NEW YORK, United States, Aug. 21, 2022 (GLOBE NEWSWIRE) -- According to Facts and Factors has published a new research report titled “Insurance Broker And Agents Market Size, Share, Growth Analysis Report By Type (Insurance Agencies, Insurance Brokers, Bancassurance, Other Intermediaries), By End User (Corporate, Individual), By Mode (Online, Offline), By Insurance (Life Insurance, Property And Casualty Insurance, Health And Medical Insurance), and By Region - Global and Regional Industry Insights, Overview, Comprehensive Analysis, Trends, Statistical Research, Market Intelligence, Historical Data and Forecast 2022 – 2028” in its research database.
“According to the latest research study, the demand of global Insurance Broker And Agents Market size & share in terms of revenue was worth of USD 359.5 million in 2021 and it is expected to surpass around USD 599.6 million mark by 2028, growing at a compound annual growth rate (CAGR) of approximately 8.9% during the forecast period 2022 to 2028.”
What are Insurance Broker and Agents? How big is the Insurance Broker and Agents Industry?
Market Overview:
An insurance broker is a critical link between policyholders and insurers and contributes significantly to economic progress. Insurance brokers give their clients specialized information regarding different insurance packages. Medical insurance, property & casualty insurance, and health insurance are insurance products offered by brokers.
To meet their client's demands for coverage, insurance brokers collaborate closely with them. Since they identify appropriate terms, conditions, and prices and make recommendations on the insurance policy that best suits their needs, insurance brokers act as consumer advocates. A person who sells insurance products on behalf of an insurance company is known as an agent. There are typically two categories of such agents who approach potential customers who could be interested in purchasing insurance. Both independent and captive or exclusive agents fall under this category.
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Our Free Sample Report Consists of the Following:
- Introduction, Overview, and in-depth industry analysis are all included in the 2022 updated report.
- The COVID-19 Pandemic Outbreak Impact Analysis is included in the package
- About 212+ Pages Research Report (Including Recent Research)
- Provide detailed chapter-by-chapter guidance on Request
- Updated Regional Analysis with Graphical Representation of Size, Share, and Trends for the Year 2022
- Includes Tables and figures have been updated
- The most recent version of the report includes the Top Market Players, their Business Strategies, Sales Volume, and Revenue Analysis
- Facts and Factors research methodology
(Please note that the sample of this report has been modified to include the COVID-19 impact study prior to delivery.)
Report Scope
| Report Attribute | Details |
| Market Size in 2021 | USD 359.5 Million |
| Projected Market Size in 2028 | USD 599.6 Million |
| CAGR Growth Rate | 8.9% CAGR |
| Base Year | 2021 |
| Forecast Years | 2022-2028 |
| Key Market Players | Chubb Limited, Marsh & McLennan, Arthur J. Gallagher & Co., Jardine Matheson, Toyota Motor Corp, Hub International, Bank of China, Brown & Brown, Willis Towers Watson, BB&T Insurance Holdings Inc., and Others |
| Key Segment | By Type, End User, Mode, Insurance, and Region |
| Major Regions Covered | North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa |
| Purchase Options | Request customized purchase options to meet your research needs. Explore purchase options |
Market Dynamics
The main drivers of the growth of the insurance broker and agents industry are the rising demand for insurance policies, the integration of IT and analytic solutions, and the provision of expert solutions and services. With its many benefits to the end user, including guaranteed income, a good return on investment, death benefits, tax advantages, and others, the insurance broker and agents market is anticipated to grow significantly during the projection period.
Government initiatives regarding insurance policies and technology integration into current product and service lines are also anticipated to create profitable opportunities for the insurance broker and agents market over the forecast period.
Additionally, the market's expansion is hampered by client direct insurance policy purchases and the abundance of alternative platforms for insurance policy sales.
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Insurance Broker and Agents Market: COVID-19 Impact Analysis
In recent years, the business of insurance brokerage has demonstrated a tremendous increase. Nevertheless, it is projected that it will experience a minor fall in the year 2020 as a result of the COVID-19 pandemic. This is due to the fact that the majority of countries has placed their citizens under lockdown and has shut down businesses, public and private organizations, as well as educational institutions all across the world in an effort to stop the virus from spreading. Also, the owners of publicly traded insurance broker companies are cashing out their investments in the company to get money for their day-to-day expenses.
