PUBLISHER: Azoth Analytics | PRODUCT CODE: 1510333
PUBLISHER: Azoth Analytics | PRODUCT CODE: 1510333
Azoth Analytics has released a research report titled "Global Insurance Distribution Market (2024 Edition)" which provides a complete analysis of the Global Insurance Distribution industry in terms of market segmentation By End User (Corporate and Individual), By Type (Life, P&C and Health), By Distribution Channel (Bancassurance, Broker and Agents, Third Party Administrator, Online Sales and Direct Sales) for the historical period of 2020-2023, the estimates of 2024 and the forecast period of 2025-2030.
The report analyses the Insurance Distribution Market by Region (Americas, Europe, Asia Pacific, Middle East & Africa) and 10 Countries (United States, Canada, Germany, United Kingdom, France, Italy, China, Japan, India and South Korea). The Global Insurance Distribution market showcased growth at a CAGR of 7.95% during 2020-2023. The market was valued at USD 546.10 Billion in 2023 which is expected to reach USD 1116.55 Billion in 2030. Increased demand for insurance distribution market globally is due to high economic growth. As economies expand, businesses and individuals accumulate wealth, which they seek to protect through insurance. This is particularly evident in emerging markets where rapid economic development has led to a burgeoning middle class with disposable income and assets that require protection. In countries like China, India, and Brazil, the rise in personal wealth and business investments has fuelled the demand for various insurance products, including life, health, property, and casualty insurance. Moreover, due to expansion of the middle class, particularly in emerging markets, significantly contributes to the high demand for insurance distribution. As more people move into the middle class, they seek to protect their rising incomes and newly acquired assets. The growing middle class increases the penetration of insurance products, leading to higher demand for distribution channels that can effectively reach and serve this demographic.
Globalization and the expansion of international trade have further fuelled the demand for insurance. Businesses operating in multiple countries face various risks, including political instability, currency fluctuations, and supply chain disruptions. To manage these risks, companies rely on insurance products such as trade credit insurance, political risk insurance, and marine insurance. Moreover, as more individuals travel and work abroad, there is an increasing need for travel insurance, expatriate health insurance, and other cross-border insurance solutions.
Additionally, due to advances in healthcare and living standards have led to increased life expectancy worldwide there is high demand for health insurance. As people live longer, they require more extended periods of financial and healthcare support. This longevity increases the demand for various insurance products, such as life insurance, health insurance, and long-term care insurance. Insurance distribution channels must adapt to meet the needs of an aging population, offering products that provide financial security and coverage for healthcare expenses over a longer period. Healthcare costs have been escalating, driven by factors such as advanced medical technologies, increased prevalence of chronic diseases, and higher demand for healthcare services. Older adults, in particular, face higher medical expenses due to age-related health issues. Health insurance becomes crucial in managing these costs, making it an essential product for the aging population. Insurance distribution channels play a vital role in educating and providing access to health insurance plans that can help cover these rising healthcare expenses.
Furthermore, as people age, the likelihood of needing long-term care increases. Long-term care insurance covers services such as in-home care, assisted living, and nursing home care, which are not typically covered by regular health insurance. The demand for long-term care insurance is rising as individuals seek to protect themselves from the high costs associated with these services. Insurance distribution channels need to offer long-term care insurance products and educate consumers about their benefits and importance.
Traditional agents and brokers remain a cornerstone of the insurance distribution market. They offer personalized services, build strong client relationships, and provide expert advice, which are particularly valued by customers seeking customized insurance solutions. These intermediaries are crucial in educating clients about complex insurance products and guiding them through the purchasing process. The expansion of distribution channels significantly enhances the accessibility of insurance products. Traditional channels like agents and brokers ensure that customers in rural or less digitally connected areas can access insurance services. Meanwhile, digital channels cater to urban and younger populations who prefer online interactions. This dual approach ensures that insurance products are available to a wide range of demographics, improving overall market penetration.
Consumer behaviour is evolving rapidly, driven by digitalization and increased awareness. Modern consumers expect convenience, speed, and personalized services. The expansion of distribution channels meets these expectations by providing multiple touchpoints for interaction. Digital channels offer the immediacy and personalization that today's consumers demand, while traditional channels provide the personal touch and expert advice that is still valued by many, particularly for complex or high-value insurance products. Moreover, Collaborations between insurers and various entities are driving the expansion of distribution channels. Partnerships with retail chains, telecommunications companies, and other service providers enable insurers to reach a wider audience.
