Global Insurance Brokers & Agents Market Outlook, Opportunities And Strategies
Learn about the global insurance brokers & agents market through The Business Research Company, which provides information on insurance brokers & agents market size, insurance brokers & agents market drivers and restraints, insurance brokers & agents market players, the COVID-19 impact on the insurance brokers & agents market, and more.
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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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.
Global Insurance Brokers & Agents Market Segments Include:
By Type: Insurance Agencies, Insurance Brokers, Bancassurance, Other Intermediaries
By End User: Corporate, Individual
By Mode: Online, Offline
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 was the largest region in the global insurance brokers & agents market, accounting for 44% of the market in 2020.
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. These web-based portals and other digital channels are aimed at improving efficiency in business processing and reduction of costs.
TBRC’s insurance brokers and agents market report covers:
Major Market Players: 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)
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, analyses and forecasts market size, share, insurance brokers & agents market players, insurance brokers & agents market segments and geographies, leading competitor revenues, profiles and market shares.
TBRC’s 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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