Insurance Brokerage Market Size, Share, Trends, Industry Analysis Report: By Insurance, Brokerage, End User, and By Region

Description

List of Tables

The global insurance brokerage market size is expected to reach USD 614.50 billion by 2032, according to a new study by Polaris Market Research. The report "Insurance Brokerage Market Size, Share, Trends, Industry Analysis Report: By Insurance (Life Insurance and Property & Casualty Insurance), Brokerage, End User, and Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa) - Market Forecast, 2024-2032" gives a detailed insight into current market dynamics and provides analysis on future market growth.

The rising industrialization drives the insurance brokerage market. Industrialization results in the creation and growth of different sectors, including manufacturing and technology. These sectors encounter multiple potential hazards, including property loss, legal responsibility, and operational disruptions, necessitating specific commercial insurance protection. To tackle these risks, businesses enlist the assistance of insurance brokers to recognize and secure suitable insurance plans.

The growing adoption of automobiles is propelling the insurance brokerage market. There is an increase in the need for auto insurance as the number of people buying cars grows. Individuals and businesses rely on insurance brokers to assist them in understanding the different auto insurance choices and selecting policies that suit them best. Consequently, the market is expanding due to the increasing use of automobiles.

The increasing population worldwide fuels the global insurance brokerage market. The rise in the population usually results in a higher need for life insurance to safeguard families and those who rely on them. Personalized life insurance solutions are offered by insurance brokerage firms to address these requirements. Therefore, the growing population leads to an increased need for insurance brokerage firms.

The growth of the insurance brokerage market is being fueled by the increasing disposable income. High disposable income enables individuals and businesses to have more financial flexibility to purchase different types of insurance, including life, health, property, and liability insurance.

Insurance Brokerage Market Report Highlights

The life insurance segment, based on insurance, is expected to experience a substantial growth rate during the forecast period. The insurance brokerage market for this segment is growing due to the rising aging population, increasing health awareness, and advances in life insurance products such as those integrating health and wellness incentives.

In terms of end user, the individual segment dominated the insurance brokerage market owing to the growing emphasis on long-term planning and increasing awareness of personal financial security.

In the global market, North America holds the largest revenue share due to the presence of prominent market players, advanced technological infrastructure, high insurance penetration rates, and ongoing trend of mergers and acquisitions.

WTW; Marsh & McLennan Companies, Inc.; Arthur J. Gallagher & Co.; Aon plc; Lockton Companies; Alliant Insurance Services, Inc.; Edgewood Partners Insurance Center; HUB International Limited; USI Insurance Services; Brown & Brown, Inc.; and TIH are among the global key market players.

Polaris Market Research has segmented the Insurance Brokerage market report on the basis of insurance, brokerage, end user, and region:

By Insurance Outlook (Revenue - USD Billion, 2019-2032)

Life Insurance
Property & Casualty Insurance

By Brokerage Outlook (Revenue - USD Billion, 2019-2032)

Retail
Wholesale

By End User Outlook (Revenue - USD Billion, 2019-2032)

Individual
Corporate

By Regional Outlook (Revenue - USD Billion, 2019-2032)

North America
US
Canada
Europe
Germany
UK
France
Italy
Spain
Russia
Netherlands
Rest of Europe
Asia Pacific
China
India
Japan
South Korea
Indonesia
Malaysia
Australia
Rest of APAC
Latin America
Argentina
Brazil
Mexico
Rest of Latin America
Middle East & Africa
UAE
Saudi Arabia
Israel
South Africa
Rest of MEA

Product Code: PM5098

1. Introduction

1.1. Report Description
- 1.1.1. Objectives of the Study
- 1.1.2. Market Scope
- 1.1.3. Assumptions
1.2. Stakeholders

2. Executive Summary

2.1. Market Highlights

3. Research Methodology

3.1. Overview
- 3.1.1. Data Mining
3.2. Data Sources
- 3.2.1. Primary Sources
- 3.2.2. Secondary Sources

4. Global Insurance Brokerage Market Insights

4.1. Insurance Brokerage Market - Market Snapshot
4.2. Insurance Brokerage Market Dynamics
- 4.2.1. Drivers and Opportunities
  - 4.2.1.1. Rising disposable income is driving the market growth.
  - 4.2.1.2. Increasing population worldwide propels the market.
- 4.2.2. Restraints and Challenges
  - 4.2.2.1. Availability of alternative platforms for purchasing insurance policies is hindering the insurance brokerage market growth
4.3. Porter's Five Forces Analysis
- 4.3.1. Bargaining Power of Suppliers (Moderate)
- 4.3.2. Threats of New Entrants: (Low)
- 4.3.3. Bargaining Power of Buyers (Moderate)
- 4.3.4. Threat of Substitute (Moderate)
- 4.3.5. Rivalry among existing firms (High)
4.4. PESTEL Analysis
4.5. Insurance Brokerage Market Trends
4.6. Value Chain Analysis
4.7. COVID-19 Impact Analysis

