New York, USA, July 05, 2021 (GLOBE NEWSWIRE) -- According to a report published by Research Dive, the global insurance brokerage market is projected to register a revenue of $515.3 billion at a CAGR of 5.4% during the forecast period (2021-2028), increasing from $317.9 billion in 2020. The comprehensive report provides a brief overview of the current market scenario including significant aspects of the market such as growth factors, restraints, challenges, and numerous opportunities. The report also provides all the market estimations making it easier as well as helpful for the new participants to get better idea of the market.
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Dynamics of the Market
Drivers: Insurance brokers and agents are heavily investing in digital technologies to provide online assistance to customers and increase their sales and margins. The online platforms and other mobile applications are envisioned to improve business processing efficiency and decrease costs. These are the main factors responsible for the growth of the insurance brokerage market during the forecast period.
Restraints: The lack of knowledge in insurance brokers about the current technological trends may occur as a restraining factor of the market.
Opportunity: A number of government bodies are taking major initiatives to support the insurance industry and allowing people to access a broad variety of services, which is creating many lucrative opportunities for the market.
COVID-19 Impact Analysis
The coronavirus pandemic has impacted the insurance brokerage industry in a drastic manner. Because of the pandemic, many governments of various nations imposed lockdown which resulted in closing down of businesses and public as well as private organizations. The consumer demand for insurance gradually decreased during the pandemic due to the shutting down of several insurance brokerage firms across emerging countries, and shareholders of public insurance brokerage companies withdrawing their contributions from the company in order to raise funds and meet their daily needs.
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Key Segments of the Market
The report has divided the market into different segments based on insurance type, brokerage type, and regional analysis.
- Insurance Type: Property & Casualty Sub-segment to Hold Largest Market Share
The property & casualty insurance sub-segment is expected to garner the maximum revenue of $279.3 billion during the analysis period, 2021-2028. Because of the frequent occurrence of natural calamities because of changing climate, risk assessment is getting traction in recent years. This is the main factor behind the rapid growth of the property and casualty insurance segment.
- Brokerage Type: Retail Brokerage Sub-segment to be the Most Profitable
The retail brokerage sub-segment is predicted to garner the highest revenue of $367.5 billion by the end of 2028, surging from $215.4 billion in 2020. The main reason behind this growth is enlisted as the advantage of 4G and 5G internet services. Popularity of smartphones, provision of digital apps and payment methods are other factors behind the growth of the retail brokerage sub-segment of the market.
- Region: North America to Lead the Market
The North America regional market garnered a revenue of $146.8 billion in 2020 and is further predicted to surpass $227.8 billion by the end of 2028. The North America region is experiencing a high rate of old age population and death rates because of chronic diseases such as obesity, diabetes, and cancer. This is the main factor enhancing the growth of the market.
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Key Market Players and Strategies
The most prominent players of the market include
- Gallagher, Aon plc
- Brown & Brown Inc
- Acrisure LLC
- HUB International Limited
- Marsh & McLennan Companies Inc.
- Lockton companies
- USI Insurance Services L.L.C
- Willis Towers Watson
- Truist Insurance Holdings.
These players are working on developing strategies such as mergers & acquisitions, partnerships, and collaborations to sustain the market growth.
For instance, in June 2021, Ratehub Inc., the Canadian fintech company, launched a property and casualty (P&C) insurance brokerage namely. ‘RH Insurance.’ The goal of Ratehub with this launch is to grow as the largest financial product comparison website in Canada. The fintech company aims to become the go-to source for digital personal finance products across mortgages, insurance, credit cards, banking products, and investments.
In Addition, the report having some numorus point about the leading Business Manufactures, Like, SWOT analysis, Product Portfolio, Finanical Status - Inquire to Get access for Detailed Top Companies Development Strategy Report
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