Insurance Brokerage Market to Grow by USD 101.94 Bn, Increased Demand For Insurance Policies to Boost Market Growth – Technavio

NEW YORK, Nov. 7, 2022 /PRNewswire/ — The “Insurance Brokerage Market by Type (Non-life insurance and Life insurance) and Geography (North America, Europe, APAC, South America, and Middle East and Africa) – Forecast and Analysis 2022-2026″ report has been added to Technavio’s offering. With ISO 9001:2015 certification, Technavio is proudly partnering with more than 100 Fortune 500 companies for over 16 years. The potential growth difference for the insurance brokerage market between 2021 and 2026 is USD 101.94 billion. To get the exact yearly growth variance and the Y-O-Y growth rate, Request a FREE PDF Sample Report

Key Market Dynamics:

  • Market Driver: Increased demand for insurance policies is notably driving the insurance brokerage market growth. The global insurance brokerage market witnesses a high demand for accident insurance, life insurance, medical insurance, vehicle insurance, liability insurance, and property insurance. Increased awareness about the benefits of insurance policies will propel the demand for such policies during the forecast period.
  • Market Challenges: Direct purchase of insurance policies by customers is the major challenge impeding the insurance brokerage market growth. To minimize the impact of direct purchases and to provide enhanced customer experiences, insurance brokerage firms have resorted to online distribution strategies. Such strategies help the key market vendors retain their customer base. Thus, direct purchasing of insurance hampers the growth of the global insurance brokerage market during the forecast period.
  • To learn about additional key drivers, trends, and challenges available with Technavio,Read our FREE Sample Report!

Vendor Landscape

The global insurance brokerage market is fragmented due to the presence of major global players as well as regional players. As value-added services help in propelling the market’s growth in coming years, most insurance brokerage firms have started focusing on cross-selling their insurance products by providing additional coverage to clients. In the market in focus, the competitors differentiate themselves on product features, innovative solutions, pricing, brand recognition, and product portfolio. They also focus on expanding their businesses and geographical presence to increase their profit margins and market share. Insurance brokerage firms will likely focus on automated product distribution and selling during the forecast period. 

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Market Segmentation

The insurance brokerage market report is segmented by type (non-life insurance and Life insurance) and geography (North America, Europe, APAC, South America, and Middle East and Africa). North America will be the leading region with 41% of the market’s growth during the forecast period. The US is the key market for insurance brokerage in North America.

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Some Companies Mentioned with their Offerings

  •  
    • Acrisure LLC
    • Alliant Insurance Services Inc.
    • AmWINS Group Inc.
    • Aon Plc
    • Arthur J. Gallagher and Co.
    • Assured Partners Inc.
    • Beacon Insurance Brokers Pvt. Ltd.
    • Brown and Brown Inc.
    • Funk Group GmbH
    • HUB International Ltd.
    • Lockton Companies
    • Mahindra Insurance Brokers Ltd.
    • Marsh and McLennan Companies Inc.
    • Navnit Insurance Broking Pvt. Ltd.
    • NFP Corp.
    • Pragmatic Insurance Broking Services Pvt. Ltd.
    • Regent Insurance Brokers (Europe) GmbH
    • Truist Financial Corp.
    • USI Insurance Services
    • Willis Towers Watson Public Ltd. Co.

To gain access to more vendor profiles with their key offerings available with Technavio, Download our Free Sample Report

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Insurance Brokerage Market Scope

Report Coverage

Details

Page number

120

Base year

2021

Forecast period

2022-2026

Growth momentum & CAGR

Accelerate at a CAGR of almost 6.93%

Market growth 2022-2026

USD 101.94 billion

Market structure

Fragmented

YoY growth (%)

6.32

Regional analysis

North America, Europe, APAC, South America, and Middle East and Africa

Performing market contribution

North America at 41%

Key consumer countries

US, China, Japan, UK, and Germany

Competitive landscape

Leading companies, competitive strategies, consumer engagement scope

Companies profiled

Acrisure LLC, Alliant Insurance Services Inc., AmWINS Group Inc., Aon Plc, Arthur J. Gallagher and Co., Assured Partners Inc., Beacon Insurance Brokers Pvt. Ltd., Brown and Brown Inc., Funk Group GmbH, HUB International Ltd., Lockton Companies, Mahindra Insurance Brokers Ltd., Marsh and McLennan Companies Inc., Navnit Insurance Broking Pvt. Ltd., NFP Corp., Pragmatic Insurance Broking Services Pvt. Ltd., Regent Insurance Brokers (Europe) GmbH, Truist Financial Corp., USI Insurance Services, and Willis Towers Watson Public Ltd. Co.

