Insurance Brokerage Market to grow by USD 75.24 billion from 2022 to 2027|Increased demand for insurance policies to boost the market growth - Technavio

NEW YORK, July 7, 2023 /PRNewswire/ -- The global insurance brokerage market size is estimated to increase by USD 75.24 billion from 2022 to 2027. The market's growth momentum will progress at a CAGR of 6.24% during the forecast period. The increased demand for insurance policies is notably driving the insurance brokerage market growth. The global insurance brokerage market witnesses a high demand for accident insurance, life insurance, medical insurance, vehicle insurance, liability insurance, and property insurance. Increased awareness about the benefits of insurance policies will propel the demand for such policies during the forecast period. Discover some insights on the market size, historic period (2017 to 2021) and Forecast (2023-2027) before buying the full report -Request a sample report

Insurance brokerage market – Vendor Analysis
Vendor Landscape - The global insurance brokerage market is fragmented, with the presence of several global as well as regional vendors. A few prominent vendors that offer insurance brokerage in the market are Acrisure LLC, Alliant Insurance Services Inc., AmWINS Group Inc., Aon plc, Arthur J. Gallagher and Co., Assured Partners Inc., Beacon Insurance Brokers Pvt. Ltd., Brown and Brown Inc., Funk Group GmbH, Hellman and Friedman LLC, India Insure Risk Management & Insurance Broking Services Pvt. Ltd., Lockton Companies, Mahindra and Mahindra Ltd., Marsh and McLennan Companies Inc., Navnit Insurance Broking Pvt. Ltd., NFP Corp., Regent Insurance Brokers Europe GmbH, Truist Financial Corp., USI Insurance Services, and Willis Towers Watson Public Ltd. Co. and others.

What's New? -

• Special coverage on the Russia-Ukraine war; global inflation; recovery analysis from COVID-19; supply chain disruptions, global trade tensions; and risk of recession
• Global competitiveness and key competitor positions
• Market presence across multiple geographical footprints - Strong/Active/Niche/Trivial - Buy the report!

Vendor Offerings -

• Aon Plc - The company offers insurance brokerage services to verticals such as cancellation of events, cargo, cash in safe, credit insurance, machinery breakdown, and others.
• Arthur J. Gallagher and Co. - The company offers insurance brokerage services for claims, construction bonds, credit and political risk, casualty, and others.
• Assured Partners Inc. - The company offers insurance brokerage services for property and casualty, risk management, employee benefits, and others.
• For details on the vendor and their offerings – Request a sample report

Insurance brokerage market - Segmentation Assessment
Segment Overview
This insurance brokerage market report extensively covers market segmentation by type (non-life insurance and life insurance), end-user (individuals and corporate), and geography (North America, Europe, APAC, South America, and Middle East and Africa). 

• The non-life insurance segment will be a significant contributor during the forecast period. These insurance policies insure homes, cars, and others and cover financial losses that result from fire accidents, floods, hurricanes, earthquakes, theft, travel mishaps, and others. They are also known as general insurance. These policies come with various advantages, such as compensation for accidental financial losses, improved savings, and economic stability. Furthermore, the demand for property and vehicle insurance plans is high in countries in APAC, such as China, India, Malaysia, and Indonesia. Hence, such factors are expected to drive the growth of the non-life insurance segment during the forecast period.

Geography Overview
By geography, the global insurance brokerage market is segmented into North America, Europe, APAC, South America, and the Middle East and Africa. The report provides actionable insights and estimates the contribution of all regions to the growth of the global insurance brokerage market.

• North America is estimated to account for 43% of the growth of the global market during the forecast period. The US is the key market for the insurance brokerage market in North America. Market growth in this region will be faster than the growth of the market in other regions. The growth of the insurance brokerage market in North America is driven by rising awareness about the need for insurance coverage and the availability of financial advice. The rising number of HNWIs and the growth of the working capital population also drive the growth of the market in the region.

For insights on global, regional, and country-level parameters with growth opportunities from 2017 to 2027 - Download a Sample Report

Insurance brokerage market – Market Dynamics

Key Trends - 

• The integration of IT and analytic solutions is the primary trend driving the insurance brokerage market growth. 
• The key market vendors integrate IT and analytic solutions to maximize sales.
• Analytic solutions help in implementing effective marketing strategies and underwriting services.
• Data analytics has further helped firms in terms of product design improvements and customer acquisition.
• Data analytics employs simulation and stochastic techniques to forecast all possible market scenarios.
• Hence, such trends boost the growth of the market during the forecast period.

