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PUBLISHER: Grand View Research | PRODUCT CODE: 1575108
PUBLISHER: Grand View Research | PRODUCT CODE: 1575108
Insurance Brokerage Market Size, Share & Trends Analysis Report By Insurance (Life Insurance, Property & Casualty Insurance), By Brokerage, By End Use (Individual, Corporate), By Region, And Segment Forecasts, 2024 - 2030
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Insurance Brokerage Market Size & Trends:
The global insurance brokerage market size was valued at USD 287.40 billion in 2023 and is expected to grow at a CAGR of 9.2% from 2024 to 2030. The rising demand for insurance products drives the growth of the market. As economies expand, more individuals and businesses seek to protect their assets, income, and health through insurance. Economic growth often correlates with a rising disposable income, enabling more people to afford insurance coverage. Additionally, as the population grows, potential insurance customers increase, driving demand for a wide range of insurance products, from life and health insurance to property and casualty insurance. Insurance brokers help customers navigate the often complex and varied insurance offerings available. They assist in selecting the right coverage customized to individual or business needs, making the process more accessible and understandable. As a result, the rising demand for insurance products translates directly into increased demand for brokerage services, thus driving the market growth.
Moreover, there is a growing awareness of the importance of having adequate insurance coverage. It is partially due to educational efforts by governments, financial institutions, and insurers emphasizing the need for protection against various risks. The law often mandates insurance, such as auto insurance or workers' compensation for businesses. These legal requirements ensure a baseline level of demand, further boosting the need for insurance services.
The ongoing digital transformation in the insurance industry is reshaping the role of insurance brokers. Digital tools and platforms enable brokers to offer more personalized and efficient services, including real-time quotes, data-driven insights, and streamlined claims processes. This technological advancement enhances customer experience and attracts a broader client base, including younger generations who prefer digital interactions.
The increasing complexity of insurance regulations across different regions and sectors necessitates the expertise of insurance brokers. Brokers assist clients in navigating regulatory requirements and ensuring compliance, which is particularly important for businesses operating in multiple jurisdictions. The need for specialized knowledge and the ability to manage regulatory risks contribute to the growing reliance on brokerage services.
The need for customized and specialized services fuels the market's growth. Clients increasingly seek customized insurance solutions tailored to their specific needs, whether for commercial or personal use. With their ability to offer specialized products and services, insurance brokers are well-positioned to meet this demand. The trend toward customization drives the growth of brokerage firms that can provide expertise in particular areas, such as cyber insurance and environmental liability.
Global Insurance Brokerage Market Report Segmentation
The report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2018 to 2030. For this study, Grand View Research has segmented the global insurance brokerage market report based on insurance, brokerage, end use, application and region.
- Insurance Outlook (Revenue, USD Billion, 2018 - 2030)
- Life Insurance
- Property & Casualty Insurance
- Brokerage Outlook (Revenue, USD Billion, 2018 - 2030)
- Retail
- Wholesale
- End Use Outlook (Revenue, USD Billion, 2018 - 2030)
- Individual
- Corporate
- Regional Outlook (Revenue, USD Billion, 2018 - 2030)
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Asia Pacific
- China
- India
- Japan
- Australia
- South Korea
- Latin America
- Brazil
- Middle East & Africa
- UAE
- Kingdom of Saudi Arabia
- South Africa
Product Code: GVR-4-68040-442-2
Table of Contents
Chapter 1. Methodology and Scope
- 1.1. Market Segmentation & Scope
- 1.2. Market Definitions
- 1.3. Information Procurement
- 1.4. Information Analysis
- 1.4.1. Market Formulation & Data Visualization
- 1.4.2. Data Validation & Publishing
- 1.5. Research Scope and Assumptions
- 1.6. List of Data Sources
Chapter 2. Executive Summary
- 2.1. Market Outlook
- 2.2. Segmental Outlook
- 2.3. Competitive Landscape Snapshot
Chapter 3. Market Variables, Trends, and Scope
- 3.1. Market Lineage Outlook
- 3.2. Industry Value Chain Analysis
- 3.3. Market Dynamics
- 3.3.1. Market Driver Impact Analysis
- 3.3.2. Market Restraint Impact Analysis
- 3.3.3. Market Opportunity Impact Analysis
- 3.4. Industry Analysis Tools
- 3.4.1. Porter's Analysis
- 3.4.2. PESTEL Analysis
Chapter 4. Insurance Brokerage Market: Insurance Estimates & Trend Analysis
- 4.1. Insurance Movement Analysis & Market Share, 2023 & 2030
- 4.2. Insurance Brokerage Market Estimates & Forecast, By Insurance
- 4.2.1. Life Insurance
- 4.2.2. Property & Casualty Insurance
Chapter 5. Insurance Brokerage Market: Brokerage Estimates & Trend Analysis
- 5.1. Brokerage Movement Analysis & Market Share, 2023 & 2030
- 5.2. Insurance Brokerage Market Estimates & Forecast, By Brokerage
- 5.2.1. Retail
- 5.2.2. Wholesale
Chapter 6. Insurance Brokerage Market: End Use Estimates & Trend Analysis
- 6.1. End Use Movement Analysis & Market Share, 2023 & 2030
- 6.2. Insurance Brokerage Market Estimates & Forecast, By End Use
- 6.2.1. Individual
- 6.2.2. Corporate
Chapter 7. Insurance Brokerage Market: Regional Estimates & Trend Analysis
- 7.1. Insurance Brokerage Market: Regional Outlook
- 7.2. North America
- 7.2.1. North America insurance brokerage market estimates & forecasts, 2018 - 2030 (USD Billion)
- 7.2.2. U.S.