5. Global Insurance Brokerage Market, by Insurance

5.1. Key Findings
5.2. Introduction
- 5.2.1. Global Insurance Brokerage Market, by Insurance, 2019-2032 (USD Billion)
5.3. Life Insurance
- 5.3.1. Global Insurance Brokerage Market, by Life Insurance, by Region, 2019-2032 (USD Billion)
5.4. Property & Casualty Insurance
- 5.4.1. Global Insurance Brokerage Market, by Property & Casualty Insurance, by Region, 2019-2032 (USD Billion)

6. Global Insurance Brokerage Market, by Brokerage

6.1. Key Findings
6.2. Introduction
- 6.2.1. Global Insurance Brokerage Market, by Brokerage, 2019-2032 (USD Billion)
6.3. Retail
- 6.3.1. Global Insurance Brokerage Market, by Retail, by Region, 2019-2032 (USD Billion)
6.4. Wholesale
- 6.4.1. Global Insurance Brokerage Market, by Wholesale, by Region, 2019-2032 (USD Billion)

7. Global Insurance Brokerage, Market by End-user

7.1. Key Findings
7.2. Introduction
- 7.2.1. Global Insurance Brokerage Market, by End-user, 2019-2032 (USD Billion)
7.3. Individual
- 7.3.1. Global Insurance Brokerage Market, by Individual, by Region, 2019-2032 (USD Billion)
7.4. Corporate
- 7.4.1. Global Insurance Brokerage Market, by Corporate, by Region, 2019-2032 (USD Billion)

