Global Insurance Brokerage Market Size Study, by Insurance Type (Life Insurance, Property and Casualty Insurance), by Brokerage Type (Retail, Wholesale) and Regional Forecasts 2022-2032

Description

Global Insurance Brokerage Market is valued approximately at USD 283.85 billion in 2023 and is anticipated to grow with a healthy growth rate of more than 9.3% over the forecast period 2024-2032. Insurance brokers act as essential intermediaries between policyholders and insurers, providing technical and professional advice about insurance products. The range of insurance products offered by brokers includes medical insurance, property & casualty insurance, and health insurance. By working closely with their clients, brokers ensure that the coverage provided meets the specific needs of the policyholders. They represent consumers by finding the best terms, conditions, and prices, and recommending policies that best fit the bill.

The insurance brokerage market is experiencing substantial growth driven by several key factors. The increasing demand for insurance policies among the general public, particularly health, car, and life insurance, is a primary driver. This demand is fueled by rising awareness of the importance and benefits of insurance policies. Additionally, the expansion of digital brokers and the integration of IT and analytics solutions are major driving forces. Digital brokers make it easier for customers to research, compare, and buy insurance policies online, offering transparency and convenience. IT and analytics solutions help brokers maximize sales, create effective marketing strategies, and improve customer targeting. However, the market faces challenges from alternative platforms for purchasing insurance policies. The availability of insurance intermediaries, online channels, and third-party websites that do not require additional commission charges hampers market growth. These platforms offer tailor-made policies and provide extensive information, allowing customers to make informed decisions without the need for a broker. Nevertheless, favorable government initiatives regarding insurance policies present significant opportunities for the insurance brokerage market. Governments are undertaking initiatives to raise awareness about insurance policies and allowing customers to avail themselves of a wide range of coverages. These initiatives help the insurance industry provide policies to all sections of society, driving market growth.

The key regions considered for the global Insurance Brokerage Market study include Asia Pacific, North America, Europe, Latin America, and Rest of the World. North America is a dominating region in the Insurance Brokerage Market in terms of revenue. The market growth in the region is being attributed to factors including growing and aging population, increasing complexity of insurance products, rising insurance premiums, heightened risk awareness due to natural disasters and cyber threats, and a growing preference for personalized insurance solutions. Whereas, the market in Asia Pacific is anticipated to grow at the fastest rate over the forecast period fueled by rapid urbanization, rising disposable income, increasing insurance penetration, growing awareness of risk management, and the expanding middle class. Additionally, the region's diverse economic landscape and varying insurance regulations present opportunities for specialized brokerage services.

Major market players included in this report are:

Truist Insurance Holdings
Acrisure, LLC
WTW
Aon plc
USI Insurance Services LLC
Arthur J. Gallagher & Co.
HUB International Limited
NFP Corp.
Alliant Insurance Services, Inc.
Gallagher Bassett Services, Inc.
Integro Insurance Brokers
BB&T Insurance Services
Lockton Companies
Brown & Brown Insurance Inc.
Marsh & McLennan Companies, Inc.

The detailed segments and sub-segment of the market are explained below:

By Insurance Type:

Life Insurance
Property and Casualty Insurance

By Brokerage Type:

Retail
Wholesale

By Region:

North America
U.S.
Canada
Europe
UK
Germany
France
Spain
Italy
ROE
Asia Pacific
China
India
Japan
Australia
South Korea
RoAPAC
Latin America
Brazil
Mexico
RoLA
Middle East & Africa
Saudi Arabia
South Africa
RoMEA

Years considered for the study are as follows:

Historical year - 2022
Base year - 2023
Forecast period - 2024 to 2032

Key Takeaways:

Market Estimates & Forecast for 10 years from 2022 to 2032.
Annualized revenues and regional level analysis for each market segment.
Detailed analysis of geographical landscape with Country level analysis of major regions.
Competitive landscape with information on major players in the market.
Analysis of key business strategies and recommendations on future market approach.
Analysis of competitive structure of the market.
Demand side and supply side analysis of the market.

Chapter 1. Global Insurance Brokerage Market Executive Summary

1.1. Global Insurance Brokerage Market Size & Forecast (2022-2032)
1.2. Regional Summary
1.3. Segmental Summary
- 1.3.1. By Insurance Type
- 1.3.2. By Brokerage Type
1.4. Key Trends
1.5. Recession Impact
1.6. Analyst Recommendation & Conclusion

Chapter 2. Global Insurance Brokerage Market Definition and Research Assumptions

2.1. Research Objective
2.2. Market Definition
2.3. Research Assumptions
- 2.3.1. Inclusion & Exclusion
- 2.3.2. Limitations
- 2.3.3. Supply Side Analysis
  - 2.3.3.1. Availability
  - 2.3.3.2. Infrastructure
  - 2.3.3.3. Regulatory Environment
  - 2.3.3.4. Market Competition
  - 2.3.3.5. Economic Viability (Consumer's Perspective)
- 2.3.4. Demand Side Analysis
  - 2.3.4.1. Regulatory frameworks
  - 2.3.4.2. Technological Advancements
  - 2.3.4.3. Environmental Considerations
  - 2.3.4.4. Consumer Awareness & Acceptance
2.4. Estimation Methodology
2.5. Years Considered for the Study
2.6. Currency Conversion Rates

