Global Insurance Brokers Market Size, Growth Rate, Key Trends And Major Player Analysis 2023-2032, By The Business Research Company
The Business Research Company's global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032
LONDON, June 7, 2023 /PRNewswire/ -- As per The Business Research Company's Insurance Brokers Global Market Report 2023, the global insurance brokers market size will grow from $98.8 billion in 2022 to $105.3 billion in 2023 at a compound annual growth rate (CAGR) of more than 6%. The global insurance brokers market is expected to grow to $130.3 billion in 2027 at a CAGR of more than 5%. Going forward, the increase in chronic diseases and disabilities, growth of the middle-class in emerging markets and the increasing demand for insurance policies will drive the insurance brokers market.
The global insurance brokers market is segmented -
1) By Type: Life Insurance, General Insurance, Health Insurance, Other Types
2) By Mode: Offline, Online
3) By End User: Corporate, Individual
The top growth potential in the insurance brokers market segmented by type will arise in the life insurance segment, which will gain $22.9 billion of global annual sales by 2027.
Learn More On The Insurance Brokers Market Report – https://www.thebusinessresearchcompany.com/report/insurance-brokers-global-market-report
Implementation of advanced technologies is gaining popularity among insurance brokerage market trends. Insurance brokers are increasingly adopting advanced technologies to automate the insurance process, reduce the cost of operations and improve efficiency. These technologies include artificial intelligence (AI) applications, such as robot advisors, robotic process automation and blockchain (a distributed decentralized ledger and the underlying technology of bitcoin (a cryptocurrency), not managed by a central authority). For instance, in February 2022, Digital insurance marketplace, RenewBuy, an India-based company, acquired India-based fintech start-up, Artivatic.AI, to scale up business and improve technology solutions to better serve customers in insurance claim settlements, risk assessment and underwriting.
Large firms in the insurance brokers market are increasingly acquiring smaller companies, to increase their share in the market. This growth is mainly due to improving economic conditions in many countries globally and declining interest rates, which have eased debt financing. The surge in M&A activity is also due to the presence of a large number of small firms focusing on niche markets and providing significant opportunities for larger firms to acquire them over the next few years. For instance, in November 2022, JMG Group, a UK-based leading insurance broker, acquired BJP Insurance Brokers, a UK-based commercial insurance broker, for an undisclosed amount. This acquisition of BJP to the group will see the headcount increase by 60 to over 420 and strengthen the JMG Group's presence in the south, following the purchase of Bickley Insurance.
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As per the insurance brokerage market outlook, North America held the largest insurance brokerage market share and was worth $92.9 billion in 2022.
The insurance brokers market in North America is supported by high property rates, high healthcare spending, a large insurance industry and the presence of a large number of life insurance companies in the region. The need for affordable insurance in countries such as the USA and Canada, to reduce the risk and reduce financial uncertainty during a health crisis, also supports the market in the region.
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