The global insurance brokerage market is set to grow to $395.04 billion by 2027, driven by increased demand and IT integration.
Surge in demand for insurance policies and integration of IT & analytic solutions propel the growth of the global insurance brokerage market. North America contributed to the highest share in terms of revenue in 2019, contributing to nearly two-fifths of the total market share. However, the outbreak of the COVID-19 pandemic has led to implementation of lockdown across the globe, which closed several businesses temporarily or permanently.
According to the report published by Allied Market Research, the global insurance brokerage market generated $265.03 billion in 2019, and is projected to reach $395.04 billion by 2027, witnessing a CAGR of 7.3% from 2020 to 2027. The report provides a detailed analysis of changing market dynamics, top segments, value chain, key investment pockets, regional scenario, and competitive landscape.
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Vaibhav Modi, a Senior Research Associate, BFSI at Allied Market Research, stated, “The personal & casualty insurance segment is expected to experience significant growth in the coming years, owing to surge in demand for P&C insurance among consumers and rise in the production revenue of the total units of P&C insurance globally compared to life insurance.”
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The report offers detailed segmentation of the global insurance brokerage market based on insurance type, brokerage type, and region.
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Based on insurance type, the property and casualty insurance segment held the highest market share in 2019, accounting for more than half of the total market share, and is expected to continue its leadership status during the forecast period. Moreover, this segment is estimated to register the highest CAGR of 7.9% from 2020 to 2027.
Based on brokerage type, the retail segment held the largest market share in 2019, accounting for nearly two-fifths of the total market share, and is expected to continue its leadership status during the forecast period. Moreover, this segment is projected to register the highest CAGR of 7.6% from 2020 to 2027.
Based on region, North America contributed to the highest share in terms of revenue in 2019, contributing to nearly two-fifths of the total market share, and is estimated to continue its dominant share by 2027. However, the Asia-Pacific region is projected to manifest the fastest CAGR of 9.3% during the forecast period.
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Leading players of the global insurance brokerage market analyzed in the research include Acrisure, LLC, Aon plc, Brown & Brown, Inc, Gallagher, HUB International Limited, Lockton Companies, Marsh & McLennan Companies Inc., Truist Insurance Holdings, USI Insurance Services L.L.C, and Willis Towers Watson.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domains.
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The article discusses the projected growth of the global insurance brokerage market to $395.04 billion by 2027.
The COVID-19 pandemic led to business closures, negatively impacting the insurance brokerage market.
North America held the largest market share in 2019, contributing nearly two-fifths of the total market.
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