Global Insurance Brokers & Agents Market Report 2021 – Opportunities And Strategies, Market Forecast And Trends
The Global Insurance Brokers & Agents Market Report by The Business Research Company covers insurance brokers & agents market drivers and restraints, insurance brokers & agents market size, major players, and the impact of COVID-19 on the insurance brokers & agents market.
The insurance brokers and agents market consists of sales of insurance policies by entities (organizations, sole traders and partnerships) and individuals that act as intermediaries (i.e., agents or brokers) in selling annuities and insurance policies. They represent consumers or insurance providers or both in insurance premium collection. Insurance brokers and agents can be contracted with single or multiple insurance companies as they try to meet different client needs with available insurance products. 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 insurance brokers and agents market is segmented into insurance agencies; insurance brokers; bancassurance and other intermediaries.
Insurance brokers and agents are investing in digital technologies to offer services online and thereby increase sales and boost margins. Digitalization is a process of converting information into digital formats. This includes providing tools and resources to agents and brokers in digital formats through insurance portals, exchange websites and digital distribution channels.
The global insurance brokers & agents market is expected to grow from $350.24 billion in 2020 to $362.54 billion in 2021 at a compound annual growth rate (CAGR) of 3.5%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $457.31 billion in 2025 at a CAGR of 6%.
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Some insurance brokers & agents market trends include entry of non-traditional companies in the market. Non-traditional companies such as Google, Amazon and Walmart are entering the insurance intermediary market to capitalize on their brand image, large capital and customer base. Their primary focus is on distribution of health, property and casualty insurance products. In line with this trend, these companies are also entering into partnerships, joint ventures and alliances with other established insurance carriers to offer insurance products and services to their customers.
Global insurance brokers & agents market segments include:
1) By Type: Insurance Agencies, Insurance Brokers, Bancassurance, Other Intermediaries.
2) By End User: Corporate, Individual.
3) By Mode: Online, Offline.
4) By Insurance: Life Insurance, Property & Casualty Insurance, Health & Medical Insurance
By Geography: The market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa. Among these regions, North America accounts for the largest global insurance brokers & agents market share.
Read More On The Insurance Brokers & Agents Global Market Report 2021: COVID-19 Impact and Recovery to 2030 At:
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The Insurance Brokers & Agents Global Market Report 2021: COVID-19 Impact and Recovery to 2030 is one of a series of new reports from The Business Research Company that provides insurance brokers & agents market overviews, analyzes and forecasts market size, share, insurance brokers & agents market players, insurance brokers & agents market segments and geographies, market’s leading competitors’ revenues, profiles and market shares.
The insurance brokers & agents market report identifies top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.
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Read Insurance Brokers & Agents Global Market Report 2021: COVID-19 Impact and Recovery to 2030 from The Business Research Company for information on the following:
Data Segmentations: Market Size, Global, By Region And By Country; Historic And Forecast Size, And Growth Rates For The World, 7 Regions And 12 Countries.
Market Players Covered: Marsh & McLennan Cos Inc, Willis Towers Watson PLC, Aon PLC, Arthur J Gallagher & Co, Brown & Brown Inc.
Regions: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
Countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Time Series: Five years historic (2015-20) and ten years forecast (2021-2025-2030)
Other Information And Analyses: SWOT analysis, customer information, market product/service analysis – product examples, trends and opportunities, drivers and restraints, key mergers and acquisitions, suggested trend based strategies, impact of COVID-19 on the market, future outlook and potential analysis, key metrics covered: number of enterprises, number of employees, global market in 2021 – countries offering most new opportunities, conclusions and recommendations by expert analysts.
Sourcing And Referencing: Data and analysis throughout the report are sourced using end notes.
Strategies For Participants In The Insurance Brokers & Agents Industry: The report explains a number of strategies for companies in the market, based on industry trends and company analysis.
Opportunities For Companies In The Insurance Brokers & Agents Sector: The report reveals where the global industry will put on most $ sales up to 2023.
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