Global Insurance Brokers And Agents Market Overview And Prospects
Learn about the global insurance brokers and agents market through The Business Research Company, which provides information on insurance brokers and agents market size, insurance brokers and agents market drivers and restraints, insurance brokers and agents market players, the COVID-19 impact on the insurance brokers and agents market, and more.
The insurance brokers and agents market is expected to grow from $374.2 billion in 2021 to $409.15 billion in 2022 at a compound annual growth rate (CAGR) of 9.3%. The global insurance broker and agent market size is expected to grow to $551.88 billion in 2026 at a CAGR of 7.8%.
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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 And 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 and Casualty Insurance, Health and 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 and agents market, accounting for in 2021.
Insurance brokers and agents are investing in digital technologies to offer services online and thereby increase sales and boost margins. Digitalization is the 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, Chubb Limited, Toyota Motor Corp, Arthur J. Gallagher & Co., Bank of China, Hub international, Willis Towers Watson, Brown & Brown, BB&T Insurance Holdings Inc, and Jardine Matheson.
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 (2016-21) and ten years forecast (2022-2026-2031)
The Insurance Brokers And Agents Global Market Report 2022– Market Size, Trends, And Global Forecast 2022-2026 is one of a series of new reports from The Business Research Company that provides insurance brokers and agents market overviews, analyzes and forecasts market size, share, insurance brokers and agents market players, insurance brokers and agents market segments and geographies, leading competitor revenues, profiles and market shares.
TBRC’s insurance brokers and agents market report identifies top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.
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