Dublin, May 30, 2023 (GLOBE NEWSWIRE) -- The "Insurance Brokers & Agents Global Market Report 2023" report has been added to ResearchAndMarkets.com's offering.
This report provides strategists, marketers and senior management with the critical information they need to assess the market.
The global insurance brokers & agents market grew from $415.14 billion in 2022 to $450 billion in 2023 at a compound annual growth rate (CAGR) of 8.4%. The insurance brokers & agents market is expected to grow to $597.89 billion in 2027 at a CAGR of 7.4%.
Major companies in the insurance brokers and agents market include Marsh & McLennan, Chubb Limited, Toyota Motor Corp, Arthur J. Gallagher & Co., Bank of China, Hub International, Willis Towers Watson, Brown & Brown, BB&T Insurance Holdings Inc., and Jardine Matheson.
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An insurance broker is interested in selling, purchasing, or negotiating various financial products best suited to their individual client's needs in exchange for compensation. An insurance agent sells, negotiates, or promotes financial products on behalf of their employer. They serve as the company's sales representatives for its financial products. While an insurance agent works for the company they are employed by, an insurance broker represents you as the client.
The main types of insurance brokers and agents are insurance agencies, insurance brokers, bancassurance, and other intermediaries. Insurance agencies refer to the agencies that act as a broker between the holder and the provider. The various insurances offered are life insurance, property and casualty insurance, and health and medical insurance. The different modes involved are online and offline modes. These are used by corporate and individual end-users.
Nontraditional companies such as Google, Amazon, and Walmart are entering the insurance intermediary market to capitalize on their brand image, large capital, and customer base. Their primary focus is the distribution of health, property, and casualty insurance products. In line with this trend, these companies are also entering into partnerships, joint ventures, and alliances with other established insurance carriers to offer insurance products and services to their customers.
For instance, in October 2021, SBI General collaborates with Google Pay, enabling users to buy SBI General's health insurance on the Google Pay app in a quick and hassle-free way. These collaborations have enabled new entrants to acquire market knowledge and understand the industry dynamics.
North America was the largest region in the global insurance brokers & agents market, accounting for in 2022. Western Europe was the second largest region insurance brokers & agents market. The regions covered in the insurance brokers & agents market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Insurance brokers and agents are investing in digital technologies to offer services online and thereby increase sales and boost margins. Digitalization is the process of converting information into digital formats. This includes providing tools and resources to agents and brokers in digital formats through insurance portals, exchange websites, and digital distribution channels. These web-based portals and other digital channels are aimed at improving efficiency in business processing and reducing costs.
For instance, according to an insurance digital transformation survey, 39% of agents provide web-based portals to allow customers to request policy changes, check policy information and payments, report claims, obtain insurance ID cards, and get insurance certificates, and, 78% of them are increasingly using social media to acquire new customers on Facebook and 68% on LinkedIn. Some of the major insurance companies offering insurance portals and digital distribution channels are Marsh & McLennan Cos., Inc., Willis Towers Watson P.L.C., and Aon P.L.C.
The insurance brokers and agents' market consist of sales of insurance products by entities and individuals that act as intermediaries (i.e., agents or brokers) in selling annuities and insurance policies. Insurance brokers and agents can be contracted with single or multiple insurance companies as they try to meet different client needs with available insurance products.
This market excludes the direct selling of insurance products by insurance companies. The value of the market is based on the fees or commissions paid to brokers by the insured, both commercial and personal. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 300 |
| Forecast Period | 2023 - 2027 |
| Estimated Market Value (USD) in 2023 | $450 billion |
| Forecasted Market Value (USD) by 2027 | $597.89 billion |
| Compound Annual Growth Rate | 7.4% |
| Regions Covered | Global |
Key Topics Covered:
1. Executive Summary
2. Report Structure
3. Insurance Brokers & Agents Market Characteristics
3.1. Market Definition
3.2. Key Segmentations
4. Insurance Brokers & Agents Market Product Analysis
4.1. Leading Products/Services
4.2. Key Features and Differentiators
4.3. Development Products
5. Insurance Brokers & Agents Market Supply Chain
5.1. Supply Chain
5.2. Distribution
5.3. End Customers
6. Insurance Brokers & Agents Market Customer Information
6.1. Customer Preferences
6.2. End Use Market Size and Growth
7. Insurance Brokers & Agents Market Trends And Strategies
8. Insurance Brokers & Agents Market - Macro Economic Scenario
8.1 COVID-19 Impact On Insurance Brokers & Agents Market
8.2 Ukraine-Russia War Impact On Insurance Brokers & Agents Market
8.3 Impact Of High Inflation On Insurance Brokers & Agents Market
9. Insurance Brokers & Agents Market Size And Growth
9.1. Market Size
9.2. Historic Market Growth, Value ($ Billion)
9.2.1. Drivers Of The Market
9.2.2. Restraints On The Market
9.3. Forecast Market Growth, Value ($ Billion)
9.3.1. Drivers Of The Market
9.3.2. Restraints On The Market
10. Insurance Brokers & Agents Market Regional Analysis
10.1. Global Insurance Brokers & Agents Market, 2022, By Region, Value ($ Billion)
10.2. Global Insurance Brokers & Agents Market, 2017-2022, 2022-2027F, 2032F, Historic And Forecast, By Region
10.3. Global Insurance Brokers & Agents Market, Growth And Market Share Comparison, By Region
11. Insurance Brokers & Agents Market Segmentation
11.1. Global Insurance Brokers & Agents Market, Segmentation By Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- Insurance Agencies
- Insurance Brokers
- Bancassurance
- Other Intermediaries
11.2. Global Insurance Brokers & Agents Market, Segmentation By End User, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- Corporate
- Individual
11.3. Global Insurance Brokers & Agents Market, Segmentation By Mode, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- Online
- Offline
11.4. Global Insurance Brokers & Agents Market, Segmentation By Insurance, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- Life Insurance
- Property & Casualty Insurance
- Health & Medical Insurance
12. Insurance Brokers & Agents Market Metrics
12.1. Insurance Brokers & Agents Market Size, Percentage Of GDP, 2017-2027, Global
12.2. Per Capita Average Insurance Brokers & Agents Market Expenditure, 2017-2027, Global
For more information about this report visit https://www.researchandmarkets.com/r/onfhfy
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