Scope of the Report:
List of Table
Table A1: Global Impact of Macro Economic Factors, By Region
Table A2: United States Insurance Distribution Market, By End User, By Value, 2020-2023 (USD Billion)
Table A3: United States Insurance Distribution Market, By End User, By Value, 2024-2030 (USD Billion)
Table A4: United States Insurance Distribution Market, By Type, By Value, 2020-2023 (USD Billion)
Table A5: United States Insurance Distribution Market, By Type, By Value, 2024-2030 (USD Billion)
Table A6: United States Insurance Distribution Market, By Distribution Channel, By Value, 2020-2023 (USD Billion)
Table A7: United States Insurance Distribution Market, By Distribution Channel, By Value, 2024-2030 (USD Billion)
Table A8: Canada Insurance Distribution Market, By End User, By Value, 2020-2023 (USD Billion)
Table A9: Canada Insurance Distribution Market, By End User, By Value, 2024-2030 (USD Billion)
Table A10: Canada Insurance Distribution Market, By Type, By Value, 2020-2023 (USD Billion)
Table A11: Canada Insurance Distribution Market, By Type, By Value, 2024-2030 (USD Billion)
Table A12: Canada Insurance Distribution Market, By Distribution Channel, By Value, 2020-2023 (USD Billion)
Table A13: Canada Insurance Distribution Market, By Distribution Channel, By Value, 2024-2030 (USD Billion)
Table A14: Rest of Americas Insurance Distribution Market, By End User, By Value, 2020-2023 (USD Billion)
Table A15: Rest of Americas Insurance Distribution Market, By End User, By Value, 2024-2030 (USD Billion)
Table A16: Rest of Americas Insurance Distribution Market, By Type, By Value, 2020-2023 (USD Billion)
Table A17: Rest of Americas Insurance Distribution Market, By Type, By Value, 2024-2030 (USD Billion)
Table A18: Rest of Americas Insurance Distribution Market, By Distribution Channel, By Value, 2020-2023 (USD Billion)
Table A19: Rest of Americas Insurance Distribution Market, By Distribution Channel, By Value, 2024-2030 (USD Billion)
Table A20: United Kingdom Insurance Distribution Market, By End User, By Value, 2020-2023 (USD Billion)
Table A21: United Kingdom Insurance Distribution Market, By End User, By Value, 2024-2030 (USD Billion)
Table A22: United Kingdom Insurance Distribution Market, By Type, By Value, 2020-2023 (USD Billion)
Table A23: United Kingdom Insurance Distribution Market, By Type, By Value, 2024-2030 (USD Billion)
Table A24: United Kingdom Insurance Distribution Market, By Distribution Channel, By Value, 2020-2023 (USD Billion)
Table A25: United Kingdom Insurance Distribution Market, By Distribution Channel, By Value, 2024-2030 (USD Billion)
Table A26: Germany Insurance Distribution Market, By End User, By Value, 2020-2023 (USD Billion)
Table A27: Germany Insurance Distribution Market, By End User, By Value, 2024-2030 (USD Billion)
Table A28: Germany Insurance Distribution Market, By Type, By Value, 2020-2023 (USD Billion)
Table A29: Germany Insurance Distribution Market, By Type, By Value, 2024-2030 (USD Billion)
Table A30: Germany Insurance Distribution Market, By Distribution Channel, By Value, 2020-2023 (USD Billion)
Table A31: Germany Insurance Distribution Market, By Distribution Channel, By Value, 2024-2030 (USD Billion)
Table A32: France Insurance Distribution Market, By End User, By Value, 2020-2023 (USD Billion)
Table A33: France Insurance Distribution Market, By End User, By Value, 2024-2030 (USD Billion)
Table A34: France Insurance Distribution Market, By Type, By Value, 2020-2023 (USD Billion)
Table A35: France Insurance Distribution Market, By Type, By Value, 2024-2030 (USD Billion)
Table A36: France Insurance Distribution Market, By Distribution Channel, By Value, 2020-2023 (USD Billion)
Table A37: France Insurance Distribution Market, By Distribution Channel, By Value, 2024-2030 (USD Billion)
Table A38: Italy Insurance Distribution Market, By End User, By Value, 2020-2023 (USD Billion)
Table A39: Italy Insurance Distribution Market, By End User, By Value, 2024-2030 (USD Billion)
Table A40: Italy Insurance Distribution Market, By Type, By Value, 2020-2023 (USD Billion)
Table A41: Italy Insurance Distribution Market, By Type, By Value, 2024-2030 (USD Billion)
Table A42: Italy Insurance Distribution Market, By Distribution Channel, By Value, 2020-2023 (USD Billion)
