TBRC’s insurance brokers market report outlines (and provides great detail on) the market size, growth forecasts, competitive landscape, and so much more
The increase in the growth of the middle class in emerging countries such as India and China is expected to drive the insurance brokers market. The middle-class segment is growing rapidly and is forecast to reach 5.3 billion by 2030 with the majority of growth taking place in Asian countries such as India, China, Indonesia and Philippines. The rise in the middle-income group translates to higher disposable income, which allows them to opt for life insurance to secure their family from financial burden, thereby increasing the demand for insurance brokers.
The global insurance brokers market size is expected to grow from $90.52 billion in 2021 to $97.46 billion in 2022 at a compound annual growth rate (CAGR) of 7.7%. The global insurance brokers market growth is expected to reach $122.69 billion in 2026 at a CAGR of 5.9%.
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Regional Analysis of the Insurance Brokers Market
North America has the largest insurance brokers market share as per insurance brokers industry statistics, accounting for a large 66.4% of the total in 2021. It is followed by Western Europe, Asia Pacific, and then the other regions. Going forward, the fastest-growing regions in the insurance broker 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 East, where the markets are expected to grow at CAGRs of 9.0% and 8.9% respectively during 2021-2026.
Insurance Brokers Market Segmentation
The insurance brokers market is segmented by type into life insurance, general insurance, health insurance and other types. The life insurance market is the largest segment of the insurance brokers market segmented by type, accounting for 35.5% of the total in 2021 and general insurance segment is expected to be the fastest growing segment going forward, at a CAGR of 8.2% during 2021-2026.
The insurance brokers market is also segmented by mode into offline and online, with offline holding a vast majority of the mode at almost 80%, and the market is also segmented by end-user into corporate and individuals, with about an equal share between the types of users.
Key Players and their Strategies in the Insurance Brokers Industry
The insurance brokers market is highly fragmented, with a large number of small players. The top ten competitors in the market made up to 29.33% of the total market in 2020. Major players in the market 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.
Player-adopted strategies in the insurance brokers market include focus on expanding operational presence through acquisitions, focus on strengthening its business through expansion, expanding business through strategic mergers and acquisitions.
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