Market Overview:
The global insurance brokerage market is expected to grow from USD XX million in 2018 to USD XX million by 2030, at a CAGR of X.X%. The growth of the market can be attributed to the increasing demand for insurance products from individuals and institutions. The life insurance segment is expected to account for the largest share of the global insurance brokerage market in 2018. This segment is projected to grow at a CAGR of X.X% during the forecast period. The non-life insurance segment is projected to grow at a CAGR of X.X% during the forecast period. (xx).
Product Definition:
Insurance Brokerage is the business of brokering insurance policies between an insurer and a client. The importance of Insurance Brokerage is that it provides a valuable service by helping to connect insurers with clients, which helps to streamline the process of obtaining insurance policies.
Life Insurance:
Life insurance is a contract between an insurer and an insured. The primary function of life insurance is to provide a cash benefit to the beneficiaries upon the death of the subscriber. The amount paid out depends on various factors such as age, health, occupation, and location at death.
The growth factor in Insurance Brokerage market depends on various macroeconomic factors which in turn affect life insurance industry also.
Non-Life Insurance:
Non-life insurance is a type of insurance, which does not involve the death of a person. It protects against risks that cannot be covered by life insurance such as health, disability and dismemberment. The main aim of non-life policies is to provide income protection to the insured person in case he/she becomes unable to work due to illness or injury and also in case he/she is rendered unfit for work through accident or disease.
Application Insights:
The institutional application segment dominated the global insurance brokerage market in 2017, accounting for over 60.0% share of the total revenue. The growth can be attributed to a large number of institutions that are regulated and offered by various regulatory bodies across the world. For instance, according to data published by Association of British Insurers (ABI), there were more than 5,600 life assurance companies and mutual insurers operating in the U.K., serving around 1 million customers annually as on 2016-2017 period.
Insurance products offered through online channels have been gaining significant traction since past few years owing to easy access.
Regional Analysis:
North America dominated the global market in 2017. The growth of this region can be attributed to the presence of a large number of international as well as domestic players operating in this region. In addition, increasing penetration of online financial services is also expected to drive regional growth over the forecast period.
Asia Pacific is estimated to witness significant growth over the next eight years owing to rising disposable income and improving economic conditions especially in developing countries such as India and China.
Growth Factors:
- Increasing demand for insurance products and services due to rising awareness about the benefits of insurance and the growth of the middle class population.
- Rapid urbanization and growing disposable income, which is resulting in increased spending on insurance products by consumers in both rural and urban areas.
- The increasing trend of nuclear families, coupled with changing lifestyles, is leading to a rise in demand for individual life insurance policies.
- A growing number of people are becoming self-employed or working as freelancers, which is leading to an increase in demand for specialized risk management solutions from brokers catering to small businesses owners and entrepreneurs.
Scope Of The Report
Report Attributes
Report Details
Report Title
Insurance Brokerage Market Research Report
By Type
Life Insurance, Non-Life Insurance
By Application
Institution, Individual
By Companies
Wells Fargo Insurance Services, National Financial Partners, Meadowbrook Insurance Group, Jardine Lloyd Thompson Group, BB&T Insurance Services, Willis Group, Marsh & McLennan, Arthur J. Gallagher, Hub International, Brown & Brown
Regions Covered
North America, Europe, APAC, Latin America, MEA
Base Year
2021
Historical Year
2019 to 2020 (Data from 2010 can be provided as per availability)
Forecast Year
2030
Number of Pages
232
Number of Tables & Figures
163
Customization Available
Yes, the report can be customized as per your need.
Global Insurance Brokerage Market Report Segments:
The global Insurance Brokerage market is segmented on the basis of:
Types
Life Insurance, Non-Life Insurance
The product segment provides information about the market share of each product and the respective CAGR during the forecast period. It lays out information about the product pricing parameters, trends, and profits that provides in-depth insights of the market. Furthermore, it discusses latest product developments & innovation in the market.
Applications
Institution, Individual
The application segment fragments various applications of the product and provides information on the market share and growth rate of each application segment. It discusses the potential future applications of the products and driving and restraining factors of each application segment.
