Europe Insurance Brokerage Market Size

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.