- 7.2.2.1. U.S. insurance brokerage market estimates & forecasts, 2018 - 2030 (USD Billion)
- 7.2.3. Canada
- 7.2.3.1. Canada Insurance Brokerage market estimates & forecasts, 2018 - 2030 (USD Billion)
- 7.2.4. Mexico
- 7.2.4.1. Mexico insurance brokerage market estimates & forecasts, 2018 - 2030 (USD Billion)
- 7.3. Europe
- 7.3.1. Europe insurance brokerage market estimates & forecasts, 2018 - 2030 (USD Billion)
- 7.3.2. Germany
- 7.3.2.1. Germany insurance brokerage market estimates & forecasts, 2018 - 2030 (USD Billion)
- 7.3.3. U.K.
- 7.3.3.1. U.K. insurance brokerage market estimates & forecasts, 2018 - 2030 (USD Billion)
- 7.3.4. France
- 7.3.4.1. France insurance brokerage market estimates & forecasts, 2018 - 2030 (USD Billion)
- 7.4. Asia Pacific
- 7.4.1. Asia Pacific insurance brokerage market estimates & forecasts, 2018 - 2030 (USD Billion)
- 7.4.2. China
- 7.4.2.1. China insurance brokerage market estimates & forecasts, 2018 - 2030 (USD Billion)
- 7.4.3. India
- 7.4.3.1. India insurance brokerage market estimates & forecasts, 2018 - 2030 (USD Billion)
- 7.4.4. Japan
- 7.4.4.1. Japan insurance brokerage market estimates & forecasts, 2018 - 2030 (USD Billion)
- 7.4.5. Australia
- 7.4.5.1. Australia insurance brokerage market estimates & forecasts, 2018 - 2030 (USD Billion)
- 7.4.6. South Korea
- 7.4.6.1. South Korea insurance brokerage market estimates & forecasts, 2018 - 2030 (USD Billion)
- 7.5. Latin America
- 7.5.1. Latin America insurance brokerage market estimates & forecasts, 2018 - 2030 (USD Billion)
- 7.5.2. Brazil
- 7.5.2.1. Brazil insurance brokerage market estimates & forecasts, 2018 - 2030 (USD Billion)
- 7.6. MEA
- 7.6.1. MEA insurance brokerage market estimates & forecasts, 2018 - 2030 (USD Billion)
- 7.6.2. UAE
- 7.6.2.1. UAE insurance brokerage market estimates & forecasts, 2018 - 2030 (USD Billion)
- 7.6.3. Kingdom of Saudi Arabia (KSA)
- 7.6.3.1. Kingdom of Saudi Arabia (KSA) insurance brokerage market estimates & forecasts, 2018 - 2030 (USD Billion)
- 7.6.4. South Africa
- 7.6.4.1. South Africa insurance brokerage market estimates & forecasts, 2018 - 2030 (USD Billion)
Chapter 8. Competitive Landscape
- 8.1. Company Categorization
- 8.2. Company Market Share Analysis, 2023
- 8.3. Company Heat Map Analysis
- 8.4. Strategy Mapping
- 8.4.1. Expansion
- 8.4.2. Collaborations
- 8.4.3. Mergers & Acquisitions
- 8.4.4. New Product Launches
- 8.4.5. Partnerships
- 8.4.6. Others
- 8.5. Company Profiles
- 8.5.1. Marsh & McLennan Companies, Inc.