Market Dynamics

Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and future consumer dynamics, and market condition analysis for the forecast period.

Customization purview

If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

Table of Contents

1 Executive Summary

  • 1.1 Market Overview
    • Exhibit 01: Executive Summary – Chart on Market Overview
    • Exhibit 02: Executive Summary – Data Table on Market Overview
    • Exhibit 03: Executive Summary – Chart on Global Market Characteristics
    • Exhibit 04: Executive Summary – Chart on Market by Geography
    • Exhibit 05: Executive Summary – Chart on Market Segmentation by Type
    • Exhibit 06: Executive Summary – Chart on Incremental Growth
    • Exhibit 07: Executive Summary – Data Table on Incremental Growth
    • Exhibit 08: Executive Summary – Chart on Vendor Market Positioning

2 Market Landscape

  • 2.1 Market ecosystem
    • Exhibit 09: Parent market
    • Exhibit 10: Market Characteristics

3 Market Sizing

  • 3.1 Market Definition
    • Exhibit 11: Offerings of vendors included in the market definition
  • 3.2 Market segment analysis
    • Exhibit 12: Market segments
  • 3.4 Market outlook: Forecast for 2021-2026 
    • Exhibit 13: Chart on Global – Market size and forecast 2021-2026 ($ billion)
    • Exhibit 14: Data Table on Global – Market size and forecast 2021-2026 ($ billion)
    • Exhibit 15: Chart on Global Market: Year-over-year growth 2021-2026 (%)
    • Exhibit 16: Data Table on Global Market: Year-over-year growth 2021-2026 (%)

4 Five Forces Analysis

  • 4.1 Five forces summary
    • Exhibit 17: Five forces analysis – Comparison between 2021 and 2026
  • 4.2 Bargaining power of buyers 
    • Exhibit 18: Chart on Bargaining power of buyers – Impact of key factors 2021 and 2026
  • 4.3 Bargaining power of suppliers 
    • Exhibit 19: Bargaining power of suppliers – Impact of key factors in 2021 and 2026
  • 4.4 Threat of new entrants 
    • Exhibit 20: Threat of new entrants – Impact of key factors in 2021 and 2026
  • 4.5 Threat of substitutes 
    • Exhibit 21: Threat of substitutes – Impact of key factors in 2021 and 2026
  • 4.6 Threat of rivalry
    • Exhibit 22: Threat of rivalry – Impact of key factors in 2021 and 2026
  • 4.7 Market condition
    • Exhibit 23: Chart on Market condition – Five forces 2021 and 2026

5 Market Segmentation by Type

  • 5.1 Market segments
    • Exhibit 24: Chart on Type – Market share 2021-2026 (%)
    • Exhibit 25: Data Table on Type – Market share 2021-2026 (%)
  • 5.2 Comparison by Type
    • Exhibit 26: Chart on Comparison by Type
    • Exhibit 27: Data Table on Comparison by Type
  • 5.3 Non-life insurance – Market size and forecast 2021-2026 
    • Exhibit 28: Chart on Non-life insurance – Market size and forecast 2021-2026 ($ billion)
    • Exhibit 29: Data Table on Non-life insurance – Market size and forecast 2021-2026 ($ billion)
    • Exhibit 30: Chart on Non-life insurance – Year-over-year growth 2021-2026 (%)
    • Exhibit 31: Data Table on Non-life insurance – Year-over-year growth 2021-2026 (%)
  • 5.4 Life insurance – Market size and forecast 2021-2026 
    • Exhibit 32: Chart on Life insurance – Market size and forecast 2021-2026 ($ billion)
    • Exhibit 33: Data Table on Life insurance – Market size and forecast 2021-2026 ($ billion)
    • Exhibit 34: Chart on Life insurance – Year-over-year growth 2021-2026 (%)
    • Exhibit 35: Data Table on Life insurance – Year-over-year growth 2021-2026 (%)
  • 5.5 Market opportunity by Type 
    • Exhibit 36: Market opportunity by Type ($ billion)

6 Customer Landscape

  • 6.1 Customer landscape overview 
    • Exhibit 37: Analysis of price sensitivity, lifecycle, customer purchase basket, adoption rates, and purchase criteria

