Insurance Brokers Global Market Report 2023: Increasing Demand for Insurance Policies to Fuel Growth
Global Insurance Brokers Market
Dublin, March 16, 2023 (GLOBE NEWSWIRE) -- The "Insurance Brokers Global Market Report 2023" report has been added to ResearchAndMarkets.com's offering.
This report provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on insurance brokers market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
The global insurance brokers market will grow from $98.82 billion in 2022 to $105.33 billion in 2023 at a compound annual growth rate (CAGR) of 6.6%. The insurance brokers market is expected to grow to $130.35 billion in 2027 at a CAGR of 5.5%.
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The insurance brokers market consists of sales of insurance products by entities that act as intermediaries (i.e., agents or brokers) in selling annuities and insurance policies.
This market excludes the direct selling of insurance products by insurance companies. The value of the market is based on the fees or commissions paid to brokers by the insured, both commercial and personal. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included
An insurance broker is a person who is authorized to sell insurance and frequently collaborates with numerous insurance providers to provide customers with a range of products.
North America was the largest region in the insurance brokers market in 2022. Western Europe was the second largest market in the insurance brokers market. The regions covered in the insurance brokers market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
The main types of insurance brokers are life insurance, general insurance, health insurance, others. Life insurance in the insurance brokers market refers to the contract between the insurer and the insurance policyholder that promises to pay a total sum of money upon the death of an insured person. The services are offered in various modes, such as offline, and online mode. These are used by corporate, and individuals.
The increasing demand for insurance policies is expected to fuel the growth of the insurance brokers market over the coming years. The demand for insurance policies has risen due to the availability of security services and customized financial services to clients. According to the Insurance Regulatory and Development Authority (IRDAI) of India, the Life Insurance Corporation of India sold 2.17 crore insurance policies in the fiscal year 2021-2022 which was an 3.54% increase from previous year's 2.10 crore policies. Therefore, the increasing demand for insurance policies drives the growth of the insurance brokerage market.
The impact of COVID-19 is predicted to limit the growth of the insurance brokers market over the forecast period. The COVID-19 pandemic has taken the lives of millions of people, affected supply chains & business sectors, and disrupted economies worldwide. The coronavirus outbreak has several impacts on the insurance sector, from employee and business continuity concerns to customer care considerations to the financial outlook. For instance, the Indian insurance industry's productivity has been hit by 30% in March 2020. The pandemic has pushed the insurance industry to heavily depend on digitalization for selling new policies, setting up claims, and making other transactions. Therefore, the impact of COVID-19 restraints the growth of the insurance brokers market.
The integration of AI in the insurance sector is a key trend gaining popularity in the insurance brokers market. The combined power of AI and human creativity enables the Intelligent Broker, an automation programme for the insurance industry. Brokers will be able to resolve complicated obstacles, produce innovative products and services, and join or build new markets. In addition to this, AI in the insurance industry will improve customer service and prevent customers from fraud. In 2021, 60% of the insurance companies are targeting AI to be used in decision making and to reduce manual input, which has doubled in the last two years.
The countries covered in the insurance brokers market are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, and USA.
Major players in the market are Aon Plc, Arthur J. Gallagher & Co, BB&T Corp., Brown & Brown Insurance Inc., HUB International Ltd., Marsh & McLennan Companies Inc., NFP Corp., Willis Towers Watson Plc, Wells Fargo Insurance Services, and Meadowbrook Insurance Group.
No. of Pages
2023 - 2027
Estimated Market Value (USD) in 2023
Forecasted Market Value (USD) by 2027
Compound Annual Growth Rate
Key Topics Covered:
1. Executive Summary
2. Insurance Brokers Market Characteristics
3. Insurance Brokers Market Trends And Strategies
4. Insurance Brokers Market - Macro Economic Scenario
4.1 COVID-19 Impact On Insurance Brokers Market
4.2 Ukraine-Russia War Impact On Insurance Brokers Market
4.3 Impact Of High Inflation On Insurance Brokers Market
5. Insurance Brokers Market Size And Growth
5.1. Global Insurance Brokers Historic Market, 2017-2022, $ Billion
5.1.1. Drivers Of The Market
5.1.2. Restraints On The Market
5.2. Global Insurance Brokers Forecast Market, 2022-2027F, 2032F, $ Billion
5.2.1. Drivers Of The Market
5.2.2. Restraints On the Market
6. Insurance Brokers Market Segmentation
6.1. Global Insurance Brokers Market, Segmentation By Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
6.2. Global Insurance Brokers Market, Segmentation By Mode, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
6.3. Global Insurance Brokers Market, Segmentation By End User, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
7. Insurance Brokers Market Regional And Country Analysis
7.1. Global Insurance Brokers Market, Split By Region, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
7.2. Global Insurance Brokers Market, Split By Country, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
For more information about this report visit https://www.researchandmarkets.com/r/cwcb51
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