Some of the companies that are profiled in this report are:
- Wells Fargo Insurance Services
- National Financial Partners
- Meadowbrook Insurance Group
- Jardine Lloyd Thompson Group
- BB&T Insurance Services
- Willis Group
- Marsh & McLennan
- Arthur J. Gallagher
- Hub International
- Brown & Brown
Highlights of The Insurance Brokerage Market Report:
- The market structure and projections for the coming years.
- Drivers, restraints, opportunities, and current trends of market.
- Historical data and forecast.
- Estimations for the forecast period 2030.
- Developments and trends in the market.
- By Type:
- Life Insurance
- Non-Life Insurance
- By Application:
- Institution
- Individual
- Market scenario by region, sub-region, and country.
- Market share of the market players, company profiles, product specifications, SWOT analysis, and competitive landscape.
- Analysis regarding upstream raw materials, downstream demand, and current market dynamics.
- Government Policies, Macro & Micro economic factors are also included in the report.
We have studied the Insurance Brokerage Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2030.
Regional Analysis
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
Note: A country of choice can be added in the report at no extra cost. If more than one country needs to be added, the research quote will vary accordingly.
The geographical analysis part of the report provides information about the product sales in terms of volume and revenue in regions. It lays out potential opportunities for the new entrants, emerging players, and major players in the region. The regional analysis is done after considering the socio-economic factors and government regulations of the countries in the regions.
How you may use our products:
- Correctly Positioning New Products
- Market Entry Strategies
- Business Expansion Strategies
- Consumer Insights
- Understanding Competition Scenario
- Product & Brand Management
- Channel & Customer Management
- Identifying Appropriate Advertising Appeals
8 Reasons to Buy This Report
- Includes a Chapter on the Impact of COVID-19 Pandemic On the Market
- Report Prepared After Conducting Interviews with Industry Experts & Top Designates of the Companies in the Market
- Implemented Robust Methodology to Prepare the Report
- Includes Graphs, Statistics, Flowcharts, and Infographics to Save Time
- Industry Growth Insights Provides 24/5 Assistance Regarding the Doubts in the Report
- Provides Information About the Top-winning Strategies Implemented by Industry Players.
- In-depth Insights On the Market Drivers, Restraints, Opportunities, and Threats
- Customization of the Report Available
Frequently Asked Questions?
Insurance brokerage is the business of providing insurance products and services to clients. Brokers work with a variety of insurance companies, helping their clients find the best policy for their needs. They also provide advice on how to use insurance policies and protect themselves from financial losses.
Some of the major companies in the insurance brokerage market are Wells Fargo Insurance Services, National Financial Partners, Meadowbrook Insurance Group, Jardine Lloyd Thompson Group, BB&T Insurance Services, Willis Group, Marsh & McLennan, Arthur J. Gallagher, Hub International, Brown & Brown.