- 8.5.1.1. Company Overview
- 8.5.1.2. Financial Performance
- 8.5.1.3. Product Benchmarking
- 8.5.1.4. Strategic Initiatives
- 8.5.2. Aon plc
- 8.5.2.1. Company Overview
- 8.5.2.2. Financial Performance
- 8.5.2.3. Product Benchmarking
- 8.5.2.4. Strategic Initiatives
- 8.5.3. Willis Towers Watson
- 8.5.3.1. Company Overview
- 8.5.3.2. Financial Performance
- 8.5.3.3. Product Benchmarking
- 8.5.3.4. Strategic Initiatives
- 8.5.4. Arthur J. Gallagher & Co.
- 8.5.4.1. Company Overview
- 8.5.4.2. Financial Performance
- 8.5.4.3. Product Benchmarking
- 8.5.4.4. Strategic Initiatives
- 8.5.5. Brown & Brown, Inc.
- 8.5.5.1. Company Overview
- 8.5.5.2. Financial Performance
- 8.5.5.3. Product Benchmarking
- 8.5.5.4. Strategic Initiatives
- 8.5.6. Lockton Companies
- 8.5.6.1. Company Overview
- 8.5.6.2. Financial Performance
- 8.5.6.3. Product Benchmarking
- 8.5.6.4. Strategic Initiatives
- 8.5.7. Alliant Insurance Services
- 8.5.7.1. Company Overview
- 8.5.7.2. Financial Performance
- 8.5.7.3. Product Benchmarking
- 8.5.7.4. Strategic Initiatives
- 8.5.8. HUB International Limited
- 8.5.8.1. Company Overview
- 8.5.8.2. Financial Performance
- 8.5.8.3. Product Benchmarking
- 8.5.8.4. Strategic Initiatives
- 8.5.9. Edgewood Partners Insurance Center (EPIC)
- 8.5.9.1. Company Overview
- 8.5.9.2. Financial Performance
- 8.5.9.3. Product Benchmarking
- 8.5.9.4. Strategic Initiatives
- 8.5.10. USI Insurance Services
- 8.5.10.1. Company Overview
- 8.5.10.2. Financial Performance
- 8.5.10.3. Product Benchmarking
- 8.5.10.4. Strategic Initiatives
- 8.5.1. Marsh & McLennan Companies, Inc.
Product Code: GVR-4-68040-442-2
List of Tables
- Table 1 Insurance brokerage market, 2018 - 2030 (USD Billion)
- Table 2 Global market estimates and forecasts, by region, 2018 - 2030 (USD Billion)
- Table 3 Global market estimates and forecasts, by insurance, 2018 - 2030 (USD Billion)
- Table 4 Global market estimates and forecasts, by brokerage, 2018 - 2030 (USD Billion)
- Table 5 Global market estimates and forecasts, by end use, 2018 - 2030 (USD Billion)
- Table 6 Life insurance market, by region, 2018 - 2030 (USD Billion)
- Table 7 Property & casualty insurance market, by region, 2018 - 2030 (USD Billion)
- Table 8 Retail insurance brokerage market, by region, 2018 - 2030 (USD Billion)
- Table 9 Wholesale insurance brokerage market, by region, 2018 - 2030 (USD Billion)
- Table 10 Individual insurance brokerage market, by region, 2018 - 2030 (USD Billion)
- Table 11 Corporate insurance brokerage market, by region, 2018 - 2030 (USD Billion)
- Table 12 North America insurance brokerage market, by insurance, 2018 - 2030 (USD Billion)
- Table 13 North America insurance brokerage market, by brokerage, 2018 - 2030 (USD Billion)
- Table 14 North America insurance brokerage market, by end use, 2018 - 2030 (USD Billion)
- Table 15 U.S. insurance brokerage market, by insurance, 2018 - 2030 (USD Billion)
- Table 16 U.S. insurance brokerage market, by brokerage, 2018 - 2030 (USD Billion)
- Table 17 U.S. insurance brokerage market, by end use, 2018 - 2030 (USD Billion)
- Table 18 Canada insurance brokerage market, by insurance, 2018 - 2030 (USD Billion)
- Table 19 Canada insurance brokerage market, by brokerage, 2018 - 2030 (USD Billion)
- Table 20 Canada insurance brokerage market, by end use, 2018 - 2030 (USD Billion)
- Table 21 Mexico insurance brokerage market, by insurance, 2018 - 2030 (USD Billion)
- Table 22 Mexico insurance brokerage market, by brokerage, 2018 - 2030 (USD Billion)
- Table 23 Mexico insurance brokerage market, by end use, 2018 - 2030 (USD Billion)
- Table 24 Europe insurance brokerage market, by insurance, 2018 - 2030 (USD Billion)
- Table 25 Europe insurance brokerage market, by brokerage, 2018 - 2030 (USD Billion)