Major challenges - 

• Stringent regulatory compliances related to insurance services hinder the growth of the market during the forecast period. 
• Governments of various countries impose strict regulatory norms on capital requirements, regional operations, and commission rates, limiting the scope of insurance brokerage services.
• Insurance brokerage firms should restructure their operations, capital systems, corporate management, and information systems in order to adhere to such stringent regulations.
• Furthermore, regulatory compliances help eliminate unethical insurance brokers in the market and they protect customers and reduce the degree of risks associated with insurance policies.
• Hence, such challenges impede market growth during the forecast period.

Drivers, Trends, and Challenges have an impact on market dynamics, which can impact businesses. Find more insights in a sample report!

What are the key data covered in this insurance brokerage market report?

• CAGR of the market during the forecast period
• Detailed information on factors that will drive the growth of the insurance brokerage market between 2023 and 2027
• Precise estimation of the size of the insurance brokerage market and its contribution to the market with a focus on the parent market
• Accurate predictions about upcoming trends and changes in consumer behavior
• Growth of the insurance brokerage market across North America, Europe, APAC, South America, and Middle East and Africa
• A thorough analysis of the market's competitive landscape and detailed information about vendors
• Comprehensive analysis of factors that will challenge the growth of insurance brokerage market vendors

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Table of Contents

1 Executive Summary

• 1.1 Market overview 
• Exhibit 01: Executive Summary – Chart on Market Overview
• Exhibit 02: Executive Summary – Data Table on Market Overview
• Exhibit 03: Executive Summary – Chart on Global Market Characteristics
• Exhibit 04: Executive Summary – Chart on Market by Geography
• Exhibit 05: Executive Summary – Chart on Market Segmentation by Type
• Exhibit 06: Executive Summary – Chart on Market Segmentation by End-user
• Exhibit 07: Executive Summary – Chart on Incremental Growth
• Exhibit 08: Executive Summary – Data Table on Incremental Growth
• Exhibit 09: Executive Summary – Chart on Vendor Market Positioning

2 Market Landscape

• 2.1 Market ecosystem 
• Exhibit 10: Parent market
• Exhibit 11: Market Characteristics

3 Market Sizing

• 3.1 Market definition 
• Exhibit 12: Offerings of vendors included in the market definition

• 3.2 Market segment analysis 
• Exhibit 13: Market segments

• 3.3 Market size 2022 

• 3.4 Market outlook: Forecast for 2022-2027
• Exhibit 14: Chart on Global - Market size and forecast 2022-2027 ($ billion)
• Exhibit 15: Data Table on Global - Market size and forecast 2022-2027 ($ billion)
• Exhibit 16: Chart on Global Market: Year-over-year growth 2022-2027 (%)
• Exhibit 17: Data Table on Global Market: Year-over-year growth 2022-2027 (%)

4 Historic Market Size

• 4.1 Global insurance brokerage market 2017 - 2021
• Exhibit 18: Historic Market Size – Data Table on global insurance brokerage market 2017 - 2021 ($ billion)

• 4.2 Type Segment Analysis 2017 - 2021 
• Exhibit 19: Historic Market Size – Type Segment 2017 - 2021 ($ billion)

• 4.3 End-User Segment Analysis 2017 - 2021
• Exhibit 20: Historic Market Size – End-User Segment 2017 - 2021 ($ billion)

• 4.4 Geography Segment Analysis 2017 - 2021
• Exhibit 21: Historic Market Size – Geography Segment 2017 - 2021 ($ billion)

• 4.5 Country Segment Analysis 2017 - 2021
• Exhibit 22: Historic Market Size – Country Segment 2017 - 2021 ($ billion)

5 Five Forces Analysis

• 5.1 Five forces summary 
• Exhibit 23: Five forces analysis - Comparison between 2022 and 2027

• 5.2 Bargaining power of buyers 
• Exhibit 24: Chart on Bargaining power of buyers – Impact of key factors 2022 and 2027

• 5.3 Bargaining power of suppliers 
• Exhibit 25: Bargaining power of suppliers – Impact of key factors in 2022 and 2027

• 5.4 Threat of new entrants 
• Exhibit 26: Threat of new entrants – Impact of key factors in 2022 and 2027

• 5.5 Threat of substitutes 
• Exhibit 27: Threat of substitutes – Impact of key factors in 2022 and 2027

• 5.6 Threat of rivalry 
• Exhibit 28: Threat of rivalry – Impact of key factors in 2022 and 2027

• 5.7 Market condition 
• Exhibit 29: Chart on Market condition - Five forces 2022 and 2027

