The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032

As per The Business Research Company’s Insurance Brokers And Agents Global Market Report 2023, the insurance brokers and agents market is expected to show significant growth in the forecast period.

Key insights from the insurance brokers and agents market forecast include:

1. Market Size

The global insurance brokers and agents market is expected to grow from $415.14 billion in 2022 to $450 billion in 2023 at a compound annual growth rate (CAGR) of 8.4%. The insurance brokers & agents market is expected to grow to $597.89 billion in 2027 at a CAGR of 7.4%.

2. Major Driver

Insurance brokers and agents are investing in digital technologies in order to provide services online, increasing revenues and profitability. According to an insurance digital transformation survey, 39% of agents provide web-based portals for customers to request policy changes, check policy information and payments, report claims, obtain insurance ID cards and obtain insurance certificates, and 78% of them are increasingly using social media to acquire new customers, with 68% using Facebook and 78% using LinkedIn. Marsh & McLennan Cos., Inc., Willis Towers Watson P.L.C., and Aon P.L.C. are three significant insurance companies that provide insurance portals and digital distribution channels.

View More On The Insurance Brokers And Agents Market Report 2023 – https://www.thebusinessresearchcompany.com/report/insurance-brokers-and-agents-global-market-report

3. Key Trend

Nontraditional corporations like Google, Amazon, and Walmart are entering the insurance intermediary sector to use their brand image, substantial resources, and consumer base. Their principal concentration is the sale of health, property, and casualty insurance. To offer insurance goods and services to their consumers, these organisations are also forming partnerships, joint ventures, and alliances with other established insurance carriers. For example, in October 2021, SBI General will work with Google Pay, allowing users to quickly and easily purchase SBI General’s health insurance using the Google Pay app. These alliances have allowed new entrants to gain market knowledge and get an understanding of industry dynamics.

4. Major Players

Major players in the insurance brokers and agents market are 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.

5. Top Market Segments

The global insurance brokers and agents market is segmented –

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 And Casualty Insurance, Health And Medical Insurance

Request A Sample Of The Global Insurance Brokers And Agents Market Report 2023:

https://www.thebusinessresearchcompany.com/sample.aspx?id=2154&type=smp

The Insurance Brokers And Agents Global Market Report 2023  provides an in-depth analysis on the insurance brokers and agents market size, trends and drivers, opportunities, strategies, and companies analysis. The countries covered in the insurance brokers and agents market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA, and the major seven regions are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.

View More Related Reports –

Insurance Global Market Report 2023

Insurance, Reinsurance And Insurance Brokerage Global Market Report 2023

Financial Services Global Market Report 2023

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