- Table 26 Europe insurance brokerage market, by end use, 2018 - 2030 (USD Billion)
- Table 27 UK insurance brokerage market, by insurance, 2018 - 2030 (USD Billion)
- Table 28 UK insurance brokerage market, by brokerage, 2018 - 2030 (USD Billion)
- Table 29 UK insurance brokerage market, by end use, 2018 - 2030 (USD Billion)
- Table 30 Germany insurance brokerage market, by insurance, 2018 - 2030 (USD Billion)
- Table 31 Germany insurance brokerage market, by brokerage, 2018 - 2030 (USD Billion)
- Table 32 Germany insurance brokerage market, by end use, 2018 - 2030 (USD Billion)
- Table 33 France insurance brokerage market, by insurance, 2018 - 2030 (USD Billion)
- Table 34 France insurance brokerage market, by brokerage, 2018 - 2030 (USD Billion)
- Table 35 France insurance brokerage market, by end use, 2018 - 2030 (USD Billion)
- Table 36 Asia Pacific insurance brokerage market, by insurance, 2018 - 2030 (USD Billion)
- Table 37 Asia Pacific insurance brokerage market, by brokerage, 2018 - 2030 (USD Billion)
- Table 38 Asia Pacific insurance brokerage market, by end use, 2018 - 2030 (USD Billion)
- Table 39 China insurance brokerage market, by insurance, 2018 - 2030 (USD Billion)
- Table 40 China insurance brokerage market, by brokerage, 2018 - 2030 (USD Billion)
- Table 41 China insurance brokerage market, by end use, 2018 - 2030 (USD Billion)
- Table 42 India insurance brokerage market, by insurance, 2018 - 2030 (USD Billion)
- Table 43 India insurance brokerage market, by brokerage, 2018 - 2030 (USD Billion)
- Table 44 India insurance brokerage market, by end use, 2018 - 2030 (USD Billion)
- Table 45 Japan insurance brokerage market, by insurance, 2018 - 2030 (USD Billion)
- Table 46 Japan insurance brokerage market, by brokerage, 2018 - 2030 (USD Billion)
- Table 47 Japan insurance brokerage market, by end use, 2018 - 2030 (USD Billion)
- Table 48 South Korea insurance brokerage market, by insurance, 2018 - 2030 (USD Billion)
- Table 49 South Korea insurance brokerage market, by brokerage, 2018 - 2030 (USD Billion)
- Table 50 South Korea insurance brokerage market, by end use, 2018 - 2030 (USD Billion)
- Table 51 Australia insurance brokerage market, by insurance, 2018 - 2030 (USD Billion)
- Table 52 Australia insurance brokerage market, by brokerage, 2018 - 2030 (USD Billion)
- Table 53 Australia insurance brokerage market, by end use, 2018 - 2030 (USD Billion)
- Table 54 Latin America insurance brokerage market, by insurance, 2018 - 2030 (USD Billion)
- Table 55 Latin America insurance brokerage market, by brokerage, 2018 - 2030 (USD Billion)
- Table 56 Latin America insurance brokerage market, by end use, 2018 - 2030 (USD Billion)
- Table 57 Brazil insurance brokerage market, by insurance, 2018 - 2030 (USD Billion)
- Table 58 Brazil insurance brokerage market, by brokerage, 2018 - 2030 (USD Billion)
- Table 59 Brazil insurance brokerage market, by end use, 2018 - 2030 (USD Billion)
- Table 60 MEA insurance brokerage market, by insurance, 2018 - 2030 (USD Billion)
- Table 61 MEA insurance brokerage market, by brokerage, 2018 - 2030 (USD Billion)
- Table 62 MEA insurance brokerage market, by end use, 2018 - 2030 (USD Billion)
- Table 63 Kingdom of Saudi Arabia (KSA) insurance brokerage market, by insurance, 2018 - 2030 (USD Billion)
- Table 64 Kingdom of Saudi Arabia (KSA) insurance brokerage market, by brokerage, 2018 - 2030 (USD Billion)
- Table 65 Kingdom of Saudi Arabia (KSA) insurance brokerage market, by end use, 2018 - 2030 (USD Billion)
- Table 66 UAE insurance brokerage market, by insurance, 2018 - 2030 (USD Billion)
- Table 67 UAE insurance brokerage market, by brokerage, 2018 - 2030 (USD Billion)
- Table 68 UAE insurance brokerage market, by end use, 2018 - 2030 (USD Billion)
