Global Insurance Brokers Market Size, Forecasts, And Opportunities – Includes Broker For Medical Insurance
Learn about the global insurance brokers market through The Business Research Company, which provides information on insurance brokers market size, insurance brokers market drivers and restraints, insurance brokers market players, the COVID-19 impact on the insurance brokers market, and more.
The insurance brokers market size is expected to grow from $128.21 billion in 2021 to $187.98 billion in 2026 at a rate of 8.0%. The global insurance brokers market size is then expected to grow at a CAGR of 8.2% from 2026 and reach $278.30 billion in 2031.
The insurance brokers market is expected to be driven by increased incidence rates of chronic diseases and physical disabilities.
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The insurance brokers market consists of sales of insurance policies by entities (organizations, sole traders and partnerships) that act as intermediaries (brokers) in selling annuities and insurance policies. They represent consumers or insurance providers or both in insurance premium collection. Insurance brokers can be contracted with single or multiple insurance companies as they try to meet different client needs with available insurance products.
Global insurance brokers market segments include:
By Type: Life Insurance, General Insurance, Health Insurance, Other Types
By Mode: Offline, Online
By End-User: Corporate, Individuals
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 market, accounting for 66.4% of the total in 2021.
Insurance brokers are increasingly adopting advanced technologies to automate the insurance process, reduce the cost of operations and improve efficiency. These technologies include artificial intelligence (AI) applications such as robot-advisors, robotic process automation and block chain, a distributed decentralized ledger and the underlying technology of bitcoin (a cryptocurrency), not managed by a central authority. These technologies help in the automation of risky and complex processes, providing scope for machine learning, avoiding repetitive and time taking processes, providing quick and error-free services, and for secure sending, receiving and storing of information.
TBRC’s insurance brokers market report covers:
Major Market Players: Marsh & McLennan Cos Inc., Aon PLC, Arthur J Gallagher & Co, Willis Towers Watson PLC, Acrisure LLC
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 Market Report 2022 is one of a series of new reports from The Business Research Company that provides insurance brokers market overviews, analyzes and forecasts market size, share, insurance brokers market players, insurance brokers market segments and geographies, leading competitor revenues, profiles and market shares.
TBRC’s insurance brokers market report identifies top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.
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