8. Global Insurance Brokerage Market, by Geography

8.1. Key Findings
8.2. Introduction
- 8.2.1. Insurance Brokerage Market Assessment, By Geography, 2019-2032 (USD Billion)
8.3. Insurance Brokerage Market - North America
- 8.3.1. North America: Insurance Brokerage Market, by Insurance, 2019-2032 (USD Billion)
- 8.3.2. North America: Insurance Brokerage Market, by Brokerage, 2019-2032 (USD Billion)
- 8.3.3. North America: Insurance Brokerage Market, by End-user, 2019-2032 (USD Billion)
- 8.3.4. Insurance Brokerage Market - U.S.
  - 8.3.4.1. U.S.: Insurance Brokerage Market, by Insurance, 2019-2032 (USD Billion)
  - 8.3.4.2. U.S.: Insurance Brokerage Market, by Brokerage, 2019-2032 (USD Billion)
  - 8.3.4.3. U.S.: Insurance Brokerage Market, by End-user, 2019-2032 (USD Billion)
- 8.3.5. Insurance Brokerage Market - Canada
  - 8.3.5.1. Canada: Insurance Brokerage Market, by Insurance, 2019-2032 (USD Billion)
  - 8.3.5.2. Canada: Insurance Brokerage Market, by Brokerage, 2019-2032 (USD Billion)
  - 8.3.5.3. Canada: Insurance Brokerage Market, by End-user, 2019-2032 (USD Billion)
8.4. Insurance Brokerage Market - Europe
- 8.4.1. Europe: Insurance Brokerage Market, by Insurance, 2019-2032 (USD Billion)
- 8.4.2. Europe: Insurance Brokerage Market, by Brokerage, 2019-2032 (USD Billion)
- 8.4.3. Europe: Insurance Brokerage Market, by End-user, 2019-2032 (USD Billion)
- 8.4.4. Insurance Brokerage Market - UK
  - 8.4.4.1. UK: Insurance Brokerage Market, by Insurance, 2019-2032 (USD Billion)
  - 8.4.4.2. UK: Insurance Brokerage Market, by Brokerage, 2019-2032 (USD Billion)
  - 8.4.4.3. UK: Insurance Brokerage Market, by End-user, 2019-2032 (USD Billion)
- 8.4.5. Insurance Brokerage Market - France
  - 8.4.5.1. France: Insurance Brokerage Market, by Insurance, 2019-2032 (USD Billion)
  - 8.4.5.2. France: Insurance Brokerage Market, by Brokerage, 2019-2032 (USD Billion)
  - 8.4.5.3. France: Insurance Brokerage Market, by End-user, 2019-2032 (USD Billion)
- 8.4.6. Insurance Brokerage Market - Germany
  - 8.4.6.1. Germany: Insurance Brokerage Market, by Insurance, 2019-2032 (USD Billion)
  - 8.4.6.2. Germany: Insurance Brokerage Market, by Brokerage, 2019-2032 (USD Billion)
  - 8.4.6.3. Germany: Insurance Brokerage Market, by End-user, 2019-2032 (USD Billion)
- 8.4.7. Insurance Brokerage Market - Italy
  - 8.4.7.1. Italy: Insurance Brokerage Market, by Insurance, 2019-2032 (USD Billion)
  - 8.4.7.2. Italy: Insurance Brokerage Market, by Brokerage, 2019-2032 (USD Billion)
  - 8.4.7.3. Italy: Insurance Brokerage Market, by End-user, 2019-2032 (USD Billion)
- 8.4.8. Insurance Brokerage Market - Spain
  - 8.4.8.1. Spain: Insurance Brokerage Market, by Insurance, 2019-2032 (USD Billion)
  - 8.4.8.2. Spain: Insurance Brokerage Market, by Brokerage, 2019-2032 (USD Billion)
  - 8.4.8.3. Spain: Insurance Brokerage Market, by End-user, 2019-2032 (USD Billion)
- 8.4.9. Insurance Brokerage Market - Netherlands
  - 8.4.9.1. Netherlands: Insurance Brokerage Market, by Insurance, 2019-2032 (USD Billion)
  - 8.4.9.2. Netherlands: Insurance Brokerage Market, by Brokerage, 2019-2032 (USD Billion)
  - 8.4.9.3. Netherlands: Insurance Brokerage Market, by End-user, 2019-2032 (USD Billion)
- 8.4.10. Insurance Brokerage Market - Russia
  - 8.4.10.1. Russia: Insurance Brokerage Market, by Insurance, 2019-2032 (USD Billion)
  - 8.4.10.2. Russia: Insurance Brokerage Market, by Brokerage, 2019-2032 (USD Billion)
  - 8.4.10.3. Russia: Insurance Brokerage Market, by End-user, 2019-2032 (USD Billion)
- 8.4.11. Insurance Brokerage Market - Rest of Europe
  - 8.4.11.1. Rest of Europe: Insurance Brokerage Market, by Insurance, 2019-2032 (USD Billion)
  - 8.4.11.2. Rest of Europe: Insurance Brokerage Market, by Brokerage, 2019-2032 (USD Billion)
  - 8.4.11.3. Rest of Europe: Insurance Brokerage Market, by End-user, 2019-2032 (USD Billion)
8.5. Insurance Brokerage Market - Asia Pacific
- 8.5.1. Asia Pacific: Insurance Brokerage Market, by Insurance, 2019-2032 (USD Billion)
- 8.5.2. Asia Pacific: Insurance Brokerage Market, by Brokerage, 2019-2032 (USD Billion)
- 8.5.3. Asia Pacific: Insurance Brokerage Market, by End-user, 2019-2032 (USD Billion)
- 8.5.4. Insurance Brokerage Market - China
  - 8.5.4.1. China: Insurance Brokerage Market, by Insurance, 2019-2032 (USD Billion)
  - 8.5.4.2. China: Insurance Brokerage Market, by Brokerage, 2019-2032 (USD Billion)
  - 8.5.4.3. China: Insurance Brokerage Market, by End-user, 2019-2032 (USD Billion)
- 8.5.5. Insurance Brokerage Market - India
  - 8.5.5.1. India: Insurance Brokerage Market, by Insurance, 2019-2032 (USD Billion)
  - 8.5.5.2. India: Insurance Brokerage Market, by Brokerage, 2019-2032 (USD Billion)
  - 8.5.5.3. India: Insurance Brokerage Market, by End-user, 2019-2032 (USD Billion)
- 8.5.6. Insurance Brokerage Market - Malaysia
  - 8.5.6.1. Malaysia: Insurance Brokerage Market, by Insurance, 2019-2032 (USD Billion)
  - 8.5.6.2. Malaysia: Insurance Brokerage Market, by Brokerage, 2019-2032 (USD Billion)
  - 8.5.6.3. Malaysia: Insurance Brokerage Market, by End-user, 2019-2032 (USD Billion)
- 8.5.7. Insurance Brokerage Market - Japan