6 Market Segmentation by Type

• 6.1 Market segments 
• Exhibit 30: Chart on Type - Market share 2022-2027 (%)
• Exhibit 31: Data Table on Type - Market share 2022-2027 (%)

• 6.2 Comparison by Type 
• Exhibit 32: Chart on Comparison by Type
• Exhibit 33: Data Table on Comparison by Type

• 6.3 Non-life insurance - Market size and forecast 2022-2027 
• Exhibit 34: Chart on Non-life insurance - Market size and forecast 2022-2027 ($ billion)
• Exhibit 35: Data Table on Non-life insurance - Market size and forecast 2022-2027 ($ billion)
• Exhibit 36: Chart on Non-life insurance - Year-over-year growth 2022-2027 (%)
• Exhibit 37: Data Table on Non-life insurance - Year-over-year growth 2022-2027 (%)

• 6.4 Life insurance - Market size and forecast 2022-2027
• Exhibit 38: Chart on Life insurance - Market size and forecast 2022-2027 ($ billion)
• Exhibit 39: Data Table on Life insurance - Market size and forecast 2022-2027 ($ billion)
• Exhibit 40: Chart on Life insurance - Year-over-year growth 2022-2027 (%)
• Exhibit 41: Data Table on Life insurance - Year-over-year growth 2022-2027 (%)

• 6.5 Market opportunity by Type 
• Exhibit 42: Market opportunity by Type ($ billion)
• Exhibit 43: Data Table on Market opportunity by Type ($ billion)

7 Market Segmentation by End-user

• 7.1 Market segments 
• Exhibit 44: Chart on End-user - Market share 2022-2027 (%)
• Exhibit 45: Data Table on End-user - Market share 2022-2027 (%)

• 7.2 Comparison by End-user 
• Exhibit 46: Chart on Comparison by End-user
• Exhibit 47: Data Table on Comparison by End-user

• 7.3 Individuals - Market size and forecast 2022-2027
• Exhibit 48: Chart on Individuals - Market size and forecast 2022-2027 ($ billion)
• Exhibit 49: Data Table on Individuals - Market size and forecast 2022-2027 ($ billion)
• Exhibit 50: Chart on Individuals - Year-over-year growth 2022-2027 (%)
• Exhibit 51: Data Table on Individuals - Year-over-year growth 2022-2027 (%)

• 7.4 Corporate - Market size and forecast 2022-2027
• Exhibit 52: Chart on Corporate - Market size and forecast 2022-2027 ($ billion)
• Exhibit 53: Data Table on Corporate - Market size and forecast 2022-2027 ($ billion)
• Exhibit 54: Chart on Corporate - Year-over-year growth 2022-2027 (%)
• Exhibit 55: Data Table on Corporate - Year-over-year growth 2022-2027 (%)

• 7.5 Market opportunity by End-user 
• Exhibit 56: Market opportunity by End-user ($ billion)
• Exhibit 57: Data Table on Market opportunity by End-user ($ billion)

8 Customer Landscape

• 8.1 Customer landscape overview 
• Exhibit 58: Analysis of price sensitivity, lifecycle, customer purchase basket, adoption rates, and purchase criteria

9 Geographic Landscape

• 9.1 Geographic segmentation 
• Exhibit 59: Chart on Market share by geography 2022-2027 (%)
• Exhibit 60: Data Table on Market share by geography 2022-2027 (%)

• 9.2 Geographic comparison 
• Exhibit 61: Chart on Geographic comparison
• Exhibit 62: Data Table on Geographic comparison

• 9.3 North America - Market size and forecast 2022-2027
• Exhibit 63: Chart on North America - Market size and forecast 2022-2027 ($ billion)
• Exhibit 64: Data Table on North America - Market size and forecast 2022-2027 ($ billion)
• Exhibit 65: Chart on North America - Year-over-year growth 2022-2027 (%)
• Exhibit 66: Data Table on North America - Year-over-year growth 2022-2027 (%)

• 9.4 Europe - Market size and forecast 2022-2027
• Exhibit 67: Chart on Europe - Market size and forecast 2022-2027 ($ billion)
• Exhibit 68: Data Table on Europe - Market size and forecast 2022-2027 ($ billion)
• Exhibit 69: Chart on Europe - Year-over-year growth 2022-2027 (%)
• Exhibit 70: Data Table on Europe - Year-over-year growth 2022-2027 (%)

• 9.5 APAC - Market size and forecast 2022-2027
• Exhibit 71: Chart on APAC - Market size and forecast 2022-2027 ($ billion)
• Exhibit 72: Data Table on APAC - Market size and forecast 2022-2027 ($ billion)
• Exhibit 73: Chart on APAC - Year-over-year growth 2022-2027 (%)
• Exhibit 74: Data Table on APAC - Year-over-year growth 2022-2027 (%)

