Insurance Brokerage Market Size
| Study Period | 2020-2029 |
| Market Size (2024) | USD 320.55 Billion |
| Market Size (2029) | USD 381.81 Billion |
| CAGR (2024 - 2029) | 3.56 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | North America |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Insurance Brokerage Market Analysis
The Insurance Brokerage Market size is estimated at USD 320.55 billion in 2024, and is expected to reach USD 381.81 billion by 2029, growing at a CAGR of 3.56% during the forecast period (2024-2029).
An insurance broker deals with the client to understand their need and negotiate deals with the insurance company on behalf of the client. Insurance broker includes individuals or businesses that work for their client's benefit. Insurance brokerage covers 80% of insurance operations in many regions of the world. The pandemic had a negative impact on the growth of the insurance brokerage market across the globe. The pandemic is forcing insurance brokerage companies to respond to changing trends most importantly digitalization of their client interactions. The insurance brokerage market is also driven by constantly increasing mergers & acquisitions.
The insurance sector is expected to see a rise in demand for insurance policies in the forecast period. Demand & awareness for insurance policies among the people is increasing daily, which is a key driver for the growth of the insurance brokerage market. The insurance brokerage market has seen a growth in the demand for life insurance policies, car insurance, and property & casualty insurance. This increased demand can be attributed to a rise in insurance awareness among customers and the importance and benefits of insurance policies. Given the rising awareness and demand for insurance policies in property & casualty and life insurance, the market is expected to grow in the forecasted period. Given the importance of brokerage companies, the digitalization and integration of technology in the insurance industry also impact the distribution channels. This impact adds up to the growth of the insurance brokerage market.
Insurance Brokerage Market Trends
Life Insurance is the Fastest Growing Segment By Type of Insurance.
Life Insurance is the fastest-growing segment by insurance type. Growing awareness and customized options in the life insurance sector people are getting attracted to buying life insurance. Digitalization in insurance and other sectors is growing due to various factors, such as the growing adoption of AI. The insurance industry is dependent on human agents, but due to the pandemic, companies were unable to visit clients physically. Insurance companies have started digital platforms, which are changing the way customers interact and the way businesses operate. Life Insurance has also become a necessity in today's world. Countries in the Asia Pacific and North America have also seen an increase in requirements for life insurance.
Asia Pacific is the Largest Market and is Driving the Insurance Brokerage Market
China has the largest population of 1.4 billion in the Asia-Pacific region, followed by India, Indonesia, and Pakistan; this will drive the insurance companies to focus on these countries and expand their network. The lower penetration of Life and Non-Life Insurance in these high-population countries is expected to generate greater demand for insurance shortly. High mergers and acquisitions have also helped the market to grow across the globe. Merger and acquisition activities in the insurance industry have increased in the past few years. The M&A activity has been profitable for the insurance broker and insurance companies as it helps them capture more market share.
Insurance Brokerage Industry Overview
The insurance brokerage market is moderately fragmented, with the presence of many players. The market presents opportunities for growth during the forecasted period which is expected to further drive market competition. The competitive landscape shows all the strategies, such as acquisitions and mergers, done by players to have the largest market share across the globe. Some of the key players in the market are Acrisure LLC, Aon Plc, Brown & Brown Inc, Arthur J Gallagher & Co, and Marsh & McLennan Companies Inc.
Insurance Brokerage Market Leaders
Acrisure LLC
Aon Plc
Brown & Brown Inc
Arthur J Gallagher & Co
Marsh & McLennan Companies Inc
*Disclaimer: Major Players sorted in no particular order
Insurance Brokerage Market News
- December 2023: The PGA TOUR announced that it partnered with Aon. This leading global professional services firm integrates the use of real-time analytics and capitalizes on changes to the TOUR's reimagined 2024 schedule to create more drama and insights.
- September 2022: Acrisure, a global insurance broker, announced its acquisition of CRK Commercial Insurance Services Limited, the specialist commercial schemes provider. Once the acquisition has closed, Acrisure will continue to operate CRK under the CRK brand as part of Acrisure UK Retail.
