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Insurance brokerage is a type of activity currently serving about 80 per cent of insurance operations in the developed world. Insurance brokers who know the insurance market, its products, prices and providers as well as understand the needs of insurance customers well, gain a unique role. After having a look at the practice of a number of European countries, without insurance brokers, there is a very small number of insurance contracts concluded.
Given the importance of the brokerage companies, the digitalization of the insurance industry has its impact on the distribution channels as well. Aggregators i.e. online brokers have had their place in Europe for the past 20 years. The future of Brokerage firms in Europe is completely shaped by the technological advancements in the key roles of brokers.
Brexit has an everlasting impact on every possible industry in the EU and UK. Brokerage firms with EU and UK operations are not exempt from this. Right from registration to business profitability, insurance brokers have to work in a more cautious manner.
The COVID-19 pandemic is pressing insurance companies to urgently respond to megatrends like most importantly climate change and digitalization. The industry is starting to more precisely understand physical, transition, and liability risks linked to climate change and is revising underwriting and investments.
Scope of the Report
The report includes a detailed note on the importance of insurance brokers in the region across various insurance products. An understanding of the present status of the European insurance markets to correlate that with the evolving brokerage firms' business models across the region, along with 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.
|By Type of Insurance|
|New Life business|
Key Market Trends
Increased Demand for Insurance Policies is Driving the Insurance Brokerage market in Europe
The expanding population of baby boomers and millennials generates growth opportunities for medical insurance, life insurance, accidental insurance, and others. Insurance brokers are focusing on insurance policies that provide maximum benefits for customers. The provision of security services and personalized financial services to customers has increased the demand for insurance products. Insurance firms are also focusing on investing in innovative insurance policies and services to tap their potential in insurance markets. Thus, increased awareness about the benefits of insurance policies will drive the growth of the insurance brokerage market in Europe during the forecast period.
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Importance of Digital Brokers in European Region
European aggregators are the digital brokers and expert advisers have evolved a lot 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 and insurers can cater to a large customer base by understanding the pros and cons of aggregator’s business models.
Aggregators general begin as specialists in any one product and broaden their reach by incorporating more verticals. In many major European markets, insurance products still account for 75 percent or more of aggregators’ total revenue.
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The report includes an overview of the largest insurance brokers and a online aggregators operating in the market studied. Oligopoly market with some of the major players dominating the market studied, in terms of market share is covered in detail.
- March 2022 - Marsh & McLennan, the world's largest insurance broker, is 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, announced it has acquired actuarial software platform Tyche from technology and software firm RPC Tyche. The transaction significantly expands Aon's existing capabilities to help re/insurer clients rethink access to capital and make better business decisions.
Table of Contents
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
2.1 Analysis Methodology
2.2 Research Phases
3. EXECUTIVE SUMMARY
4. MARKET INSIGHTS AND DYNAMICS
4.1 Market Overview
4.1.1 Historical performance of Insurance Industry in Europe, by insurance type
4.1.2 Distribution Channels for Insurance market across Europe
4.1.3 Prominence of Brokers - Market Share by Insurance Types
4.1.4 Prominence of Brokers - Market Share by Country
4.2 Digital Broking
4.2.1 A brief about aggregators in European Insurance Market
4.2.2 Industry Perspective on the Evolution of Broker Technology
4.2.3 Automation of Underwriting and Lead Generation through Digital Broking
4.3 Impact of Bexit on Insurance Broking in Europe
4.3.1 Changes in Business Models of Insurance Brokers with EU ties due to Brexit
4.3.2 Impact on Broking Business due to Brexit, by Insurance Type
4.4 Market Drivers
4.5 Market Restraints
4.6 A Brief on Evolving Regulatory Landscape in the Region
4.7 Porter's Five Forces Analysis
4.7.1 Threat of New Entrants
4.7.2 Bargaining Power of Buyers/Consumers
4.7.3 Bargaining Power of Suppliers
4.7.4 Threat of Substitute Products
4.7.5 Intensity of Competitive Rivalry
4.8 Impact of COVID-19 on the Market
5. MARKET SEGMENTATION
5.1 By Type of Insurance
5.1.1 Life Insurance
5.1.2 Non-Life Insurance
5.1.3 New Life business
5.2 By Country
6. COMPETITIVE LANDSCAPE
*List Not Exhaustive
6.1 Market Concentration Overview
6.2 Company Profiles
6.2.1 Marsh & McLennan Co.
6.2.2 Willis Towers Watson PLC
6.2.3 Aon PLC
6.2.4 Arthur J. Gallagher & Co.
6.2.5 BGL Group
6.2.6 AmWINS Group Inc.
6.2.7 Assured Partners Inc.
6.2.8 NFP Corp.
6.2.9 Lockton Companies
6.2.10 HUB International Ltd.*
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
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Frequently Asked Questions
What is the study period of this market?
The Europe Insurance Brokerage Market market is studied from 2018 - 2027.
What is the growth rate of Europe Insurance Brokerage Market?
The Europe Insurance Brokerage Market is growing at a CAGR of 0.5% over the next 5 years.
Who are the key players in Europe Insurance Brokerage Market?
Marsh & McLennan Co., Willis Towers Watson PLc, AON PLc, Arthur J. Gallagher & Co. , BGL Group are the major companies operating in Europe Insurance Brokerage Market.