• 9.6 South America - Market size and forecast 2022-2027
• Exhibit 75: Chart on South America - Market size and forecast 2022-2027 ($ billion)
• Exhibit 76: Data Table on South America - Market size and forecast 2022-2027 ($ billion)
• Exhibit 77: Chart on South America - Year-over-year growth 2022-2027 (%)
• Exhibit 78: Data Table on South America - Year-over-year growth 2022-2027 (%)

• 9.7 Middle East and Africa - Market size and forecast 2022-2027 
• Exhibit 79: Chart on Middle East and Africa - Market size and forecast 2022-2027 ($ billion)
• Exhibit 80: Data Table on Middle East and Africa - Market size and forecast 2022-2027 ($ billion)
• Exhibit 81: Chart on Middle East and Africa - Year-over-year growth 2022-2027 (%)
• Exhibit 82: Data Table on Middle East and Africa - Year-over-year growth 2022-2027 (%)

• 9.8 US - Market size and forecast 2022-2027
• Exhibit 83: Chart on US - Market size and forecast 2022-2027 ($ billion)
• Exhibit 84: Data Table on US - Market size and forecast 2022-2027 ($ billion)
• Exhibit 85: Chart on US - Year-over-year growth 2022-2027 (%)
• Exhibit 86: Data Table on US - Year-over-year growth 2022-2027 (%)

• 9.9 China - Market size and forecast 2022-2027
• Exhibit 87: Chart on China - Market size and forecast 2022-2027 ($ billion)
• Exhibit 88: Data Table on China - Market size and forecast 2022-2027 ($ billion)
• Exhibit 89: Chart on China - Year-over-year growth 2022-2027 (%)
• Exhibit 90: Data Table on China - Year-over-year growth 2022-2027 (%)

• 9.10 Japan - Market size and forecast 2022-2027
• Exhibit 91: Chart on Japan - Market size and forecast 2022-2027 ($ billion)
• Exhibit 92: Data Table on Japan - Market size and forecast 2022-2027 ($ billion)
• Exhibit 93: Chart on Japan - Year-over-year growth 2022-2027 (%)
• Exhibit 94: Data Table on Japan - Year-over-year growth 2022-2027 (%)

• 9.11 UK - Market size and forecast 2022-2027
• Exhibit 95: Chart on UK - Market size and forecast 2022-2027 ($ billion)
• Exhibit 96: Data Table on UK - Market size and forecast 2022-2027 ($ billion)
• Exhibit 97: Chart on UK - Year-over-year growth 2022-2027 (%)
• Exhibit 98: Data Table on UK - Year-over-year growth 2022-2027 (%)

• 9.12 Germany - Market size and forecast 2022-2027
• Exhibit 99: Chart on Germany - Market size and forecast 2022-2027 ($ billion)
• Exhibit 100: Data Table on Germany - Market size and forecast 2022-2027 ($ billion)
• Exhibit 101: Chart on Germany - Year-over-year growth 2022-2027 (%)
• Exhibit 102: Data Table on Germany - Year-over-year growth 2022-2027 (%)

• 9.13 Market opportunity by geography 
• Exhibit 103: Market opportunity by geography ($ billion)
• Exhibit 104: Data Tables on Market opportunity by geography ($ billion)

10 Drivers, Challenges, and Trends

• 10.1 Market drivers 

• 10.2 Market challenges 

• 10.3 Impact of drivers and challenges 
• Exhibit 105: Impact of drivers and challenges in 2022 and 2027

• 10.4 Market trends 

11 Vendor Landscape

• 11.1 Overview 

• 11.2 Vendor landscape 
• Exhibit 106: Overview on Criticality of inputs and Factors of differentiation

• 11.3 Landscape disruption 
• Exhibit 107: Overview on factors of disruption

• 11.4 Industry risks 
• Exhibit 108: Impact of key risks on business

12 Vendor Analysis

• 12.1 Vendors covered 
• Exhibit 109: Vendors covered

• 12.2 Market positioning of vendors 
• Exhibit 110: Matrix on vendor position and classification

• 12.3 Acrisure LLC 
• Exhibit 111: Acrisure LLC - Overview
• Exhibit 112: Acrisure LLC - Product / Service
• Exhibit 113: Acrisure LLC - Key offerings

