New York, USA, March 08, 2022 (GLOBE NEWSWIRE) -- According to the report published by Research Dive, the global insurance brokerage market is anticipated to garner a revenue of $515.3 billion by 2028 and grow at a CAGR of 5.4% over the forecast period from 2021-2028. The comprehensive report provides a concise outline of the market’s present scenario including chief facets of the market such as growth elements, challenges, restraints and various opportunities during the predicted timeframe of 2021-2028. The report also provides all the market figures to help new participants analyze the market easily.
Insurance Type Segment of the Insurance Brokerage Market:
Based on insurance type, the global insurance brokerage market is fragmented into property & casualty insurance and life insurance out of which, the property & casualty insurance sub-segment is expected to hold a dominating market share during the forecast period. As per the report, the sub-segment is estimated to garner a revenue of $279.3 billion by 2028 and have a significant growth rate. This growth is attributed to increasing number of major natural disasters that need accurate risk management solutions and policies. In addition, entry of new market players with better and personalized risk assessment insurances is projected to further drive the sub-segment’s growth during the 2021-2028 analysis timeframe.
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Regional Analysis of the Insurance Brokerage Market:
Based on regional analysis, the global insurance brokerage market is divided into Europe, North America, Asia-Pacific, and LAMEA regions. Out of these, market in the North America region is predicted to have a dominant market share. As per the report, the North America insurance brokerage market had accounted $146.8 billion by 2020 and is expected to register a revenue of $227.8 billion during the forecast years. This enormous growth is attributed to various benefits of insurance coverages as well as increasing government initiatives to cover all residents under insurance coverage. In addition, the United States has one of the most highly organized public healthcare infrastructures which is yet another factor estimated to boost the North America insurance brokerage market by 2028.
Covid-19 Impact on the Insurance Brokerage Market:
The outbreak of the Covid-19 pandemic has had a negative impact on the global insurance brokerage market due to strict lockdowns and mobility restrictions imposed by governments across the globe. This led to closure of various insurance brokerage firms across the world and rapid withdrawal of contributions by shareholders of renowned publicly held insurance brokerage companies to raise funds to meet their daily and conventional demands. Due to such negative movements, the demand for insurance among people decreased drastically. These factors are responsible for hindering the global insurance brokerage market’s revenue and overall development.
Brokerage Type Segment of the Insurance Brokerage Market:
Based on brokerage type, the retail brokerage sub-segment is anticipated to have the fastest growth and gather a revenue of $367.5 billion by 2028 due to increasing penetration of internet along with dominant 4G and 5G services. In addition, increasing utilization of online sites, dedicated applications, and advanced payment methods are some aspects estimated to accelerate the growth of the sub-segment during the analysis years.
Dynamics of the Insurance Brokerage Market:
Drivers: Increasing demand for insurance policies and government initiatives to cover residents under insurance coverages are the main factors to drive the global insurance brokerage market’s growth during the forecast period. In addition, rising advancements in digital technologies to offer online assistance and boost up insurance brokerage firm’s sales are also projected to bolster the market’s growth by 2028.
Opportunities: Growing initiatives by government bodies in the insurance brokerage sector to offer ample growth opportunities for the insurance brokerage market by 2028. In addition, growing awareness among people about security of financial assets and benefits of risk coverages are also predicted to propel the growth of the market by 2028.
Restraints: Lack of knowledge about the current technological trends among insurance agents is the main factor expected to impede the market growth.
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Prominent Insurance Brokerage Market Players:
Some prominent players of the insurance brokerage market include
- USI Insurance Services L.L.C
- Lockton companies
- Acrisure LLC
- Gallagher
- Marsh & McLennan Companies Inc.
- Truist Insurance Holdings,
- Brown & Brown Inc
- Aon plc
- HUB International Limited
- Willis Towers Watson, and others.
These players are undertaking various strategies such as product development, merger and acquisition, partnerships and collaborations to sustain the market enhancement.
For example, in January 2022, Paisley Partners, a commercial insurance brokerage firm, announced its acquisition of the Toronto-based broker Wiseblott Insurance with a strategic aim to boost its presence in the GTA and expand its operations through organic growth. Moreover, Wiseblott will now operate under the brand Paisley Partners for strengthening the engagement of like-minded brokers.
The report also sums up many crucial aspects including financial performance of the key market players, SWOT analysis, product portfolio, and the latest strategic developments.
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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- The Global Insurance Brokerage Market Anticipated To Generate A Revenue Of $515.3 Billion, Growing At A CAGR Of 5.4% From 2021 To 2028