  - 8.5.7.1. Japan: Insurance Brokerage Market, by Insurance, 2019-2032 (USD Billion)
  - 8.5.7.2. Japan: Insurance Brokerage Market, by Brokerage, 2019-2032 (USD Billion)
  - 8.5.7.3. Japan: Insurance Brokerage Market, by End-user, 2019-2032 (USD Billion)
- 8.5.8. Insurance Brokerage Market - Indonesia
  - 8.5.8.1. Indonesia: Insurance Brokerage Market, by Insurance, 2019-2032 (USD Billion)
  - 8.5.8.2. Indonesia: Insurance Brokerage Market, by Brokerage, 2019-2032 (USD Billion)
  - 8.5.8.3. Indonesia: Insurance Brokerage Market, by End-user, 2019-2032 (USD Billion)
- 8.5.9. Insurance Brokerage Market - South Korea
  - 8.5.9.1. South Korea: Insurance Brokerage Market, by Insurance, 2019-2032 (USD Billion)
  - 8.5.9.2. South Korea: Insurance Brokerage Market, by Brokerage, 2019-2032 (USD Billion)
  - 8.5.9.3. South Korea: Insurance Brokerage Market, by End-user, 2019-2032 (USD Billion)
- 8.5.10. Insurance Brokerage Market - Australia
  - 8.5.10.1. Australia: Insurance Brokerage Market, by Insurance, 2019-2032 (USD Billion)
  - 8.5.10.2. Australia: Insurance Brokerage Market, by Brokerage, 2019-2032 (USD Billion)
  - 8.5.10.3. Australia: Insurance Brokerage Market, by End-user, 2019-2032 (USD Billion)
- 8.5.11. Insurance Brokerage Market - Rest of Asia Pacific
  - 8.5.11.1. Rest of Asia Pacific: Insurance Brokerage Market, by Insurance, 2019-2032 (USD Billion)
  - 8.5.11.2. Rest of Asia Pacific: Insurance Brokerage Market, by Brokerage, 2019-2032 (USD Billion)
  - 8.5.11.3. Rest of Asia Pacific: Insurance Brokerage Market, by End-user, 2019-2032 (USD Billion)
8.6. Insurance Brokerage Market - Middle East & Africa
- 8.6.1. Middle East & Africa: Insurance Brokerage Market, by Insurance, 2019-2032 (USD Billion)
- 8.6.2. Middle East & Africa: Insurance Brokerage Market, by Brokerage, 2019-2032 (USD Billion)
- 8.6.3. Middle East & Africa: Insurance Brokerage Market, by End-user, 2019-2032 (USD Billion)
- 8.6.4. Insurance Brokerage Market - Saudi Arabia
  - 8.6.4.1. Saudi Arabia: Insurance Brokerage Market, by Insurance, 2019-2032 (USD Billion)
  - 8.6.4.2. Saudi Arabia: Insurance Brokerage Market, by Brokerage, 2019-2032 (USD Billion)
  - 8.6.4.3. Saudi Arabia: Insurance Brokerage Market, by End-user, 2019-2032 (USD Billion)
- 8.6.5. Insurance Brokerage Market - UAE
  - 8.6.5.1. UAE: Insurance Brokerage Market, by Insurance, 2019-2032 (USD Billion)
  - 8.6.5.2. UAE: Insurance Brokerage Market, by Brokerage, 2019-2032 (USD Billion)
  - 8.6.5.3. UAE: Insurance Brokerage Market, by End-user, 2019-2032 (USD Billion)
- 8.6.6. Insurance Brokerage Market - Israel
  - 8.6.6.1. Israel: Insurance Brokerage Market, by Insurance, 2019-2032 (USD Billion)
  - 8.6.6.2. Israel: Insurance Brokerage Market, by Brokerage, 2019-2032 (USD Billion)
  - 8.6.6.3. Israel: Insurance Brokerage Market, by End-user, 2019-2032 (USD Billion)
- 8.6.7. Insurance Brokerage Market - South Africa
  - 8.6.7.1. South Africa: Insurance Brokerage Market, by Insurance, 2019-2032 (USD Billion)
  - 8.6.7.2. South Africa: Insurance Brokerage Market, by Brokerage, 2019-2032 (USD Billion)
  - 8.6.7.3. South Africa: Insurance Brokerage Market, by End-user, 2019-2032 (USD Billion)
- 8.6.8. Insurance Brokerage Market - Rest of Middle East & Africa
  - 8.6.8.1. Rest of Middle East & Africa: Insurance Brokerage Market, by Insurance, 2019-2032 (USD Billion)
  - 8.6.8.2. Rest of Middle East & Africa: Insurance Brokerage Market, by Brokerage, 2019-2032 (USD Billion)
  - 8.6.8.3. Rest of Middle East & Africa: Insurance Brokerage Market, by End-user, 2019-2032 (USD Billion)
8.7. Insurance Brokerage Market - Latin America
- 8.7.1. Latin America: Insurance Brokerage Market, by Insurance, 2019-2032 (USD Billion)
- 8.7.2. Latin America: Insurance Brokerage Market, by Brokerage, 2019-2032 (USD Billion)
- 8.7.3. Latin America: Insurance Brokerage Market, by End-user, 2019-2032 (USD Billion)
- 8.7.4. Insurance Brokerage Market - Mexico
  - 8.7.4.1. Mexico: Insurance Brokerage Market, by Insurance, 2019-2032 (USD Billion)
  - 8.7.4.2. Mexico: Insurance Brokerage Market, by Brokerage, 2019-2032 (USD Billion)
  - 8.7.4.3. Mexico: Insurance Brokerage Market, by End-user, 2019-2032 (USD Billion)
- 8.7.5. Insurance Brokerage Market - Brazil
  - 8.7.5.1. Brazil: Insurance Brokerage Market, by Insurance, 2019-2032 (USD Billion)
  - 8.7.5.2. Brazil: Insurance Brokerage Market, by Brokerage, 2019-2032 (USD Billion)
  - 8.7.5.3. Brazil: Insurance Brokerage Market, by End-user, 2019-2032 (USD Billion)
- 8.7.6. Insurance Brokerage Market - Argentina
  - 8.7.6.1. Argentina: Insurance Brokerage Market, by Insurance, 2019-2032 (USD Billion)
  - 8.7.6.2. Argentina: Insurance Brokerage Market, by Brokerage, 2019-2032 (USD Billion)
  - 8.7.6.3. Argentina: Insurance Brokerage Market, by End-user, 2019-2032 (USD Billion)
- 8.7.7. Insurance Brokerage Market - Rest of Latin America
  - 8.7.7.1. Rest of Latin America: Insurance Brokerage Market, by Insurance, 2019-2032 (USD Billion)
  - 8.7.7.2. Rest of Latin America: Insurance Brokerage Market, by Brokerage, 2019-2032 (USD Billion)
  - 8.7.7.3. Rest of Latin America: Insurance Brokerage Market, by End-user, 2019-2032 (USD Billion)

