Authored By: Sarah
08 Dec 2021

Insurance Brokerage Market Growth Analysis | Trends, Drivers and Vendor Forecasts for 2021-2025
Market Growth and Forecasts for 2021-2025

The insurance brokerage market and it is expected to grow by $ 20.52 bn, accelerating at a CAGR of almost 6% during the forecast period. The growth trajectory of the market is traced through a detailed analysis of the prevalent market forces, trends, and drivers to enable growth projections and insights. This analytical examination of the market will enable businesses to plan and set the path for future growth prospects.


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Insurance Brokerage Market: Market Segments and Key Trends

The Insurance brokerage market is segmented by Type (Non-life insurance and Life insurance) and Geography (North America, Europe, APAC, South America, and MEA). North America led the market with 38% of the market growth set to originate from this region during the forecast period. Direct purchase of insurance policies by customers is one of the challenges that will need to be overcome to drive growth. The research report provides market share projections of each segment along with a detailed analysis of all the factors that are likely to boost growth within specific regions as well as global markets.

Insurance Brokerage Market: Top Drivers to Boost Demand

The Increased demand for insurance policies is one of the primary factors that will drive the growth of the insurance brokerage market. The report provides a detailed study of this and all the other drivers that are likely to boost the market growth. For a deeper understanding of this market request our FREE Sample Report. Our analysis will help the client to prepare for recovery and growth post the havoc caused by the pandemic.

Insurance Brokerage Market Growth Analysis | Trends, Drivers and Vendor Forecasts for 2021-2025

Insurance Brokerage Market: Competitive Landscape

The market is fragmented. The research report provides insights into the top market player and their product portfolio along with pipeline analysis of upcoming developments and growth opportunities. The growth of the players depends on several factors such as market conditions, government support, and industry development. To survive and succeed in such an intensely competitive market, players must distinguish their product and service offerings through clear and unique value propositions. Aon Plc, Arthur J. Gallagher and Co., Brown & Brown Inc., HUB International Ltd., Lockton Companies, Marsh & McLennan Companies Inc., NFP Corp., Pragmatic Insurance Broking Services Pvt. Ltd., Southwest Insurance Brokers LLC, and Willis Towers Watson Public Ltd. Co. are some of the major market participants.

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Insurance Brokerage Market: Key Highlights of the Report for 2021-2025

  • CAGR of the market during the forecast period 2021-2025
  • Detailed information on factors that will drive insurance brokerage market growth during the next five years
  • Precise estimation of the insurance brokerage market size and its contribution to the parent market
  • Accurate predictions on upcoming trends and changes in consumer behavior
  • The growth of the insurance brokerage market industry across North America, Europe, APAC, South America, and MEA
  • A thorough analysis of the market’s competitive landscape and detailed information on vendors
  • Comprehensive details of factors that will challenge the growth of insurance brokerage market vendors

The report provides insights into the following FAQs:

  1. What is the market CAGR?
    The market is accelerate at a CAGR of almost 6%.

     
  2. What is the incremental growth of the market?
    The market is expected to grow by $ 20.52 bn through 2021-2025.

     
  3. What is a key factor driving this market?
    Increased demand for insurance policies will drive market growth over the forecast period.

     
  4. What are the key regions covered in this market research report?
    North America, Europe, APAC, South America, and MEA are the key regions featured in this research report.

     
  5. Which is the leading geographic region for this market:
    38% growth will originate from North America

     
  6. Who are the leading market vendors?
    The leading vendors in this market are Aon Plc, Arthur J. Gallagher and Co., Brown & Brown Inc., HUB International Ltd., Lockton Companies, Marsh & McLennan Companies Inc., NFP Corp., Pragmatic Insurance Broking Services Pvt. Ltd., Southwest Insurance Brokers LLC, and Willis Towers Watson Public Ltd. Co.

     
  7. What are the market segments covered in this report?
    The market is segmented by Type (Non-life insurance and Life insurance) and Geography (North America, Europe, APAC, South America, and MEA)

Insurance Brokerage Market Size to Grow by $ 20.52 Bn through 2021-2025  

Technavio research projects the insurance brokerage market to grow by $ 20.52 bn, accelerating at a CAGR of over 6% till 2025. The growth trajectory of the market is traced through a detailed analysis of the prevalent market forces, trends, and drivers along with competitive benchmarking


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Insurance Brokerage Market: Key Market Driver

One of the primary factors that will trigger the growth of the insurance brokerage market size is increased demand for insurance policies. The expanding population of baby boomers and millennials generates growth opportunities for medical insurance, life insurance, accidental insurance, and others. The provision of security services and personalized financial services to customers has increased the demand for insurance products. The insurance brokerage market witnesses a high demand for accidental insurance, life insurance, medical insurance, vehicle insurance, liability insurance, and property insurance. Increased awareness about the benefits of insurance policies will propel the demand for such policies during the forecast period

This research report provides a comprehensive analysis of all the factors that are likely to propel market growth, taking into account the market trends as well as challenges that are likely to impede growth. The objective of this research report is to equip clients with actionable insights that will help them leverage opportunities and formulate growth strategies for their business.

Insurance Brokerage Market Growth Analysis | Trends, Drivers and Vendor Forecasts for 2021-2025

Insurance Brokerage Market: Vendor Analysis

The market is fragmented due to the presence of several players. The growth of the players depends on several factors such as market conditions, government support, and industry development. To survive and succeed in such an intensely competitive market, players must distinguish their product and service offerings through clear and unique value propositions. Aon Plc, Arthur J. Gallagher and Co., Brown & Brown Inc., HUB International Ltd., Lockton Companies, Marsh & McLennan Companies Inc., NFP Corp., Pragmatic Insurance Broking Services Pvt. Ltd., Southwest Insurance Brokers LLC, and Willis Towers Watson Public Ltd. Co. are some of the major market participants. To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their position in the slow-growing segments.

Technavio also offers custom research reports with detailed insights assessing the market from a global as well as regional perspective. This customized report will help clients keep up with new product launches in direct & indirect or related markets. It will also provide insights on upcoming developments along with a pipeline analysis of vendor operations and the impact of government regulations.

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