Market Size of Insurance Brokerage Industry
| 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.