Chapter 3. Global Insurance Brokerage Market Dynamics

3.1. Market Drivers
- 3.1.1. Increase in demand for insurance policies among the general public
- 3.1.2. Expansion of digital brokers
- 3.1.3. Integration of IT & analytic solutions
3.2. Market Challenges
- 3.2.1. Availability of alternative platforms for purchasing insurance policy
- 3.2.2. Complexity in insurance policies
3.3. Market Opportunities
- 3.3.1. Rise in personalized insurance policies
- 3.3.2. Favorable government initiatives regarding insurance policies
- 3.3.3. Technological advancements in the insurance industry

Chapter 4. Global Insurance Brokerage Market Industry Analysis

4.1. Porter's 5 Force Model
- 4.1.1. Bargaining Power of Suppliers
- 4.1.2. Bargaining Power of Buyers
- 4.1.3. Threat of New Entrants
- 4.1.4. Threat of Substitutes
- 4.1.5. Competitive Rivalry
- 4.1.6. Futuristic Approach to Porter's 5 Force Model
- 4.1.7. Porter's 5 Force Impact Analysis
4.2. PESTEL Analysis
- 4.2.1. Political
- 4.2.2. Economical
- 4.2.3. Social
- 4.2.4. Technological
- 4.2.5. Environmental
- 4.2.6. Legal
4.3. Top investment opportunity
4.4. Top winning strategies
4.5. Disruptive Trends
4.6. Industry Expert Perspective
4.7. Analyst Recommendation & Conclusion

Chapter 5. Global Insurance Brokerage Market Size & Forecasts by Insurance Type 2022-2032

5.1. Segment Dashboard
5.2. Global Insurance Brokerage Market: Insurance Type Revenue Trend Analysis, 2022 & 2032 (USD Billion)
- 5.2.1. Life Insurance
- 5.2.2. Property and Casualty Insurance

Chapter 6. Global Insurance Brokerage Market Size & Forecasts by Brokerage Type 2022-2032

6.1. Segment Dashboard
6.2. Global Insurance Brokerage Market: Brokerage Type Revenue Trend Analysis, 2022 & 2032 (USD Billion)
- 6.2.1. Retail
- 6.2.2. Wholesale

Chapter 7. Global Insurance Brokerage Market Size & Forecasts by Region 2022-2032

7.1. North America Insurance Brokerage Market
- 7.1.1. U.S. Insurance Brokerage Market
  - 7.1.1.1. Insurance Type breakdown size & forecasts, 2022-2032
  - 7.1.1.2. Brokerage Type breakdown size & forecasts, 2022-2032
- 7.1.2. Canada Insurance Brokerage Market
7.2. Europe Insurance Brokerage Market
- 7.2.1. U.K. Insurance Brokerage Market
- 7.2.2. Germany Insurance Brokerage Market
- 7.2.3. France Insurance Brokerage Market
- 7.2.4. Spain Insurance Brokerage Market
- 7.2.5. Italy Insurance Brokerage Market
- 7.2.6. Rest of Europe Insurance Brokerage Market
7.3. Asia-Pacific Insurance Brokerage Market
- 7.3.1. China Insurance Brokerage Market
- 7.3.2. India Insurance Brokerage Market
- 7.3.3. Japan Insurance Brokerage Market
- 7.3.4. Australia Insurance Brokerage Market
- 7.3.5. South Korea Insurance Brokerage Market
- 7.3.6. Rest of Asia Pacific Insurance Brokerage Market
7.4. Latin America Insurance Brokerage Market
- 7.4.1. Brazil Insurance Brokerage Market
- 7.4.2. Mexico Insurance Brokerage Market
- 7.4.3. Rest of Latin America Insurance Brokerage Market
7.5. Middle East & Africa Insurance Brokerage Market
- 7.5.1. Saudi Arabia Insurance Brokerage Market
- 7.5.2. South Africa Insurance Brokerage Market
- 7.5.3. Rest of Middle East & Africa Insurance Brokerage Market

Chapter 8. Competitive Intelligence

8.1. Key Company SWOT Analysis
8.2. Top Market Strategies
8.3. Company Profiles
- 8.3.1. Truist Insurance Holdings
  - 8.3.1.1. Key Information
  - 8.3.1.2. Overview
  - 8.3.1.3. Financial (Subject to Data Availability)
  - 8.3.1.4. Product Summary
  - 8.3.1.5. Market Strategies
- 8.3.2. Acrisure, LLC
- 8.3.3. WTW
- 8.3.4. Aon plc
- 8.3.5. USI Insurance Services LLC
- 8.3.6. Arthur J. Gallagher & Co.
- 8.3.7. HUB International Limited
- 8.3.8. NFP Corp.
- 8.3.9. Alliant Insurance Services, Inc.
- 8.3.10. Gallagher Bassett Services, Inc.
- 8.3.11. Integro Insurance Brokers
- 8.3.12. BB&T Insurance Services
- 8.3.13. Lockton Companies
- 8.3.14. Brown & Brown Insurance Inc.
- 8.3.15. Marsh & McLennan Companies, Inc.

Chapter 9. Research Process

9.1. Research Process
- 9.1.1. Data Mining
- 9.1.2. Analysis
- 9.1.3. Market Estimation
- 9.1.4. Validation
- 9.1.5. Publishing
9.2. Research Attributes