The global insurance brokers and agents market size was worth around USD 259.39 billion in 2022 and is predicted to grow to around USD 486.26 billion by 2030 with a compound annual growth rate (CAGR) of roughly 8.20% between 2023 and 2030.
Insurance agents and underwriters are members of the broader financial services industry. By definition, insurance is a method of financial protection against unforeseen financial loss in exchange for a fixed fee or premium.
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???? Market for Insurance Brokers and Agents: An Overview
It is a contractual obligation between parties in which the service provider is obligated to pay a fixed sum of money to the service recipient in the event of a loss, injury, or damage. People can either guarantee their life and health or that of their loved ones, or they can insure a prized possession. Insurance is regarded as an excellent form of risk management and is applicable to both humans and objects.
Brokers and agents of insurance serve as mediators between the parties involved in a transaction. The principal distinction between an insurance broker and an insurance agent is the party they represent. An insurance broker, for instance, focuses on the precise financial requirements of clients and provides a variety of options that meet those needs, whereas an insurance agent works for an insurance-providing company or organization. They serve as a brand’s sales representatives. The industry of insurance brokers and agents is expanding rapidly and will continue to do so in the future years.
???? Major Insights:
• According to the analysis shared by our research analyst, the global market for insurance brokers and agents is projected to expand at a CAGR of approximately 8.20% during the forecast period (2023-2030).
• In terms of revenue, the global market for insurance brokers and agents was valued at approximately $259.39 billion in 2022 and is anticipated to reach $486.26 billion by 2030.
• The insurance brokers and agents market is projected to develop at a significant rate due to the growing number of policy and insurance holders
➤ Increasing policy and insurance holders will drive market expansion
The global market for insurance brokers and agents is anticipated to expand due to the rising number of individuals purchasing life, health, and property insurance. Multiple personal, psychological, and environmental factors have led to an increase in the demand for comprehensive insurance policies. In Europe alone, over 9000 insurance companies provide insurance-related services, while the European Health Insurance Card (EHIC) indicates that over 200 million Europeans are insured.
➤ Existing biases against insurance brokers and agents limit market expansion
There are widespread prejudices and misconceptions about insurance brokers and agents due to a dearth of knowledge and accurate information. Although a person’s precise mentality can vary depending on their past experiences and level of awareness, many people associate insurance agents and brokers with high commissions. In addition, insurance policies are too complicated for the average person to comprehend because they contain numerous obscure terms and conditions. In the past few years, several incidents of claim rejection have been reported owing to these complex conditions resulting in failure to generate confidence amongst the general population. This could have a significant impact on the growth of the global insurance brokers and agents market during the forecast period.
➤ Increasing industry adoption of digital technologies and systems to generate growth opportunities
The insurance broker and agent industry is likely to undergo a radical transformation due to the sector’s accelerating digital transformation. Insurance companies are leveraging the benefits of cutting-edge technologies, such as Blockchain and Artificial Intelligence (AI) technologies, to enhance the consumer experience. Insurance companies are investing in training insurance agents to use modern systems that give them access to a large pool of prospective consumers. These tools allow agents to construct an effective pitch and deliver services via digital channels. This allows them to conserve resources and improve performance. On the other hand, information technology (IT) professionals are developing applications that allow insurance buyers to communicate with a large number of brokers and select the one that best suits their needs.
➤ Increased product insurance demand will increase growth prospects
There has been a consistent increase in the demand for product insurance policies that protect individuals against monetary loss resulting from the destruction of a product or property. For example, homeowners’ insurance protects policyholders against property damage, loss or theft of the insured item, and natural disasters. The increasing frequency of flooding, tornadoes, and other natural disasters has expanded the market for insurance brokers and agents.
➤ Industry participants are likely to encounter a variety of obstacles
The scale of the insurance brokers and agents industry is beset by a number of obstacles. For example, the insurance underwriters and agents industry is highly regulated, as there are numerous guidelines for businesses that provide financial services. Furthermore, there are numerous service providers on the market, which has a direct impact on the profit margins of all business participants. Companies that have adopted digital systems are susceptible to cybercrimes, necessitating that they invest in protection measures at a cost.
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The Global Insurance Broker And Agents Market is segmented based on product, application and region
Global Insurance Broker And Agents Market: Product Segment Analysis
● Insurance Brokers
● Insurance Agencies
● Bancassurance
● Other Intermediaries
Global Insurance Broker And Agents Market: Application Segment Analysis
● Individual
● Corporate
The global insurance brokers and agents market is led by players like:
● Willis Towers Watson
● Arthur J. Gallagher & Co.
● The Hartford Financial Services Group
● Marsh & McLennan Companies
● Alliant Insurance Services Inc.
● Aon plc
● Gallagher Affinity
● Brown & Brown Inc.
● HUB International
● Lockton Companies
● USI Insurance Services
● NFP (National Financial Partners)
● Jardine Lloyd Thompson Group (JLT)
➤ North America to maintain its lead during the forecast period
During the forecast period, North America will dominate the global market for insurance brokers and agents, with the United States serving as the most dominant region. The growth trajectory can be attributed to the prevalence and acceptance of life, health, property, and personal possessions insurance policies. Numerous insurance companies employ agents in North American nations to promote insurance plans to prospective buyers. These businesses have entered new markets, focusing specifically on emergent economies with expanding middle-income segments.
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Increasing integration of modern tools and digital systems to enhance the consumer experience is also a significant factor. Regional development is likely to be stimulated by the presence of a comprehensive public healthcare system and a variety of insurance policies pertaining to the health of the general population. Europe is anticipated to expand at a stable rate. These agents assist the common man in comprehending Europe’s complex insurance structure and making informed decisions.
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