portland.or, March 24, 2021 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global insurance brokerage market generated $265.03 billion in 2019, and is expected to reach $395.04 billion by 2027, witnessing a CAGR of 7.3% from 2020 to 2027. The report provides a detailed analysis of changing market dynamics, top segments, key investment pockets, value chain, competitive scenario, and regional landscape.
Surge in demand for insurance policies, offering professional solutions and services, and integration of IT & analytic solutions drive the growth of the global insurance brokerage market. However, direct purchases of insurance policies by customers and availability of different platforms to avail insurance policy hinder the market growth. Moreover, implementation of technologies in current products and service lines and supportive government initiatives about insurance policies would offer lucrative opportunities in the coming years.
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Covid-19 Scenario:
- Reduction in consumer demand for insurance, close down of various insurance brokerage firms across developing countries, and withdrawal of contribution by shareholders of the publicly held insurance broker companies impacted the insurance brokerage market.
- There has been a considerable increase in need for insurance brokers in insurance companies due to decline in auto and home claims volumes during the Covid-19 pandemic. In addition, leading insurance providers are hiring more and more insurance brokers for improving their business processes and provide immediate insurance services worldwide.
The report offers detailed segmentation of the global insurance brokerage market based on insurance type, brokerage type, and region.
Based on insurance type, the property & casualty (P&C) insurance segment accounted for the largest market share, holding more than half of the total share in 2019, and is projected to maintain its lead position throughout the forecast period. Moreover, this segment is projected to portray the highest CAGR of 7.9% from 2020 to 2027. The research also analyzes the life insurance segment.
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Based on brokerage type, the retail brokerage segment contributed to the largest market share in 2019, accounting for more than four-fifths of the global insurance brokerage market, and is estimated to maintain its dominance during the forecast period. Moreover, this segment is estimated to grow at the fastest CAGR of 7.5% from 2020 to 2027.
Based on region, North America held the highest share in 2019, accounting for more than two-fifths of the total share, and is estimated to maintain its leadership status by 2027. However, Asia-Pacific is expected to witness the highest CAGR of 9.3% during the forecast period.
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Leading players of the global insurance brokerage market discussed in the research include Acrisure, LLC, Brown & Brown, Inc., Aon plc, HUB International Limited, Gallagher, Marsh & McLennan Companies Inc., Lockton companies, USI Insurance Services L.L.C, Truist Insurance Holdings, and Willis Towers Watson.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
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