Chapter 1 Executive Summary
Chapter 2 Assumptions and Acronyms Used
Chapter 3 Research Methodology
Chapter 4 Insurance Brokerage Market Overview
4.1 Introduction
4.1.1 Market Taxonomy
4.1.2 Market Definition
4.1.3 Macro-Economic Factors Impacting the Market Growth
4.2 Insurance Brokerage Market Dynamics
4.2.1 Market Drivers
4.2.2 Market Restraints
4.2.3 Market Opportunity
4.3 Insurance Brokerage Market - Supply Chain Analysis
4.3.1 List of Key Suppliers
4.3.2 List of Key Distributors
4.3.3 List of Key Consumers
4.4 Key Forces Shaping the Insurance Brokerage Market
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Buyers
4.4.3 Threat of Substitution
4.4.4 Threat of New Entrants
4.4.5 Competitive Rivalry
4.5 Global Insurance Brokerage Market Size & Forecast, 2018-2028
4.5.1 Insurance Brokerage Market Size and Y-o-Y Growth
4.5.2 Insurance Brokerage Market Absolute $ Opportunity
Chapter 5 Global Insurance Brokerage Market Analysis and Forecast by Type
5.1 Introduction
5.1.1 Key Market Trends & Growth Opportunities by Type
5.1.2 Basis Point Share (BPS) Analysis by Type
5.1.3 Absolute $ Opportunity Assessment by Type
5.2 Insurance Brokerage Market Size Forecast by Type
5.2.1 Life Insurance
5.2.2 Non-Life Insurance
5.3 Market Attractiveness Analysis by Type
Chapter 6 Global Insurance Brokerage Market Analysis and Forecast by Applications
