Global Insurance Brokerage Market Report and Forecast 2024-2032

Global Insurance Brokerage Market Size

The global insurance brokerage market reached approximately USD 287.90 billion in 2023. The market is further projected to grow at a CAGR of 7.3% between 2024 and 2032, reaching a value of USD 549.90 billion by 2032.

Key Trends in the Market

Insurance brokerage refers to the service that involves the negotiation, selling, and solicitation of insurance for compensation, on behalf of a client. The clients and brokers work closely in order to ensure client satisfaction by catering to their requirements with regards to their coverage.

• The increasing demand for insurance policies due to rising awareness among the consumers about the various benefits associated with different types of insurance policies is supporting the insurance brokerage market growth. The demand for insurance is directly proportional to the level of financial development.

• The growing emphasis on effective risk management strategies is providing lucrative growth opportunities to the market. Insurance brokers aid in identification of suitable coverage options and assessment of risk and ensure the provision of effective risk management consulting services to their clients.

• The increasing digitalisation in insurance brokerage coupled with adoption of advanced technologies such as artificial intelligence and data analytics is aiding the market expansion. These technologies allow insurance brokers to offer personalised insurance solutions and assess risks, resulting in the provision of pricing models with enhanced accuracy.

• The rising infrastructural development activities in various countries across the globe along with increasing urbanisation and disposable incomes are propelling the demand for insurance brokerage.

Global Insurance Brokerage Market Analysis

On the basis of type, the market is bifurcated into retail and wholesale. Based on insurance type, the market is divided into life insurance and property and casualty insurance. On the basis of region, the insurance brokerage market segmentation includes North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis. The report gives a detailed analysis of the following key players in the market, covering their competitive landscape and latest developments like mergers, acquisitions, investments, and expansion plans.

• Brown & Brown, Inc. 

• Willis Towers Watson plc 

• Marsh LLC 

• Truist Insurance Holdings 

• HUB International Limited 

• USI Insurance Services 

• Lockton Inc. 

• Aon plc 

• Arthur J. Gallagher & Co. 

• The Segal Group, Inc. 

• Others

Market Share by Insurance Type

Property and casualty insurance is anticipated to account for a significant insurance brokerage market share over the forecast period. The increasing incidences of natural calamities in various regions across the globe is bolstering the requirement for property insurance. The rising preference for expensive vehicles due to increasing disposable incomes and advancements in the automotive sector is further propelling the demand for property and casual insurances.

Market Share by Region

North America accounts for a significant share of the market. This growth can be attributed to the prominent presence of various key market players including Brown & Brown, Inc., Willis Towers Watson plc, and Marsh LLC, among others in the region. The presence of a strong regulatory framework and rising awareness about different insurance products is further supporting the market growth in North America. The provision of a diverse set of services by various insurance brokerage firms in the region is boosting the insurance brokerage market demand.

Competitive Landscape

Brown & Brown, Inc., headquartered in Florida, United States, is one of the leading insurance brokerage firms that specialises in risk management. The company provides risk management solutions to their clients for preserving and protecting their assets.

Willis Towers Watson plc, headquartered in London, United Kingdom, is a multinational company that provides insurance services. The company also specialises in financial service consulting, pension administration, risk management, and institutional investment, among others.

Marsh LLC, headquartered in New York, United States, is one of the leading risk advisors and insurance brokers. The company serves individual and commercial clients through advisory services and data driven risk solutions. The company also specialises in international insurance management and risk consulting, among others.

Other insurance brokerage market key players include Truist Insurance Holdings, HUB International Limited, USI Insurance Services, Lockton Inc., Aon plc, Arthur J. Gallagher & Co., and The Segal Group, Inc., among others.

Key Highlights of the Report