Global Insurance Brokers Market Size, Drivers, Trends, Opportunities And Strategies – Includes Insurance Brokers Market Overview
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The increasing demand for insurance policies are expected to drive innovation in insurance brokers manufacturing, thus driving the market during the forecast period.
The global insurance brokers market is expected to grow from $98.82 billion in 2022 to $105.33 billion in 2023 at a compound annual growth rate (CAGR) of 6.6%. The global insurance brokers market is expected to grow to $130.35 billion in 2027 at a CAGR of 5.5%.
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Global Insurance Brokers Market Segments Include:
- By Type: Life Insurance, General Insurance, Health Insurance, Other Types
- By Mode: Offline, Online
- By End User: Corporate, Individual
- 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 is the largest region in the global insurance brokers market in 2021.
Major Market Players in the insurance brokers market include Aon PLC., Arthur J. Gallagher & Co., BB&T Corp., Brown & Brown Insurance Inc., HUB International Ltd., Marsh & McLennan Companies Inc., NFP Corp., Willis Towers Watson PLC.
The integration of AI in the insurance sector is a key trend gaining popularity in the insurance brokers market. The combined power of AI and human creativity enables the Intelligent Broker, an automation programme for the insurance industry. Brokers will be able to resolve complicated obstacles, produce innovative products and services, and join or build new markets. In addition to this, AI in the insurance industry will improve customer service and prevent customers from fraud. In 2021, 60% of the insurance companies are targeting AI to be used in decision making and to reduce manual input, which has doubled in the last two years.
The Insurance Brokers Global Market Report 2023 provides a insurance brokers market overview for the time series: historic years (2010 – 2021) and ten years forecast (2023 – 2032). The insurance brokers market forecast analyzes insurance brokers market size, insurance brokers market share, leading competitor market positions. The regions covered in the report include Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa and the countries include Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
An insurance broker is a person who is authorized to sell insurance and frequently collaborates with numerous insurance providers to provide customers with a range of products.
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