New York, USA, June 28, 2022 (GLOBE NEWSWIRE) -- According to a newly published report by Research Dive, the global insurance brokerage market is anticipated to generate a revenue of $515.3 billion and rise at a CAGR of 5.4% during the forecast timeframe from 2020-2028.
As per our analysts, the increasing involvement of technology in the area of insurance brokerage is predicted to bolster the growth of the insurance brokerage market over the forecast period. In addition, brokers and insurance agents are investing more in adopting digital formats such as insurance websites, online interaction, and digital distribution channels, which is further expected to boost the growth of the market throughout the analysis period. Besides, several government initiatives in the field of insurance policies are projected to amplify the market during the estimated timeframe. However, a lack of knowledge among insurance brokers about current technology trends may impede the growth of the insurance brokerage market during the analysis time period.
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The Segments of the Insurance Brokerage Market
The report has classified the market into different segments based on insurance type, brokerage type, and region.
Insurance Type: Property & Casualty Sub-segment to be Most Lucrative
The property & casualty sub-segment is predicted to generate a revenue of $279.3 billion over the analysis period. The increasing frequency of natural calamities, changing risks of landscape, and changing customer expectations are further expected to fortify the growth of the market sub-segment throughout the forecast period.
Brokerage Type: Retail Brokerage Sub-segment to be Most Profitable
The retail brokerage sub-segment is anticipated to generate a revenue of $367.5 billion during the analysis timeframe. With the growing penetration of the internet in the area of retailing brokerage, smartphone users are highly benefited. In addition, increasing mobile-first sites, emerging payment methods, dedicate smartphone apps, and various other tools are projected to thrive the growth of the insurance brokerage market sub-segment during the forecast timeframe.
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Region: North America Region Expected to Have Enormous Growth Opportunities
The North American region is anticipated to generate a revenue of $227.8 billion and continue with steady growth during the forecast period. This is mainly because of the growing awareness of the benefits of insurance coverage and the increasing government initiatives. Furthermore, due to the highly organized public healthcare infrastructure, the regional market is expected to observe vertical growth throughout the analysis timeframe.
Covid-19 Impact on the Insurance Brokerage Market
With the rise of the Covid-19 pandemic, the insurance brokerage market has had a negative impact. Due to the shutting down of many businesses, public & private organizations suffered losses and many people lost their jobs. The pandemic also led to the closure of various insurance brokerage firms across many developing countries. Furthermore, many shareholders of public trading insurance brokerage companies have withdrawn their contribution to meet their daily and conventional needs. This caused a decline in the demand for insurance during the pandemic.
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The Key Players of the Insurance Brokerage Market
The major key players of the market include
- HUB International Limited
- Gallagher
- Lockton companies
- Brown & Brown Inc
- Marsh & McLennan Companies Inc.
- Aon plc
- Trust Insurance Holdings
- Acrisure LLC
- Willis Towers Watson
- USI Insurance Services L.L.C, and many others.
These players are widely working on adopting and implementing various new business strategies and tactics such as merger & acquisition, product development, and collaborations to attain a leading position in the global industry. – Grab Full Report here - $2999 (Read-Only)
For instance, in October 2020, Aon plc, a British multinational professional services firm that is widely known for selling a range of financial-risk mitigation products such as pension administration, insurances, and health insurance plans, merged with Willis Towers Watson, a British multinational risk management, insurance brokerage, and advisory company, to build the world’s largest insurance brokerage company. This merger was taken place to expand its product capabilities and to simultaneously strengthen Aon’s market in the U.S., Europe, and the U.K. This mega-merger has created major opportunities for insurance companies worldwide to opt for digitalization and service simplification.
The report also presents some other important aspects of the market like SWOT analysis, business & financial performances, product portfolio, and some key strategic moves.
More about Insurance Brokerage Market:
- Digitization of Insurance Brokerage Services to Propel the Global Insurance Brokerage Market in the Coming Years
- Latest Technology Trends to Overhaul the Insurance Brokerage Industry