• 12.4 Alliant Insurance Services Inc. 
• Exhibit 114: Alliant Insurance Services Inc. - Overview
• Exhibit 115: Alliant Insurance Services Inc. - Product / Service
• Exhibit 116: Alliant Insurance Services Inc. - Key offerings

• 12.5 AmWINS Group Inc. 
• Exhibit 117: AmWINS Group Inc. - Overview
• Exhibit 118: AmWINS Group Inc. - Product / Service
• Exhibit 119: AmWINS Group Inc. - Key offerings

• 12.6 Aon plc 
• Exhibit 120: Aon plc - Overview
• Exhibit 121: Aon plc - Business segments
• Exhibit 122: Aon plc - Key offerings
• Exhibit 123: Aon plc - Segment focus

• 12.7 Arthur J. Gallagher and Co. 
• Exhibit 124: Arthur J. Gallagher and Co. - Overview
• Exhibit 125: Arthur J. Gallagher and Co. - Business segments
• Exhibit 126: Arthur J. Gallagher and Co. - Key offerings
• Exhibit 127: Arthur J. Gallagher and Co. - Segment focus

• 12.8 Assured Partners Inc. 
• Exhibit 128: Assured Partners Inc. - Overview
• Exhibit 129: Assured Partners Inc. - Product / Service
• Exhibit 130: Assured Partners Inc. - Key offerings

• 12.9 Beacon Insurance Brokers Pvt. Ltd.
• Exhibit 131: Beacon Insurance Brokers Pvt. Ltd. - Overview
• Exhibit 132: Beacon Insurance Brokers Pvt. Ltd. - Product / Service
• Exhibit 133: Beacon Insurance Brokers Pvt. Ltd. - Key offerings

• 12.10 Brown and Brown Inc. 
• Exhibit 134: Brown and Brown Inc. - Overview
• Exhibit 135: Brown and Brown Inc. - Business segments
• Exhibit 136: Brown and Brown Inc. - Key news
• Exhibit 137: Brown and Brown Inc. - Key offerings
• Exhibit 138: Brown and Brown Inc. - Segment focus

• 12.11 Funk Group GmbH 
• Exhibit 139: Funk Group GmbH - Overview
• Exhibit 140: Funk Group GmbH - Product / Service
• Exhibit 141: Funk Group GmbH - Key offerings

• 12.12 Hellman and Friedman LLC 
• Exhibit 142: Hellman and Friedman LLC - Overview
• Exhibit 143: Hellman and Friedman LLC - Product / Service
• Exhibit 144: Hellman and Friedman LLC - Key offerings

• 12.13 Lockton Companies 
• Exhibit 145: Lockton Companies - Overview
• Exhibit 146: Lockton Companies - Product / Service
• Exhibit 147: Lockton Companies - Key offerings

• 12.14 Mahindra and Mahindra Ltd. 
• Exhibit 148: Mahindra and Mahindra Ltd. - Overview
• Exhibit 149: Mahindra and Mahindra Ltd. - Business segments
• Exhibit 150: Mahindra and Mahindra Ltd. - Key news
• Exhibit 151: Mahindra and Mahindra Ltd. - Key offerings
• Exhibit 152: Mahindra and Mahindra Ltd. - Segment focus

• 12.15 Marsh and McLennan Companies Inc.
• Exhibit 153: Marsh and McLennan Companies Inc. - Overview
• Exhibit 154: Marsh and McLennan Companies Inc. - Business segments
• Exhibit 155: Marsh and McLennan Companies Inc. - Key offerings
• Exhibit 156: Marsh and McLennan Companies Inc. - Segment focus

• 12.16 Navnit Insurance Broking Pvt. Ltd.
• Exhibit 157: Navnit Insurance Broking Pvt. Ltd. - Overview
• Exhibit 158: Navnit Insurance Broking Pvt. Ltd. - Product / Service
• Exhibit 159: Navnit Insurance Broking Pvt. Ltd. - Key offerings

• 12.17 NFP Corp. 
• Exhibit 160: NFP Corp. - Overview
• Exhibit 161: NFP Corp. - Product / Service
• Exhibit 162: NFP Corp. - Key offerings

13 Appendix

• 13.1 Scope of the report 

• 13.2 Inclusions and exclusions checklist
• Exhibit 163: Inclusions checklist
• Exhibit 164: Exclusions checklist

• 13.3 Currency conversion rates for US$ 
• Exhibit 165: Currency conversion rates for US$

• 13.4 Research methodology 
• Exhibit 166: Research methodology
• Exhibit 167: Validation techniques employed for market sizing
• Exhibit 168: Information sources

• 13.5 List of abbreviations 
• Exhibit 169: List of abbreviations

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