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The global insurance brokerage market size 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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*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.
1 Preface
2 Report Coverage – Key Segmentation and Scope
3 Report Description
3.1 Market Definition and Outlook
3.2 Properties and Applications
3.3 Market Analysis
3.4 Key Players
4 Key Assumptions
5 Executive Summary
5.1 Overview
5.2 Key Drivers
5.3 Key Developments
5.4 Competitive Structure
5.5 Key Industrial Trends
6 Market Snapshot
6.1 Global
6.2 Regional
7 Opportunities and Challenges in the Market
8 Global Insurance Brokerage Market Analysis
8.1 Key Industry Highlights
8.2 Global Insurance Brokerage Historical Market (2018-2023)
8.3 Global Insurance Brokerage Market Forecast (2024-2032)
8.4 Global Insurance Brokerage Market by Brokerage Type
8.4.1 Retail
8.4.1.1 Historical Trend (2018-2023)
8.4.1.2 Forecast Trend (2024-2032)
8.4.2 Wholesale
8.4.2.1 Historical Trend (2018-2023)
8.4.2.2 Forecast Trend (2024-2032)
8.5 Global Insurance Brokerage Market by Insurance Type
8.5.1 Life Insurance
8.5.1.1 Historical Trend (2018-2023)
8.5.1.2 Forecast Trend (2024-2032)
8.5.2 Property and Casualty Insurance
8.5.2.1 Historical Trend (2018-2023)
8.5.2.2 Forecast Trend (2024-2032)
8.6 Global Insurance Brokerage Market by Region
8.6.1 North America
8.6.1.1 Historical Trend (2018-2023)
8.6.1.2 Forecast Trend (2024-2032)
8.6.2 Europe
8.6.2.1 Historical Trend (2018-2023)
8.6.2.2 Forecast Trend (2024-2032)
8.6.3 Asia Pacific
8.6.3.1 Historical Trend (2018-2023)
8.6.3.2 Forecast Trend (2024-2032)
8.6.4 Latin America
8.6.4.1 Historical Trend (2018-2023)
8.6.4.2 Forecast Trend (2024-2032)
8.6.5 Middle East and Africa
8.6.5.1 Historical Trend (2018-2023)
8.6.5.2 Forecast Trend (2024-2032)
9 North America Insurance Brokerage Market Analysis
9.1 United States of America
9.1.1 Historical Trend (2018-2023)
9.1.2 Forecast Trend (2024-2032)
9.2 Canada
9.2.1 Historical Trend (2018-2023)
9.2.2 Forecast Trend (2024-2032)
10 Europe Insurance Brokerage Market Analysis
10.1 United Kingdom
10.1.1 Historical Trend (2018-2023)
10.1.2 Forecast Trend (2024-2032)
10.2 Germany
10.2.1 Historical Trend (2018-2023)
10.2.2 Forecast Trend (2024-2032)
10.3 France
10.3.1 Historical Trend (2018-2023)
10.3.2 Forecast Trend (2024-2032)
10.4 Italy
10.4.1 Historical Trend (2018-2023)
10.4.2 Forecast Trend (2024-2032)
10.5 Others
11 Asia Pacific Insurance Brokerage Market Analysis
11.1 China
11.1.1 Historical Trend (2018-2023)
11.1.2 Forecast Trend (2024-2032)
11.2 Japan
11.2.1 Historical Trend (2018-2023)
11.2.2 Forecast Trend (2024-2032)
11.3 India
11.3.1 Historical Trend (2018-2023)
11.3.2 Forecast Trend (2024-2032)
11.4 ASEAN
11.4.1 Historical Trend (2018-2023)
11.4.2 Forecast Trend (2024-2032)
11.5 Australia
11.5.1 Historical Trend (2018-2023)
11.5.2 Forecast Trend (2024-2032)
11.6 Others
12 Latin America Insurance Brokerage Market Analysis
12.1 Brazil
12.1.1 Historical Trend (2018-2023)
12.1.2 Forecast Trend (2024-2032)
12.2 Argentina
12.2.1 Historical Trend (2018-2023)
12.2.2 Forecast Trend (2024-2032)
12.3 Mexico
12.3.1 Historical Trend (2018-2023)
12.3.2 Forecast Trend (2024-2032)
12.4 Others
13 Middle East and Africa Insurance Brokerage Market Analysis
13.1 Saudi Arabia
13.1.1 Historical Trend (2018-2023)
13.1.2 Forecast Trend (2024-2032)
13.2 United Arab Emirates
13.2.1 Historical Trend (2018-2023)
13.2.2 Forecast Trend (2024-2032)
13.3 Nigeria
13.3.1 Historical Trend (2018-2023)
13.3.2 Forecast Trend (2024-2032)
13.4 South Africa
13.4.1 Historical Trend (2018-2023)