Insurance companies have reported a significant rise in the demand for insurance brokers as a consequence of the anticipated reduction in the number of claims filed for automobiles and homes during COVID-19. In addition, it is anticipated that after COVID-19, insurance brokers will place a greater emphasis on a variety of insurance services. These services may include understanding the requirements that customers have for insurance coverage; streamlining the process by which insurance is distributed; and providing accurate policy comparison services.
Segmentation Analysis
The global insurance broker and agents market is segregated based on type, end-user, mode, insurance, and region. Based on type, the market is divided into insurance agencies, insurance brokers, bancassurance, and other intermediaries. The bancassurance segment dominated the market in 2021. Based on end-user, the market is divided into corporate and individual. In 2021, the individual category acquired the largest share.
Based on mode, the market is divided into online and offline. In 2021, the online sector will control the market. Based on insurance, the market is divided into life insurance, property and casualty insurance, and health and medical insurance. In 2021, health and medical insurance dominated the market.
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Competitive Landscape
Some of the main competitors dominating the global Insurance Broker And Agents market include -
- Chubb Limited
- Marsh & McLennan
- Arthur J. Gallagher & Co.
- Jardine Matheson
- Toyota Motor Corp
- Hub International
- Bank of China
- Brown & Brown
- Willis Towers Watson
- BB&T Insurance Holdings Inc.
Key Insights from Primary Research:
- As per the analysis shared by our research analyst, the Insurance Broker and Agents market is estimated to grow annually at a CAGR of around 8.9% over the forecast period (2022-2028).
- In Terms Of Revenue, The Insurance Broker and Agents market size was valued at around USD 359.5 million in 2021 and is projected to reach USD 599.6 million by 2028. Due to a variety of driving factors, the market is predicted to rise at a significant rate.
- In 2021, the bancassurance segment led the market in terms of type.
- Depending on the end-user, with 51.7% of the market's revenue in 2021, the individual segment dominated the healthcare insurance market.
- Considering insurance, health and medical insurance dominated the market in 2021.
- On the basis of region, North America dominated the market for insurance brokerage services in 2021.
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Key questions answered in this report:
- What is the market size and growth rate forecast for Insurance Broker And Agents industry?
- What are the main driving factors propelling the Insurance Broker And Agents Market forward?
- What are the leading companies in the Insurance Broker And Agents Industry?
- What segments does the Insurance Broker And Agents Market cover?
- How can I receive a free copy of the Insurance Broker And Agents Market sample report and company profiles?
Key Offerings:
- Market Size & Forecast by Revenue | 2022−2028
- Market Dynamics – Leading Trends, Growth Drivers, Restraints, and Investment Opportunities
- Market Segmentation – A detailed analysis by Type, End User, Mode, Insurance, and Region
- Competitive Landscape – Top Key Vendors and Other Prominent Vendors
Regional Dominance:
The global insurance broker and agents market is divided into geographic regions: North America, Latin America, Europe, Asia Pacific, Middle East, and Africa. North America dominated the insurance brokerage market in 2021, and it is anticipated that it will continue to do so throughout the forecast period. The presence of significant players who assist customers in finding affordable house insurance, travel insurance, and health insurance is one of the main drivers driving the market's growth in this region.
Additionally, many insurance brokers in the U.S. and Canada invest in cutting-edge technology to increase their market share and customer retention. With the rapid uptake of mobile telematics technology by insurance companies in developing countries like China and India, Asia-Pacific is predicted to experience significant growth throughout the projected period. The region's developing economies' rapidly expanding middle class is driving up insurance demand. The region's life insurers are shifting away from fee-based products and protection-based ones, emphasizing accident and health insurance.
Recent Developments
- In March 2020, Aon, a UK-based multinational professional services company, purchased Willis Towers Watson for $30 billion. Aon sells a variety of financial risk-mitigation solutions, such as pension administration, insurance, and health insurance plans. The acquisition enabled Aon to provide clients services in areas like intellectual property, cyber, and climate risk.
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The global Insurance Broker and Agents market is segmented as follows:
By Type
- Insurance Agencies
- Insurance Brokers
- Bancassurance
- Other Intermediaries
By End User
- Corporate
- Individual
By Mode
- Online
- Offline
By Insurance
- Life Insurance
- Property And Casualty Insurance
- Health And Medical Insurance
By Region
- North America
- U.S.
- Canada
- Rest of North America
- Europe
- France
- UK
- Spain
- Germany
- Italy
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Rest of Asia Pacific
- The Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of the Middle East & Africa
- Latin America
- Brazil
- Argentina
- Rest of Latin America
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