Insurance Brokerage Market Anticipated To Reach US$614.50 Billion, Growing At 9.0% CAGR During Forecast Period
Rising Demand For Insurance Coverage To Drive Insurance Brokerage Market
According to a recent report published by Market Research Future (MRFR), the global insurance brokerage market is anticipated to reach a market valuation of US$ 614.50 Bn by the end of 2027, expanding at a 9.0% CAGR during the forecast period (2020-2027).
The growth of the insurance brokerage market can be attributed to the increasing demand for insurance coverage, growing need for risk management, emerging economies, and stringent government regulations.
Increased Adoption Of Technology To Present Growth Opportunities
Additional factors contributing to the market's growth include the rising adoption of technology and strategic partnerships and acquisitions.
Nevertheless, factors such as the lack of awareness among customers and the threat of cyberattacks can hinder the market's growth potential.
Key Market Segments
By Type
- Property and Casualty
- Life
- Health
- Others
By Business Model
- Traditional
- Online
By Service Type
- Risk Management
- Policy Placement
- Claims Processing
- Advisory and Consulting
By Region
- North America
- Europe
- Asia-Pacific
- Rest of the World
Competitive Dynamics
Key players in the global insurance brokerage market include Aon plc (UK), Marsh LLC (US), Willis Towers Watson PLC (UK), Gallagher (US), Lockton Companies (US), HUB International Limited (Canada), NFP Corp. (US), Acrisure LLC (US), and Brown & Brown, Inc. (US).
These players are investing in research and development, expanding their global footprint, and creating innovative insurance solutions to meet the evolving needs of their customers.
Regional Analysis
The Asia-Pacific region is projected to be the fastest-growing market for insurance brokerage over the forecast period due to increasing disposable income, rising awareness of insurance coverage, and rapid economic development in developing countries.
