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The global insurance brokerage market reached approximately USD 287.90 billion in 2023. The market is further projected to grow at a CAGR of 7.3% between 2024 and 2032, reaching a value of USD 549.90 billion by 2032.
Insurance brokerage refers to the service that involves the negotiation, selling, and solicitation of insurance for compensation, on behalf of a client. The clients and brokers work closely in order to ensure client satisfaction by catering to their requirements with regards to their coverage.
On the basis of type, the market is bifurcated into retail and wholesale. Based on insurance type, the market is divided into life insurance and property and casualty insurance. On the basis of region, the insurance brokerage market segmentation includes North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis. The report gives a detailed analysis of the following key players in the market, covering their competitive landscape and latest developments like mergers, acquisitions, investments, and expansion plans.
Property and casualty insurance is anticipated to account for a significant insurance brokerage market share over the forecast period. The increasing incidences of natural calamities in various regions across the globe is bolstering the requirement for property insurance. The rising preference for expensive vehicles due to increasing disposable incomes and advancements in the automotive sector is further propelling the demand for property and casual insurances.
North America accounts for a significant share of the market. This growth can be attributed to the prominent presence of various key market players including Brown & Brown, Inc., Willis Towers Watson plc, and Marsh LLC, among others in the region. The presence of a strong regulatory framework and rising awareness about different insurance products is further supporting the market growth in North America. The provision of a diverse set of services by various insurance brokerage firms in the region is boosting the insurance brokerage market demand.
Brown & Brown, Inc., headquartered in Florida, United States, is one of the leading insurance brokerage firms that specialises in risk management. The company provides risk management solutions to their clients for preserving and protecting their assets.
Willis Towers Watson plc, headquartered in London, United Kingdom, is a multinational company that provides insurance services. The company also specialises in financial service consulting, pension administration, risk management, and institutional investment, among others.
Marsh LLC, headquartered in New York, United States, is one of the leading risk advisors and insurance brokers. The company serves individual and commercial clients through advisory services and data driven risk solutions. The company also specialises in international insurance management and risk consulting, among others.
Other insurance brokerage market key players include Truist Insurance Holdings, HUB International Limited, USI Insurance Services, Lockton Inc., Aon plc, Arthur J. Gallagher & Co., and The Segal Group, Inc., among others.
REPORT FEATURES | DETAILS |
Base Year | 2023 |
Historical Period | 2018-2023 |
Forecast Period | 2024-2032 |
Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
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Breakup by Brokerage Type |
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Breakup by Insurance Type |
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Breakup by Region |
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Market Dynamics |
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Competitive Landscape |
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Companies Covered |
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*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
Get in touch with us today for customized, data-driven solutions tailored to your unique requirements!
The market reached a value of approximately USD 287.90 billion in 2023.
The market is projected to grow at a CAGR of 7.3% between 2024 and 2032.
The market is estimated to witness a healthy growth in the forecast period of 2024-2032 to reach USD 549.90 billion by 2032.
The major market drivers include increasing demand for insurance policies due to rising awareness among the consumers and growing emphasis on effective risk management strategies.
The key trends fuelling the growth of the market include increasing digitalisation in insurance brokerage, rising adoption of advanced technologies such as artificial intelligence and data analytics, and increasing infrastructural development activities.
The major regions in the market are North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
The significant types of insurance include life insurance and property and casualty insurance.
The key players in the market are Brown & Brown, Inc., Willis Towers Watson plc, Marsh LLC, Truist Insurance Holdings, HUB International Limited, USI Insurance Services, Lockton Inc., Aon plc, Arthur J. Gallagher & Co., and The Segal Group, Inc., among others.
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