Global Insurance Brokerage Market Anticipated to Surpass $515.3 Billion, at 5.4% CAGR from 2021 to 2028 - Exclusive Report [157 pages] by Research Dive
Growing investments by insurance brokers in digital technologies is fueling the global insurance brokerage market growth. The COVID-19 pandemic has negatively impacted the market. The Asia-Pacific market is projected to lead the market.
NEW YORK, Aug. 26, 2021 /PRNewswire/ -- Research Dive has added a new report to its offering titled, "Insurance Brokerage Market by Insurance Type (Life Insurance and Property & Casualty Insurance), Brokerage Type (Retail Brokerage and Wholesale Brokerage), and Regional Analysis (North America, Europe, Asia-Pacific, and LAMEA): Global Opportunity Analysis and Industry Forecast, 2021 to 2028".
The Global Insurance Brokerage Market is expected to garner $515.3 billion by 2028, at a CAGR of 5.4% from 2021 to 2028. The report offers all-inclusive insights into the current condition and future potential of the industry by deeply scrutinizing market drivers and restraints, opportunities, major segments, and regions.
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Key Segment Findings of the Market:
The market is segmented on the basis of insurance type, brokerage type, and region.
- Among the insurance type segment, the property & casualty insurance sub-segment is anticipated to lead the market by gathering $279.3 billion in the estimated period. This growth is mostly owing to the altering consumer expectations, rising natural as well as man-made threats, and the entrance of new participants in the property & casualty insurance area.
- Among the brokerage type segment, the retail brokerage sub-segment is anticipated to grab a foremost market share by garnering a revenue of $367.5 billion in the forecast period. This growth is mostly owing to increasing availability of mobile-first sites, innovative payment methods, dedicated apps, and other platforms that have made the process of retail brokerage easy.
- Among region, the Asia-Pacific region market is anticipated to develop at an accelerated rate and surpass $52.4 billion in the projected period. The growth of this region market is mostly owing to the rising advancements in insurance firms in this region.
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Market Dynamics
The key factor fueling the growth of the global insurance brokerage market is the increasing investments by insurance brokers and agents in progressive digital technologies for providing online assistance and for surging the sales and profits of insurance companies. In addition, growing government initiatives for the development of efficient insurance policies is aiding people to get easy access to an extensive range of insurance services. This factor is estimated to open doors to innovative opportunities for the market growth in the projected period. However, the dearth of consumer knowledge about investing in right insurance policies is expected to obstruct the market growth during the forecast period.
Impact of the COVID-19 Pandemic on the Insurance Brokerage Market:
The COVID-19 pandemic has made a negative impact on the growth of the global insurance brokerage market in 2020. In the COVID-19 pandemic period, the governments of several regions have implemented strict lockdowns and instructed cessation of public as well as private companies for averting the spread of the deadly COVID-19 virus. The investors and shareholders of publicly traded insurance broking organizations are withdrawing their stocks from the company for managing their daily needs during the crisis. All these factors are hindering the market growth during the crisis period.
Access our comprehensive analysis of the IMPACT OF COVID-19 ON Insurance Brokerage Market
Top 10 Key Players of the Insurance Brokerage Industry
The major players of the global insurance brokerage industry are
1. Lockton companies
2. Willis Towers Watson
3. Aon plc
4. Truist Insurance Holdings
5. Brown & Brown Inc
6. Acrisure LLC
7. Gallagher
8. HUB International Limited
9. Marsh & McLennan Companies Inc.
10. USI Insurance Services L.L.C
-Inquire and Get Quick Access to Top Companies Development Strategies Summary Report
Numerous business strategies, such as acquisitions, mergers, R&D activities, new product developments, and much more, are implemented by these players to attain a strong position in the global market. For instance, in November 2020, Brokerslink, a global broking company, launched its dedicated international insurance programme management platform to boost the growth and digitalization of its global portfolio across the organization's broker network.
Moreover, the report offers other key details of leading players such as business tactics, financial performance, and product/service range of these players along with Porter's five forces analysis and SWOT analysis.
They are focusing on advanced product developments and merger & acquisition. These are some of the strategies conducted by the startups as well as established business organizations.
More about Insurance Brokerage:
Insurance Broker: Everything You Must Know Before You Hire One
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Research Dive is a market research firm based in Pune, India. Maintaining the integrity and authenticity of the services, the firm provides the services that are solely based on its exclusive data model, compelled by the 360-degree research methodology, which guarantees comprehensive and accurate analysis. With an unprecedented access to several paid data resources, team of expert researchers, and strict work ethic, the firm offers insights that are extremely precise and reliable. Scrutinizing relevant news releases, government publications, decades of trade data, and technical & white papers, Research dive deliver the required services to its clients well within the required timeframe. Its expertise is focused on examining niche markets, targeting its major driving factors, and spotting threatening hindrances. Complementarily, it also has a seamless collaboration with the major industry aficionado that further offers its research an edge.
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