9. Competitive Landscape

9.1. Expansion and Acquisition Analysis
- 9.1.1. Expansion
- 9.1.2. Acquisitions
9.2. Partnerships/Collaborations/Agreements/Exhibitions

10. Company Profiles

10.1. WTW
- 10.1.1. Company Overview
- 10.1.2. Financial Performance
- 10.1.3. Insurance Benchmarking
- 10.1.4. Recent Development
10.2. Marsh & McLennan Companies, Inc.
- 10.2.1. Company Overview
- 10.2.2. Financial Performance
- 10.2.3. Insurance Benchmarking
- 10.2.4. Recent Development
10.3. Arthur J. Gallagher & Co.
- 10.3.1. Company Overview
- 10.3.2. Financial Performance
- 10.3.3. Insurance Benchmarking
- 10.3.4. Recent Development
10.4. Aon plc
- 10.4.1. Company Overview
- 10.4.2. Financial Performance
- 10.4.3. Insurance Benchmarking
- 10.4.4. Recent Development
10.5. Lockton Companies
- 10.5.1. Company Overview
- 10.5.2. Financial Performance
- 10.5.3. Insurance Benchmarking
- 10.5.4. Recent Development
10.6. Alliant Insurance Services, Inc.
- 10.6.1. Company Overview
- 10.6.2. Financial Performance
- 10.6.3. Insurance Benchmarking
- 10.6.4. Recent Development
10.7. Edgewood Partners Insurance Center
- 10.7.1. Company Overview
- 10.7.2. Financial Performance
- 10.7.3. Insurance Benchmarking
- 10.7.4. Recent Development
10.8. HUB International Limited
- 10.8.1. Company Overview
- 10.8.2. Financial Performance
- 10.8.3. Insurance Benchmarking
- 10.8.4. Recent Development
10.9. USI Insurance Services
- 10.9.1. Company Overview
- 10.9.2. Financial Performance
- 10.9.3. Insurance Benchmarking
- 10.9.4. Recent Development
10.10. Brown & Brown, Inc.
- 10.10.1. Company Overview
- 10.10.2. Financial Performance
- 10.10.3. Insurance Benchmarking
- 10.10.4. Recent Development
10.11. TIH
- 10.11.1. Company Overview
- 10.11.2. Financial Performance
- 10.11.3. Insurance Benchmarking
- 10.11.4. Recent Development