7 Geographic Landscape

  • 7.1 Geographic segmentation 
    • Exhibit 38: Chart on Market share by geography 2021-2026 (%)
    • Exhibit 39: Data Table on Market share by geography 2021-2026 (%)
  • 7.2 Geographic comparison 
    • Exhibit 40: Chart on Geographic comparison
    • Exhibit 41: Data Table on Geographic comparison
  • 7.3 North America – Market size and forecast 2021-2026 
    • Exhibit 42: Chart on North America – Market size and forecast 2021-2026 ($ billion)
    • Exhibit 43: Data Table on North America – Market size and forecast 2021-2026 ($ billion)
    • Exhibit 44: Chart on North America – Year-over-year growth 2021-2026 (%)
    • Exhibit 45: Data Table on North America – Year-over-year growth 2021-2026 (%)
  • 7.4 Europe – Market size and forecast 2021-2026 
    • Exhibit 46: Chart on Europe – Market size and forecast 2021-2026 ($ billion)
    • Exhibit 47: Data Table on Europe – Market size and forecast 2021-2026 ($ billion)
    • Exhibit 48: Chart on Europe – Year-over-year growth 2021-2026 (%)
    • Exhibit 49: Data Table on Europe – Year-over-year growth 2021-2026 (%)
  • 7.5 APAC – Market size and forecast 2021-2026 
    • Exhibit 50: Chart on APAC – Market size and forecast 2021-2026 ($ billion)
    • Exhibit 51: Data Table on APAC – Market size and forecast 2021-2026 ($ billion)
    • Exhibit 52: Chart on APAC – Year-over-year growth 2021-2026 (%)
    • Exhibit 53: Data Table on APAC – Year-over-year growth 2021-2026 (%)
  • 7.6 South America – Market size and forecast 2021-2026 
    • Exhibit 54: Chart on South America – Market size and forecast 2021-2026 ($ billion)
    • Exhibit 55: Data Table on South America – Market size and forecast 2021-2026 ($ billion)
    • Exhibit 56: Chart on South America – Year-over-year growth 2021-2026 (%)
    • Exhibit 57: Data Table on South America – Year-over-year growth 2021-2026 (%)
  • 7.7 Middle East and Africa – Market size and forecast 2021-2026 
    • Exhibit 58: Chart on Middle East and Africa – Market size and forecast 2021-2026 ($ billion)
    • Exhibit 59: Data Table on Middle East and Africa – Market size and forecast 2021-2026 ($ billion)
    • Exhibit 60: Chart on Middle East and Africa – Year-over-year growth 2021-2026 (%)
    • Exhibit 61: Data Table on Middle East and Africa – Year-over-year growth 2021-2026 (%)
  • 7.8 US – Market size and forecast 2021-2026 
    • Exhibit 62: Chart on US – Market size and forecast 2021-2026 ($ billion)
    • Exhibit 63: Data Table on US – Market size and forecast 2021-2026 ($ billion)
    • Exhibit 64: Chart on US – Year-over-year growth 2021-2026 (%)
    • Exhibit 65: Data Table on US – Year-over-year growth 2021-2026 (%)
  • 7.9 China – Market size and forecast 2021-2026 
    • Exhibit 66: Chart on China – Market size and forecast 2021-2026 ($ billion)
    • Exhibit 67: Data Table on China – Market size and forecast 2021-2026 ($ billion)
    • Exhibit 68: Chart on China – Year-over-year growth 2021-2026 (%)
    • Exhibit 69: Data Table on China – Year-over-year growth 2021-2026 (%)
  • 7.10 Japan – Market size and forecast 2021-2026 
    • Exhibit 70: Chart on Japan – Market size and forecast 2021-2026 ($ billion)
    • Exhibit 71: Data Table on Japan – Market size and forecast 2021-2026 ($ billion)
    • Exhibit 72: Chart on Japan – Year-over-year growth 2021-2026 (%)
    • Exhibit 73: Data Table on Japan – Year-over-year growth 2021-2026 (%)
  • 7.11 UK – Market size and forecast 2021-2026 
    • Exhibit 74: Chart on UK – Market size and forecast 2021-2026 ($ billion)
    • Exhibit 75: Data Table on UK – Market size and forecast 2021-2026 ($ billion)
    • Exhibit 76: Chart on UK – Year-over-year growth 2021-2026 (%)
    • Exhibit 77: Data Table on UK – Year-over-year growth 2021-2026 (%)
  • 7.12 Germany – Market size and forecast 2021-2026 
    • Exhibit 78: Chart on Germany – Market size and forecast 2021-2026 ($ billion)
    • Exhibit 79: Data Table on Germany – Market size and forecast 2021-2026 ($ billion)
    • Exhibit 80: Chart on Germany – Year-over-year growth 2021-2026 (%)
    • Exhibit 81: Data Table on Germany – Year-over-year growth 2021-2026 (%)
  • 7.13 Market opportunity by geography 
    • Exhibit 82: Market opportunity by geography ($ billion)

