Growth trajectory of the global insurance brokerage market
Global Insurance Brokers Market report by TBRC covers Insurance Brokers market size, drivers, restraints, key players and impact of COVID-19.
LONDON, GREATER LONDON, United Kingdom, Sept. 20, 2022 /EINPresswire.com/ — According to The Business Research Company’s “Insurance Brokers Global Market Report 2022”, the size of the insurance brokerage market is expected to grow from 374.2 billion in 2021 to $409.15 billion. in 2022 at a compound annual growth rate (CAGR) of 9.3%. The global insurance brokers and agents market size is expected to reach USD 551.88 billion in 2026 with a CAGR of 7.8%. Insurance brokers and agents are investing in digital technologies to offer online services to increase sales and increase margins.
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Major Trends in the Insurance Broker Market
Non-traditional companies such as Google, Amazon, and Walmart are entering the insurance intermediary market to capitalize on their brand image, significant capital, and customer base. Their main objective is the distribution of health, property and accident insurance products. In line with this trend, these companies are also entering into partnerships, joint ventures and alliances with other established insurance companies to offer insurance products and services to their customers.
Insurance Broker Market Overview
The insurance brokers and agents market includes sales of insurance policies by entities (organizations, sole traders and partnerships) and individuals who act as intermediaries (i.e. agents or brokers) in the sale of annuities and insurance policies. They represent consumers or insurers or both in collecting insurance premiums. Insurance brokers and agents may be under contract with one or more insurance companies as they try to meet different customer needs with the insurance products available. This market excludes the direct sale of insurance products by insurance companies. The market value is based on the fees or commissions paid to brokers by the insured, both commercial and personal.
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TBRC Global Insurance Brokers Market Report 2022 covers the following information:
Market Size Data
Forecast period: historical and future
By region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, United States, South America, Middle East and Africa.
By country: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, United Kingdom, USA.
By type: Insurance Agencies, Insurance Brokers, Bancassurance, Other Intermediaries
By end user: business, individual
By mode: online, offline
By insurance: Life insurance, P&C insurance, Health and medical insurance
By Geography: The global insurance brokerage market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa. Among these regions, North America holds the largest market share.
Major market players such as Marsh & McLennan, Chubb Limited, Toyota Motor Corp, Arthur J. Gallagher & Co., Bank of China, Hub international, Willis Towers Watson, Brown & Brown, BB&T Insurance Holdings Inc and Jardine Matheson.
Trends, opportunities, strategies and much more.
The Global Insurance Brokers Market Report 2022 is one of the comprehensive reports by The Business Research Company that provides insight into the Insurance Brokers Market. The market report gives an analysis of the Insurance Brokers market, Insurance Brokers market size, Insurance Brokers market growth drivers, Insurance Brokers market share, segments of Insurance Brokers Market, Major Insurance Brokers Market Players, Global Insurance Brokers Market Growth Across Geographies, Global Insurance Brokers Market Trends and Competitor Revenue in the global market of insurance brokers and their positioning in the market. The Global Insurance Brokers Market report allows you to gain insight into opportunities and strategies, as well as identify countries and segments with the highest growth potential.
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