6.1 Introduction
6.1.1 Key Market Trends & Growth Opportunities by Applications
6.1.2 Basis Point Share (BPS) Analysis by Applications
6.1.3 Absolute $ Opportunity Assessment by Applications
6.2 Insurance Brokerage Market Size Forecast by Applications
6.2.1 Institution
6.2.2 Individual
6.3 Market Attractiveness Analysis by Applications
Chapter 7 Global Insurance Brokerage Market Analysis and Forecast by Region
7.1 Introduction
7.1.1 Key Market Trends & Growth Opportunities by Region
7.1.2 Basis Point Share (BPS) Analysis by Region
7.1.3 Absolute $ Opportunity Assessment by Region
7.2 Insurance Brokerage Market Size Forecast by Region
7.2.1 North America
7.2.2 Europe
7.2.3 Asia Pacific
7.2.4 Latin America
7.2.5 Middle East & Africa (MEA)
7.3 Market Attractiveness Analysis by Region
Chapter 8 Coronavirus Disease (COVID-19) Impact
8.1 Introduction
8.2 Current & Future Impact Analysis
8.3 Economic Impact Analysis
8.4 Government Policies
8.5 Investment Scenario
Chapter 9 North America Insurance Brokerage Analysis and Forecast
9.1 Introduction
9.2 North America Insurance Brokerage Market Size Forecast by Country
9.2.1 U.S.
9.2.2 Canada
9.3 Basis Point Share (BPS) Analysis by Country
9.4 Absolute $ Opportunity Assessment by Country
9.5 Market Attractiveness Analysis by Country
9.6 North America Insurance Brokerage Market Size Forecast by Type
9.6.1 Life Insurance
9.6.2 Non-Life Insurance
9.7 Basis Point Share (BPS) Analysis by Type
9.8 Absolute $ Opportunity Assessment by Type
9.9 Market Attractiveness Analysis by Type
9.10 North America Insurance Brokerage Market Size Forecast by Applications
9.10.1 Institution
9.10.2 Individual
9.11 Basis Point Share (BPS) Analysis by Applications
9.12 Absolute $ Opportunity Assessment by Applications
9.13 Market Attractiveness Analysis by Applications
Chapter 10 Europe Insurance Brokerage Analysis and Forecast
10.1 Introduction
10.2 Europe Insurance Brokerage Market Size Forecast by Country
10.2.1 Germany
10.2.2 France
10.2.3 Italy
10.2.4 U.K.
10.2.5 Spain
10.2.6 Russia
10.2.7 Rest of Europe
10.3 Basis Point Share (BPS) Analysis by Country
10.4 Absolute $ Opportunity Assessment by Country
10.5 Market Attractiveness Analysis by Country
10.6 Europe Insurance Brokerage Market Size Forecast by Type
10.6.1 Life Insurance
10.6.2 Non-Life Insurance
10.7 Basis Point Share (BPS) Analysis by Type
10.8 Absolute $ Opportunity Assessment by Type
10.9 Market Attractiveness Analysis by Type
10.10 Europe Insurance Brokerage Market Size Forecast by Applications
10.10.1 Institution
10.10.2 Individual
10.11 Basis Point Share (BPS) Analysis by Applications
10.12 Absolute $ Opportunity Assessment by Applications
10.13 Market Attractiveness Analysis by Applications
Chapter 11 Asia Pacific Insurance Brokerage Analysis and Forecast
11.1 Introduction
11.2 Asia Pacific Insurance Brokerage Market Size Forecast by Country
11.2.1 China
11.2.2 Japan
11.2.3 South Korea
11.2.4 India
11.2.5 Australia
11.2.6 South East Asia (SEA)
11.2.7 Rest of Asia Pacific (APAC)
11.3 Basis Point Share (BPS) Analysis by Country
11.4 Absolute $ Opportunity Assessment by Country
11.5 Market Attractiveness Analysis by Country
11.6 Asia Pacific Insurance Brokerage Market Size Forecast by Type
11.6.1 Life Insurance
11.6.2 Non-Life Insurance
11.7 Basis Point Share (BPS) Analysis by Type
11.8 Absolute $ Opportunity Assessment by Type
11.9 Market Attractiveness Analysis by Type
11.10 Asia Pacific Insurance Brokerage Market Size Forecast by Applications
11.10.1 Institution
11.10.2 Individual
11.11 Basis Point Share (BPS) Analysis by Applications
11.12 Absolute $ Opportunity Assessment by Applications
11.13 Market Attractiveness Analysis by Applications
Chapter 12 Latin America Insurance Brokerage Analysis and Forecast
12.1 Introduction
12.2 Latin America Insurance Brokerage Market Size Forecast by Country
12.2.1 Brazil
12.2.2 Mexico
12.2.3 Rest of Latin America (LATAM)
12.3 Basis Point Share (BPS) Analysis by Country
12.4 Absolute $ Opportunity Assessment by Country
12.5 Market Attractiveness Analysis by Country
12.6 Latin America Insurance Brokerage Market Size Forecast by Type
12.6.1 Life Insurance
12.6.2 Non-Life Insurance
12.7 Basis Point Share (BPS) Analysis by Type
12.8 Absolute $ Opportunity Assessment by Type
12.9 Market Attractiveness Analysis by Type
12.10 Latin America Insurance Brokerage Market Size Forecast by Applications
12.10.1 Institution
12.10.2 Individual
12.11 Basis Point Share (BPS) Analysis by Applications
12.12 Absolute $ Opportunity Assessment by Applications
12.13 Market Attractiveness Analysis by Applications
Chapter 13 Middle East & Africa (MEA) Insurance Brokerage Analysis and Forecast
13.1 Introduction
13.2 Middle East & Africa (MEA) Insurance Brokerage Market Size Forecast by Country
13.2.1 Saudi Arabia
13.2.2 South Africa
13.2.3 UAE
13.2.4 Rest of Middle East & Africa (MEA)
13.3 Basis Point Share (BPS) Analysis by Country
13.4 Absolute $ Opportunity Assessment by Country
13.5 Market Attractiveness Analysis by Country
13.6 Middle East & Africa (MEA) Insurance Brokerage Market Size Forecast by Type
13.6.1 Life Insurance
13.6.2 Non-Life Insurance
13.7 Basis Point Share (BPS) Analysis by Type
13.8 Absolute $ Opportunity Assessment by Type
13.9 Market Attractiveness Analysis by Type
13.10 Middle East & Africa (MEA) Insurance Brokerage Market Size Forecast by Applications
13.10.1 Institution
13.10.2 Individual
13.11 Basis Point Share (BPS) Analysis by Applications
13.12 Absolute $ Opportunity Assessment by Applications
13.13 Market Attractiveness Analysis by Applications
Chapter 14 Competition Landscape
14.1 Insurance Brokerage Market: Competitive Dashboard
14.2 Global Insurance Brokerage Market: Market Share Analysis, 2019
14.3 Company Profiles (Details – Overview, Financials, Developments, Strategy)
14.3.1 Wells Fargo Insurance Services
14.3.2 National Financial Partners
14.3.3 Meadowbrook Insurance Group
14.3.4 Jardine Lloyd Thompson Group
14.3.5 BB&T Insurance Services
14.3.6 Willis Group
14.3.7 Marsh & McLennan
14.3.8 Arthur J. Gallagher
14.3.9 Hub International
14.3.10 Brown & Brown