Table A43: Italy Insurance Distribution Market, By Distribution Channel, By Value, 2024-2030 (USD Billion)
Table A44: Rest of Europe Insurance Distribution Market, By End User, By Value, 2020-2023 (USD Billion)
Table A45: Rest of Europe Insurance Distribution Market, By End User, By Value, 2024-2030 (USD Billion)
Table A46: Rest of Europe Insurance Distribution Market, By Type, By Value, 2020-2023 (USD Billion)
Table A47: Rest of Europe Insurance Distribution Market, By Type, By Value, 2024-2030 (USD Billion)
Table A48: Rest of Europe Insurance Distribution Market, By Distribution Channel, By Value, 2020-2023 (USD Billion)
Table A49: Rest of Europe Insurance Distribution Market, By Distribution Channel, By Value, 2024-2030 (USD Billion)
Table A50: China Insurance Distribution Market, By End User, By Value, 2020-2023 (USD Billion)
Table A51: China Insurance Distribution Market, By End User, By Value, 2024-2030 (USD Billion)
Table A52: China Insurance Distribution Market, By Type, By Value, 2020-2023 (USD Billion)
Table A53: China Insurance Distribution Market, By Type, By Value, 2024-2030 (USD Billion)
Table A54: China Insurance Distribution Market, By Distribution Channel, By Value, 2020-2023 (USD Billion)
Table A55: China Insurance Distribution Market, By Distribution Channel, By Value, 2024-2030 (USD Billion)
Table A56: Japan Insurance Distribution Market, By End User, By Value, 2020-2023 (USD Billion)
Table A57: Japan Insurance Distribution Market, By End User, By Value, 2024-2030 (USD Billion)
Table A58: Japan Insurance Distribution Market, By Type, By Value, 2020-2023 (USD Billion)
Table A59: Japan Insurance Distribution Market, By Type, By Value, 2024-2030 (USD Billion)
Table A60: Japan Insurance Distribution Market, By Distribution Channel, By Value, 2020-2023 (USD Billion)
Table A61: Japan Insurance Distribution Market, By Distribution Channel, By Value, 2024-2030 (USD Billion)
Table A62: South Korea Insurance Distribution Market, By End User, By Value, 2020-2023 (USD Billion)
Table A63: South Korea Insurance Distribution Market, By End User, By Value, 2024-2030 (USD Billion)
Table A64: South Korea Insurance Distribution Market, By Type, By Value, 2020-2023 (USD Billion)
Table A65: South Korea Insurance Distribution Market, By Type, By Value, 2024-2030 (USD Billion)
Table A66: South Korea Insurance Distribution Market, By Distribution Channel, By Value, 2020-2023 (USD Billion)
Table A67: South Korea Insurance Distribution Market, By Distribution Channel, By Value, 2024-2030 (USD Billion)
Table A68: India Insurance Distribution Market, By End User, By Value, 2020-2023 (USD Billion)
Table A69: India Insurance Distribution Market, By End User, By Value, 2024-2030 (USD Billion)
Table A70: India Insurance Distribution Market, By Type, By Value, 2020-2023 (USD Billion)
Table A71: India Insurance Distribution Market, By Type, By Value, 2024-2030 (USD Billion)
Table A72: India Insurance Distribution Market, By Distribution Channel, By Value, 2020-2023 (USD Billion)
Table A73: India Insurance Distribution Market, By Distribution Channel, By Value, 2024-2030 (USD Billion)
Table A74: Rest of Asia Pacific Insurance Distribution Market, By End User, By Value, 2020-2023 (USD Billion)
Table A75: Rest of Asia Pacific Insurance Distribution Market, By End User, By Value, 2024-2030 (USD Billion)
Table A76: Rest of Asia Pacific Insurance Distribution Market, By Type, By Value, 2020-2023 (USD Billion)
Table A77: Rest of Asia Pacific Insurance Distribution Market, By Type, By Value, 2024-2030 (USD Billion)
Table A78: Rest of Asia Pacific Insurance Distribution Market, By Distribution Channel, By Value, 2020-2023 (USD Billion)
Table A79: Rest of Asia Pacific Insurance Distribution Market, By Distribution Channel, By Value, 2024-2030 (USD Billion)
Table A80: Aon PLC Key Company Financials, 2021-2023
Table A81: Marsh & McLennan Key Company Financials, 2021-2023
Table A82: Willis Towers Watson Key Company Financials, 2021-2023
Table A83: Gallagher Key Company Financials, 2021-2023
Table A84: Allianz Key Company Financials, 2021-2023
Table A85: Zurich Insurance Company Financials, 2021-2023
Table A86: Brown & Brown Company Financials, 2021-2023
Table A87: Prudential Company Financials, 2021-2023
Table A88: Metlife Company Financials, 2021-2023
Table A89: Munich Re Company Financials, 2021-2023