TBRC’s Insurance Brokers Market report describes (and provides extensive details on) market size, growth forecasts, competitive landscape and much more
LONDON, March 30, 2022 /PRNewswire/ — The increasing growth of the middle class in emerging countries such as India and China should revitalize the market for insurance brokers. The middle class segment is growing rapidly and is expected to reach 5.3 billion by 2030, with the majority of the growth taking place in Asian countries such as India, China, Indonesia and Philippines. The rise of the middle income group results in higher disposable income, which enables them to opt for life insurance to protect their family from a financial burden, thus increasing the demand for insurance brokers.
The Global Insurance Brokers Market Size should go from $90.52 billion in 2021 for $97.46 billion in 2022 at a compound annual growth rate (CAGR) of 7.7%. The growth of the global insurance brokerage market is expected to reach $122.69 billion in 2026 at a CAGR of 5.9%.
Regional Analysis of Insurance Brokers Market
North America has the biggest insurance broker market share according to insurance broker industry statistics, accounting for 66.4% of the total in 2021. It is followed by Western Europe, Asia Pacific, then the other regions. Going forward, the fastest growing regions in the insurance brokerage market will be South America and Africa, where growth will be at CAGRs of 12.6% and 9.5% respectively. These will be followed by Western Europe and the Middle Eastwhere the markets are expected to grow at CAGRs of 9.0% and 8.9% respectively over the period 2021-2026.
Insurance Broker Market Segmentation
The Insurance Broker market is segmented by Type in life insurance, general insurance, health insurance and other types. The life insurance market is the largest segment of the insurance brokerage market segmented by type, accounting for 35.5% of the total in 2021 and the general insurance segment is expected to be the fastest growing segment fast in the future, with a CAGR of 8.2% in 2021-2026.
The the insurance brokerage market is also segmented by mode offline and online, with offline holding a large majority of the mode at nearly 80%, and the market is further segmented by end user into enterprise and consumer, with a roughly equal share between user types.
The key players and their strategies in the insurance brokerage industry
The the insurance brokerage market is highly fragmented, with a large number of small players. The top ten market competitors accounted for 29.33% of the total market in 2020. Major market players are Marsh & McLennan Cos Inc., Aon PLC, Arthur J Gallagher & Co, Willis Towers Watson PLC, Acrisure LLC, Brown & Brown Inc., Truist Insurance Holdings Inc., USI Insurance Services LLC, Lockton Companies Inc. and HUB International Limited.
Strategies adopted by players in the insurance brokerage market include emphasis on expanding operational presence through acquisitions, emphasis on strengthening its business through expansion, business expansion through strategic mergers and acquisitions.
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