The global insurance brokerage market size was worth around USD 128.21 Billion in 2021 and is predicted to grow to around USD 278.30 Billion by 2030 with a compound annual growth rate (CAGR) of Roughly 16.1% between 2022 and 2030.
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➤ The market’s expansion is being restricted by the increasing uncertainties regarding financial loss.
The global insurance brokerage market is expected to experience growth as a result of the many factors that can result in severe financial losses, which have the potential to create uncertain situations. This encompasses all financial hazards, including those associated with business operations or personal health conditions. In such circumstances, an increasing number of individuals are seeking methods to safeguard their loved ones or their business from severe financial hardships under specific circumstances. In contrast to situations in which an insurance broker does not play a role, insured entities or individuals can benefit more by utilizing the advantages offered by insurance brokers.
➤ Limited market expansion due to partial dependence on insurance agents
Insurance brokers are considered independent entities by the end user because they work exclusively for the insurance purchasers and maintain professional relationships with the insurance companies. Nevertheless, this particular aspect of insurance brokerage necessitates that brokers partially rely on insurance agents, who are employed by the insurance companies. This is due to the fact that insurance brokers do not possess the requisite authority to contract the coverage. Insurance agents are the sole individuals who possess this privilege. The global market participants are at a disadvantage due to the fact that insurance brokers are reliant on insurance agents, which grants them a greater degree of authority.
➤ The increasing demand for vehicle insurance is expected to generate growth opportunities.
The global insurance brokerage market is anticipated to capitalize on the increasing sales in the automotive sector, particularly in the high-end, premium, or luxury sub-segment, where consumers prioritize vehicle insurance at a nominal cost. Comprehensive insurance is typically purchased by prestige car purchasers. Despite the relatively high cost, it is always advisable to insure the vehicles. Additionally, the same trend is presently being observed in other automotive segments, where certain countries require that each vehicle be insured. For example, the motor vehicles act in India mandates that motor vehicles that are used in public spaces be insured.
➤ Consumers’ direct purchasing is anticipated to pose a significant obstacle.
The direct purchase of insurance by consumers without the assistance of a third party is one of the primary challenges that global market participants encounter. This could be the result of a variety of factors, including a lack of understanding regarding the advantages of intermediaries, a lack of confidence in intermediaries, the overall cost that is incurred when insurance brokers are involved, and numerous other professional or personal reasons. Nevertheless, the global market participants have implemented comprehensive marketing strategies to increase public awareness.
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The Global Insurance Brokerage Market is segmented based on product, application and region
Global Insurance Brokerage Market: Product Segment Analysis
● General Insurance
● Life Insurance
● Health Insurance
● Others
Global Insurance Brokerage Market: Application Segment Analysis
● Individuals
● Corporate
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The global Insurance Brokerage market profiles key players such as:
● Marsh and McLennan Companies Inc.
● Alliant Insurance Services Inc.
● HUB International Ltd.
● Navnit Insurance Broking Pvt. Ltd.
● Mahindra Insurance Brokers Ltd.
● Truist Financial Corp.
???? Recent Developments:
• Aditya Birla Capital Limited, a financial solutions provider, disclosed in December 2022 that it was contemplating the sale of its insurance brokerage segment. It is anticipated that the company’s intention to restructure its complete financial services business will influence the move. As management has been unsuccessful in achieving the anticipated results from the business, the organization has initiated negotiations with prospective purchasers.
• Marsh McLennan, the world’s most dominant financial services provider, announced a partnership with the Arsht-Rockefeller Foundation Resilience Center (Arsht-Rock) of the Atlantic Council in November 2022. The partnership is intended to support the United Nations’ Race to Resilience initiative. The objective of the initiative is to implement a new approach to climate resilience management.
➤ North America is expected to exhibit the greatest compound annual growth rate (CAGR).
North America is anticipated to dominate the global insurance brokerage market during the forecast period, accounting for over 41.2% of the global market share. Since the United States has one of the most advanced and thoroughly penetrated financial services sectors in the world, it is expected to become the primary contributor to the regional market. In addition, it is the location of several of the most prominent brands in the global market, which have consistently evolved their programs and services to remain competitive and pertinent.
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