New York, USA, Jan. 05, 2023 (GLOBE NEWSWIRE) -- According to the newly published Research Dive report, the global insurance brokerage market is expected to garner $515.3 billion by 2028 and rise at a stable CAGR of 5.4% in the 2021-2028 timeframe. This comprehensive Research Dive report presents a brief outlook of the current framework of the insurance brokerage market including its priority features like growth drivers, growth opportunities, restraints, and hindrances during the forecast timeframe of 2021-2028. The report also contains all the crucial market figures to help new entrants understand the market easily.
Dynamics of the Market
Drivers: Growing demand for insurance policies all over the world is predicted to be the primary growth driver of the insurance brokerage market in the forecast period. Additionally, several initiatives undertaken by various governments in the field of insurance policies are anticipated to push the growth rate of the market higher in the analysis timeframe.
Opportunities: Increasing use of technology in insurance brokerage sector is predicted to offer numerous growth opportunities to the market in the forecast period. Moreover, government initiatives in the field of insurance are expected to augment the growth rate of the market.
Restraints: However, according to market analysts, lack of knowledge in insurance brokers about technology may become a restraint in the growth of the insurance brokerage market.
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Impact of Covid-19 on the Market
The novel coronavirus had wreaked havoc in the world. The lockdowns put in place to curb the virus affected various industries and their production cycles. The insurance brokerage market, too, faced tremendously negative impact of the pandemic. The main reason behind the downfall in the growth rate of the market was the shutdown of insurance companies around the world. Also, shareholders of publicly held insurance brokerage companies withdrew their contributions from the company which further declined the growth rate of the market.
Segments of the Market
The Research Dive report has fragmented the insurance brokerage market across different segments such as type, brokerage type, and region.
Type: Property & Casualty Insurance Sub-segment to be the Most Dominant
By type, the property & casualty insurance sub-segment is expected to be the most dominant sub-segment and generate a revenue of $279.3 billion by 2028. Increasing occurrence of major natural disasters necessitates conducting of accurate risk assessment. This growth in occurrence of natural disasters is expected to push the growth of this sub-segment in the forecast period.
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Brokerage Type: Retail Brokerage Sub-segment to be the Fastest Growing
By brokerage type, the retail brokerage sub-segment of the insurance brokerage market is predicted to be the most profitable one and register $367.5 billion by 2028. Penetration of internet, especially 4G and 5G services, has led to an increase in online retailing brokerage which is anticipated to help this sub-segment to grow in the forecast period.
Market in the Asia-Pacific Region to be the Most Profitable
By regional analysis, the insurance brokerage market in Asia-Pacific region is predicted to be the fastest growing sub-segment by registering a revenue of $52.4 billion in the forecast period. Presence of rapidly growing economies with expanding middle class populations is predicted to be the primary driver of the market in the forecast period.
Prominent Market Players
Some prominent players in the insurance brokerage market are
- Acrisure LLC
- HUB International Limited
- Truist Insurance Holdings
- Aon plc
- Lockton companies
- USI Insurance Services L.L.C
- Brown & Brown Inc
- Marsh & McLennan Companies Inc.
- Willis Towers Watson
- Gallagher
These players are introducing and coming up with new technological advancements and innovations to gain a primacy in the market.
For instance, in October 2021, Gallagher, a leading multinational insurance brokerage company, announced the acquisition Edelweiss Insurance Brokers, another insurance brokerage company. This acquisition is expected to help the acquiring company, i.e., Gallagher to expand its footprint in the market in the coming period.
Finally, this comprehensive report also summarizes many crucial facets of the global market including product portfolio, latest strategic developments, financial performance of the key players, and SWOT analysis.
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More about Insurance Brokerage Market:
- Latest Technology Trends to Overhaul the Insurance Brokerage Industry
- Insurance Broker: Everything You Must Know Before You Hire One
- Digitization of Insurance Brokerage Services to Propel the Global Insurance Brokerage Market in the Coming Years