8 Drivers, Challenges, and Trends

  • 8.3 Impact of drivers and challenges 
    • Exhibit 83: Impact of drivers and challenges in 2021 and 2026

9 Vendor Landscape

  • 9.2 Vendor landscape
    • Exhibit 84: Overview on Criticality of inputs and Factors of differentiation
  • 9.3 Landscape disruption
    • Exhibit 85: Overview on factors of disruption
  • 9.4 Industry risks
    • Exhibit 86: Impact of key risks on business

10 Vendor Analysis

  • 10.1 Vendors covered
    • Exhibit 87: Vendors covered
  • 10.2 Market positioning of vendors 
    • Exhibit 88: Matrix on vendor position and classification
  • 10.3 Aon Plc
    • Exhibit 89: Aon Plc – Overview
    • Exhibit 90: Aon Plc – Business segments
    • Exhibit 91: Aon Plc – Key news
    • Exhibit 92: Aon Plc – Key offerings
    • Exhibit 93: Aon Plc – Segment focus
  • 10.4 Arthur J. Gallagher and Co. 
    • Exhibit 94: Arthur J. Gallagher and Co. – Overview
    • Exhibit 95: Arthur J. Gallagher and Co. – Business segments
    • Exhibit 96: Arthur J. Gallagher and Co. – Key offerings
    • Exhibit 97: Arthur J. Gallagher and Co. – Segment focus
  • 10.5 Assured Partners Inc. 
    • Exhibit 98: Assured Partners Inc. – Overview
    • Exhibit 99: Assured Partners Inc. – Product / Service
    • Exhibit 100: Assured Partners Inc. – Key offerings
  • 10.6 Brown and Brown Inc.
    • Exhibit 101: Brown and Brown Inc. – Overview
    • Exhibit 102: Brown and Brown Inc. – Business segments
    • Exhibit 103: Brown and Brown Inc. – Key news
    • Exhibit 104: Brown and Brown Inc. – Key offerings
    • Exhibit 105: Brown and Brown Inc. – Segment focus
  • 10.7 HUB International Ltd. 
    • Exhibit 106: HUB International Ltd. – Overview
    • Exhibit 107: HUB International Ltd. – Product / Service
    • Exhibit 108: HUB International Ltd. – Key offerings
  • 10.8 Lockton Companies
    • Exhibit 109: Lockton Companies – Overview
    • Exhibit 110: Lockton Companies – Product / Service
    • Exhibit 111: Lockton Companies – Key offerings
  • 10.9 Marsh and McLennan Companies Inc. 
    • Exhibit 112: Marsh and McLennan Companies Inc. – Overview
    • Exhibit 113: Marsh and McLennan Companies Inc. – Business segments
    • Exhibit 114: Marsh and McLennan Companies Inc. – Key offerings
    • Exhibit 115: Marsh and McLennan Companies Inc. – Segment focus
  • 10.10 NFP Corp.
    • Exhibit 116: NFP Corp. – Overview
    • Exhibit 117: NFP Corp. – Product / Service
    • Exhibit 118: NFP Corp. – Key offerings
  • 10.11 Truist Financial Corp. 
    • Exhibit 119: Truist Financial Corp. – Overview
    • Exhibit 120: Truist Financial Corp. – Business segments
    • Exhibit 121: Truist Financial Corp. – Key offerings
    • Exhibit 122: Truist Financial Corp. – Segment focus
  • 10.12 Willis Towers Watson Public Ltd. Co. 
    • Exhibit 123: Willis Towers Watson Public Ltd. Co. – Overview
    • Exhibit 124: Willis Towers Watson Public Ltd. Co. – Business segments
    • Exhibit 125: Willis Towers Watson Public Ltd. Co. – Key offerings
    • Exhibit 126: Willis Towers Watson Public Ltd. Co. – Segment focus

11 Appendix

  • 11.2 Inclusions and exclusions checklist 
    • Exhibit 127: Inclusions checklist
    • Exhibit 128: Exclusions checklist
  • 11.3 Currency conversion rates for US$ 
    • Exhibit 129: Currency conversion rates for US$
  • 11.4 Research methodology
    • Exhibit 130: Research methodology
    • Exhibit 131: Validation techniques employed for market sizing
    • Exhibit 132: Information sources
  • 11.5 List of abbreviations 
    • Exhibit 133: List of abbreviations

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Global Insurance Brokerage Market 2022-2026

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