Dublin, Feb. 15, 2021 (GLOBE NEWSWIRE) -- The "Insurance Brokers & Agents Global Market Report 2021: COVID-19 Impact and Recovery to 2030" report has been added to ResearchAndMarkets.com's offering.
The global insurance brokers & agents market is expected to grow from $350. 24 billion in 2020 to $362. 54 billion in 2021 at a compound annual growth rate (CAGR) of 3. 5%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $457. 31 billion in 2025 at a CAGR of 6%.
The insurance brokers and agents market consists of sales of insurance policies by entities (organizations, sole traders and partnerships) and individuals that act as intermediaries (i. e. , agents or brokers) in selling annuities and insurance policies. They represent consumers or insurance providers or both in insurance premium collection. 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 insurance brokers and agents market is segmented into insurance agencies; insurance brokers; bancassurance and other intermediaries.
North America was the largest region in the global insurance brokers & agents market, accounting for 44% of the market in 2020. Western Europe was the second largest region accounting for 31% of the global insurance brokers & agents market. Eastern Europe was the smallest region in the global insurance brokers & agents market.
Insurance brokers and agents are investing in digital technologies to offer services online and thereby increase sales and boost margins. Digitalization is a 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 reduction of costs. For instance, according to 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% through 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 report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography. It places the market within the context of the wider insurance brokers & agents market, and compares it with other markets.
- The market characteristics section of the report defines and explains the market.
- The market size section gives the market size ($b) covering both the historic growth of the market, the impact of the COVID-19 virus and forecasting its recovery.
- Market segmentations break down market into sub markets.
- The regional and country breakdowns section gives an analysis of the market in each geography and the size of the market by geography and compares their historic and forecast growth. It covers the impact and recovery trajectory of COVID-19 for all regions, key developed countries and major emerging markets.
- Competitive landscape gives a description of the competitive nature of the market, market shares, and a description of the leading companies. Key financial deals which have shaped the market in recent years are identified.
- The trends and strategies section analyses the shape of the market as it emerges from the crisis and suggests how companies can grow as the market recovers.
- The insurance brokers & agents market section of the report gives context. It compares the insurance brokers & agents market with other segments of the insurance(providers, brokers and re-insurers) market by size and growth, historic and forecast. It analyses GDP proportion, expenditure per capita, insurance brokers & agents indicators comparison.
Companies Mentioned
- Marsh & McLennan Cos Inc
- Willis Towers Watson PLC
- Aon PLC
- Arthur J Gallagher & Co
- Brown & Brown Inc
For more information about this report visit https://www.researchandmarkets.com/r/johio7
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