Insurance Brokerage Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS AND INSIGHTS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Increasing Demand for Life Insurance is Driving the Market
4.2.2 Increasing Digital Adoption in the Insurance Industry is Driving the Market
4.3 Market Restraints
4.3.1 Increasing Cost Acts as a Restraint to the Market
4.3.2 High Competition in the Market Can Restrain the Growth
4.4 Market Opportunities
4.4.1 The Insurance Brokers can Leverage Regulatory Landscape as an Opportunity
4.4.2 Leveraging Technology to Interact with Customers
4.5 Industry Value Chain Analysis
4.6 Industry Attractiveness - Porter's Five Forces Analysis
4.6.1 Threat of New Entrants
4.6.2 Bargaining Power of Buyers
4.6.3 Bargaining Power of Suppliers
4.6.4 Threat of Substitutes
4.6.5 Intensity of Competitive Rivalry
4.7 Insights on technology Innovation in the Market.
4.8 Impact of COVID-19 on the Market
5. MARKET SEGMENTATION
5.1 By Insurance Type
5.1.1 Life Insurance
5.1.2 Property & Casualty Insurance
5.2 By Brokerage Type
5.2.1 Retail Brokerage
5.2.2 Wholesale Brokerage
5.3 By Region
5.3.1 North America
5.3.1.1 US
5.3.1.2 Canada
5.3.1.3 Rest of North America
5.3.2 Aisa Pacific
5.3.2.1 China
5.3.2.2 India
5.3.2.3 Japan
5.3.2.4 Australia
5.3.2.5 South Korea
5.3.2.6 Rest of Asia Pacific
5.3.3 Europe
5.3.3.1 UK
5.3.3.2 Germany
5.3.3.3 France
5.3.3.4 Italy
5.3.3.5 Spain
5.3.3.6 Rest of Europe
5.3.4 South America
5.3.4.1 Brazil
5.3.4.2 Chile
5.3.4.3 Argentina
5.3.4.4 Rest of South America
5.3.5 Middle East & Africa
5.3.5.1 UAE
5.3.5.2 Egypt
5.3.5.3 Saudi Arabia
5.3.5.4 Qatar
5.3.5.5 South Africa
5.3.5.6 Rest of Middle East & Africa
6. COMPETITIVE LANDSCAPE
6.1 Market Concetration Overview
6.2 Company Profiles
6.2.1 Acrisure LLC
6.2.2 Aon Plc
6.2.3 Brown & Brown Inc
6.2.4 Arthur J Gallagher & Co
6.2.5 HUB International Limited
6.2.6 Lockton companies
6.2.7 Marsh & McLennan Companies Inc
6.2.8 Truist Insurance Holdings
6.2.9 USI Insurance Services L.L.C
6.2.10 Willis Towers Watson*
- *List Not Exhaustive
7. MARKET OPPORTUNTIES AND FUTURE TRENDS
8. DISCLAIMER AND ABOUT US
Insurance Brokerage Industry Segmentation
An insurance broker is a person who works for a client to sell and negotiate various insurance products. The report includes a detailed note on the importance of insurance brokers across various insurance products. The insurance brokerage market is segmented by insurance type (life insurance and property & casualty insurance), by brokerage type (retail brokerage and wholesale brokerage), and by region (North America, Asia Pacific, Europe, South America, and Middle East & Africa). The Report Offers Market Size and Forecasts for the Insurance Brokerage Market in Value (USD) for all the Above Segments.
| By Insurance Type | |
| Life Insurance | |
| Property & Casualty Insurance |
| By Brokerage Type | |
| Retail Brokerage | |
| Wholesale Brokerage |
| By Region | ||||||||
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Insurance Brokerage Market Research FAQs
How big is the Insurance Brokerage Market?
The Insurance Brokerage Market size is expected to reach USD 320.55 billion in 2024 and grow at a CAGR of 3.56% to reach USD 381.81 billion by 2029.
What is the current Insurance Brokerage Market size?
In 2024, the Insurance Brokerage Market size is expected to reach USD 320.55 billion.
Who are the key players in Insurance Brokerage Market?
Acrisure LLC, Aon Plc, Brown & Brown Inc, Arthur J Gallagher & Co and Marsh & McLennan Companies Inc are the major companies operating in the Insurance Brokerage Market.
Which is the fastest growing region in Insurance Brokerage Market?
Asia-Pacific is estimated to grow at the highest CAGR over the forecast period (2023-2029).
Which region has the biggest share in Insurance Brokerage Market?
In 2023, the North America accounts for the largest market share in Insurance Brokerage Market.
What years does this Insurance Brokerage Market cover, and what was the market size in 2023?
In 2023, the Insurance Brokerage Market size was estimated at USD 309.14 billion. The report covers the Insurance Brokerage Market historical market size for years: 2020, 2021, 2022 and 2023. The report also forecasts the Insurance Brokerage Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Insurance Brokerage Industry Report
Statistics for the 2024 Insurance Brokerage market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Insurance Brokerage analysis includes a market forecast outlook for 2024 to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