13.4.2 Forecast Trend (2024-2032)
13.5 Others
14 Market Dynamics
14.1 SWOT Analysis
14.1.1 Strengths
14.1.2 Weaknesses
14.1.3 Opportunities
14.1.4 Threats
14.2 Porter’s Five Forces Analysis
14.2.1 Supplier’s Power
14.2.2 Buyer’s Power
14.2.3 Threat of New Entrants
14.2.4 Degree of Rivalry
14.2.5 Threat of Substitutes
14.3 Key Indicators for Demand
14.4 Key Indicators for Price
15 Competitive Landscape
15.1 Market Structure
15.2 Company Profiles
15.2.1 Brown & Brown, Inc.
15.2.1.1 Company Overview
15.2.1.2 Product Portfolio
15.2.1.3 Demographic Reach and Achievements
15.2.1.4 Certifications
15.2.2 Willis Towers Watson plc
15.2.2.1 Company Overview
15.2.2.2 Product Portfolio
15.2.2.3 Demographic Reach and Achievements
15.2.2.4 Certifications
15.2.3 Marsh LLC
15.2.3.1 Company Overview
15.2.3.2 Product Portfolio
15.2.3.3 Demographic Reach and Achievements
15.2.3.4 Certifications
15.2.4 Truist Insurance Holdings
15.2.4.1 Company Overview
15.2.4.2 Product Portfolio
15.2.4.3 Demographic Reach and Achievements
15.2.4.4 Certifications
15.2.5 HUB International Limited
15.2.5.1 Company Overview
15.2.5.2 Product Portfolio
15.2.5.3 Demographic Reach and Achievements
15.2.5.4 Certifications
15.2.6 USI Insurance Services
15.2.6.1 Company Overview
15.2.6.2 Product Portfolio
15.2.6.3 Demographic Reach and Achievements
15.2.6.4 Certifications
15.2.7 Lockton Inc.
15.2.7.1 Company Overview
15.2.7.2 Product Portfolio
15.2.7.3 Demographic Reach and Achievements
15.2.7.4 Certifications
15.2.8 Aon plc
15.2.8.1 Company Overview
15.2.8.2 Product Portfolio
15.2.8.3 Demographic Reach and Achievements
15.2.8.4 Certifications
15.2.9 Arthur J. Gallagher & Co.
15.2.9.1 Company Overview
15.2.9.2 Product Portfolio
15.2.9.3 Demographic Reach and Achievements
15.2.9.4 Certifications
15.2.10 The Segal Group, Inc.
15.2.10.1 Company Overview
15.2.10.2 Product Portfolio
15.2.10.3 Demographic Reach and Achievements
15.2.10.4 Certifications
15.2.11 Others
16 Key Trends and Developments in the Market
List of Key Figures and Tables
1. Global Insurance Brokerage Market: Key Industry Highlights, 2018 and 2032
2. Global Insurance Brokerage Historical Market: Breakup by Brokerage Type (USD Billion), 2018-2023
3. Global Insurance Brokerage Market Forecast: Breakup by Brokerage Type (USD Billion), 2024-2032
4. Global Insurance Brokerage Historical Market: Breakup by Region (USD Billion), 2018-2023
5. Global Insurance Brokerage Market Forecast: Breakup by Region (USD Billion), 2024-2032
6. North America Insurance Brokerage Historical Market: Breakup by Country (USD Billion), 2018-2023
7. North America Insurance Brokerage Market Forecast: Breakup by Country (USD Billion), 2024-2032
8. Europe Insurance Brokerage Historical Market: Breakup by Country (USD Billion), 2018-2023
9. Europe Insurance Brokerage Market Forecast: Breakup by Country (USD Billion), 2024-2032
10. Asia Pacific Insurance Brokerage Historical Market: Breakup by Country (USD Billion), 2018-2023
11. Asia Pacific Insurance Brokerage Market Forecast: Breakup by Country (USD Billion), 2024-2032
12. Latin America Insurance Brokerage Historical Market: Breakup by Country (USD Billion), 2018-2023
13. Latin America Insurance Brokerage Market Forecast: Breakup by Country (USD Billion), 2024-2032
14. Middle East and Africa Insurance Brokerage Historical Market: Breakup by Country (USD Billion), 2018-2023
15. Middle East and Africa Insurance Brokerage Market Forecast: Breakup by Country (USD Billion), 2024-2032
16. Global Insurance Brokerage Market Structure
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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