- Table 69 South Africa insurance brokerage market, by insurance, 2018 - 2030 (USD Billion)
- Table 70 South Africa insurance brokerage market, by brokerage, 2018 - 2030 (USD Billion)
- Table 71 South Africa insurance brokerage market, by end use, 2018 - 2030 (USD Billion)
- Table 72 Company Market Share, 2023
- Table 73 Company Heat Map Analysis
- Table 74 Key companies undergoing expansion
- Table 75 Key companies undergoing collaborations
- Table 76 Key companies undergoing new product launch
- Table 77 Key companies undergoing mergers & acquisitions
- Table 78 Key companies undergoing other strategies
List of Figures
- Fig. 1 Insurance Brokerage Market Segmentation
- Fig. 2 Information Procurement
- Fig. 3 Information Analysis
- Fig. 4 Market Formulation & Data Visualization
- Fig. 5 Data Validation & Publishing
- Fig. 6 Insurance Brokerage Market Snapshot
- Fig. 7 Segment Snapshot
- Fig. 8 Competitive Landscape Snapshot
- Fig. 9 Insurance Brokerage Market Value, 2023 & 2030 (USD Billion)
- Fig. 10 Insurance Brokerage - Industry Value Chain Analysis
- Fig. 11 Insurance Brokerage Market - Market Dynamics
- Fig. 12 Insurance Brokerage Market: PORTER's Analysis
- Fig. 13 Insurance Brokerage Market: PESTEL Analysis
- Fig. 14 Insurance Brokerage Market, by Insurance: Key Takeaways
- Fig. 15 Insurance Brokerage Market, by Insurance: Market Share, 2023 & 2030
- Fig. 16 Insurance Brokerage Market, by Brokerage: Key Takeaways
- Fig. 17 Insurance Brokerage Market, by Brokerage: Market Share, 2023 & 2030
- Fig. 18 Insurance Brokerage Market, by End Use: Key Takeaways
- Fig. 19 Insurance Brokerage Market, by End Use: Market Share, 2023 & 2030
- Fig. 20 Insurance Brokerage Market, by Region, 2023 & 2030 (USD Billion)
- Fig. 21 Regional Marketplace: Key Takeaways
- Fig. 22 North America Insurance Brokerage Market Estimates & Forecast, 2018 - 2030 (USD Billion)
- Fig. 23 US Insurance Brokerage Market Estimates & Forecast, 2018 - 2030 (USD Billion)
- Fig. 24 Canada Insurance Brokerage Market Estimates & Forecast, 2018 - 2030 (USD Billion)
- Fig. 25 Mexico Insurance Brokerage Market Estimates & Forecast, 2018 - 2030 (USD Billion)
- Fig. 26 Europe Insurance Brokerage Market Estimates & Forecast, 2018 - 2030 (USD Billion)
- Fig. 27 Germany Insurance Brokerage Market Estimates & Forecast, 2018 - 2030 (USD Billion)
- Fig. 28 UK Insurance Brokerage Market Estimates & Forecast, 2018 - 2030 (USD Billion)
- Fig. 29 France Insurance Brokerage Market Estimates & Forecast, 2018 - 2030 (USD Billion)
- Fig. 30 Asia Pacific Insurance Brokerage Market Estimates & Forecast, 2018 - 2030 (USD Billion)
- Fig. 31 China Insurance Brokerage Market Estimates & Forecast, 2018 - 2030 (USD Billion)
- Fig. 32 India Insurance Brokerage Market Estimates & Forecast, 2018 - 2030 (USD Billion)
- Fig. 33 Japan Insurance Brokerage Market Estimates & Forecast, 2018 - 2030 (USD Billion)
- Fig. 34 Australia Insurance Brokerage Market Estimates & Forecast, 2018 - 2030 (USD Billion)
- Fig. 35 South Korea Insurance Brokerage Market Estimates & Forecast, 2018 - 2030 (USD Billion)
- Fig. 36 Latin America Insurance Brokerage Market Estimates & Forecast, 2018 - 2030 (USD Billion)
- Fig. 37 Brazil Insurance Brokerage Market Estimates & Forecast, 2018 - 2030 (USD Billion)
- Fig. 38 MEA Insurance Brokerage Market Estimates & Forecast, 2018 - 2030 (USD Billion)
- Fig. 39 UAE Insurance Brokerage Market Estimates & Forecast, 2018 - 2030 (USD Billion)
- Fig. 40 Kingdom of Saudi Arabia Insurance Brokerage Market Estimates & Forecast, 2018 - 2030 (USD Billion)
- Fig. 41 South Africa Insurance Brokerage Market Estimates & Forecast, 2018 - 2030 (USD Billion)
- Fig. 42 Company Market Share Analysis, 2023
- Fig. 43 Strategic Framework
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