 1.2 Scope of the Study


    1. 2.1 Analysis Methodology

    2. 2.2 Research Phases



    1. 4.1 Market Overview

      1. 4.1.1 Historical Performance of the Insurance Industry in Europe, by Insurance Type

      2. 4.1.2 Distribution Channels for the Insurance Market across Europe

      3. 4.1.3 Prominence of Brokers - Market Share by Insurance Types

      4. 4.1.4 Prominence of Brokers - Market Share by Country

    2. 4.2 Digital Broking

      1. 4.2.1 A Brief about Aggregators in the European Insurance Market

      2. 4.2.2 Industry Perspective on the Evolution of Broker Technology

      3. 4.2.3 Automation of Underwriting and Lead Generation Through Digital Broking

    3. 4.3 Impact of Bexit on Insurance Broking in Europe

      1. 4.3.1 Changes in Business Models of Insurance Brokers with EU Ties due to Brexit

      2. 4.3.2 Impact on Broking Business due to Brexit, by Insurance Type

    4. 4.4 Market Drivers

    5. 4.5 Market Restraints

    6. 4.6 A Brief on Evolving Regulatory Landscape in the Region

    7. 4.7 Porter's Five Forces Analysis

      1. 4.7.1 Threat of New Entrants

      2. 4.7.2 Bargaining Power of Buyers/Consumers

      3. 4.7.3 Bargaining Power of Suppliers

      4. 4.7.4 Threat of Substitute Products

      5. 4.7.5 Intensity of Competitive Rivalry

    8. 4.8 Impact of COVID-19 on the Market


    1. 5.1 By Type of Insurance

      1. 5.1.1 Life Insurance

      2. 5.1.2 Non-life Insurance

    2. 5.2 By Country

      1. 5.2.1 Germany

      2. 5.2.2 United Kingdom

      3. 5.2.3 France

      4. 5.2.4 Italy

      5. 5.2.5 Belgium

      6. 5.2.6 Spain

      7. 5.2.7 Other Countries*


    1. 6.1 Market Concentration Overview

    2. 6.2 Company Profiles

      1. 6.2.1 Marsh & McLennan Co.

      2. 6.2.2 Willis Towers Watson PLC

      3. 6.2.3 Aon PLC

      4. 6.2.4 Arthur J. Gallagher & Co.

      5. 6.2.5 BGL Group

      6. 6.2.6 AmWINS Group Inc.

      7. 6.2.7 Assured Partners Inc.

      8. 6.2.8 NFP Corp.

      9. 6.2.9 Lockton Companies

      10. 6.2.10 HUB International Ltd*

    3. *List Not Exhaustive


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Europe Insurance Brokerage Industry Segmentation

The report includes a detailed note on the importance of insurance brokers across various insurance products in the region. An understanding of the present status of the European insurance markets to correlate that with the evolving brokerage firms' business models across the region, detailed market segmentation, current market trends, changes in market dynamics, and growth opportunities. In-depth analysis of the market size and forecast for the various segments. The report offers market size and forecasts in value (USD billion) for all the above segments. 

By Type of Insurance
Life Insurance
Non-life Insurance
By Country
United Kingdom
Other Countries*
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Europe Insurance Brokerage Market Research FAQs

The Europe Insurance Brokerage Market size is expected to reach EUR 261.19 billion in 2024 and grow at a CAGR of 7.27% to reach EUR 370.90 billion by 2029.

In 2024, the Europe Insurance Brokerage Market size is expected to reach EUR 261.19 billion.

Marsh & McLennan Co., Willis Towers Watson PLc, AON PLc, Arthur J. Gallagher & Co. and BGL Group are the major companies operating in the Europe Insurance Brokerage Market.

In 2023, the Europe Insurance Brokerage Market size was estimated at EUR 243.49 billion. The report covers the Europe Insurance Brokerage Market historical market size for years: 2020, 2021, 2022 and 2023. The report also forecasts the Europe Insurance Brokerage Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.

Europe Insurance Brokerage Industry Report

Statistics for the 2024 Europe Insurance Brokerage market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Europe Insurance Brokerage analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.

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Insurance Brokerage Market in Europe Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)