Insurance brokerage market is anticipated to grow at a considerable CAGR of 6.6% during the forecast period. An insurance broker is a person who is authorized to sell insurance and frequently collaborates with numerous insurance providers to provide customers with a range of products. Insurance is becoming more popular among people and businesses globally. This is because people are starting to understand the importance of having insurance. The increasing awareness among the people regarding insurance coverage along with various initiatives taken by the government and regulatory bodies boosting the market growth. In order to meet growing demand from the insurance sector, the market players are adopting different strategies such as mergers and acquisitions, and partnerships to gain competitive advantages over the other companies. For instance, In January 2021, Arthur J. Gallagher, a global insurance brokerage, acquired Bollington Wilson, a UK-based insurance broker to strengthen Gallagher's presence in the UK and expanded its capabilities in specialty insurance. 

Segmental Outlook 

The insurance brokerage market can be segmented based on type, mode, and end-users. Based on type market is segmented into life insurance, general insurance, health insurance, and others, such as auto insurance, homeowners insurance, and disability insurance. Based on the mode the market is sub-segmented into online and offline. Further, based on the end-user’s market is categorized into corporate and individual. Among the end-users, the corporate insurance sub-segment holds the largest share of the market. The expansion of international trade and the growth of multinational corporations have created a need for insurance products that cover risks associated with global business operations drive the segment growth.

The Online Sub-Segment is Expected to Hold a Considerable Share of the Global Insurance Brokerage Market

 The online sub-segment is expected to hold a considerable share of the market. The growth of the online insurance market is owing to the increasing adoption of digital technologies by consumers and businesses. Online insurance offers better convenience and transparency through features such as 24/7 customer service, instant quotes, and easy online claims processing. As more consumers embrace digital channels for insurance purchases, the market players are adopting different strategies such as mergers and acquisitions, and partnerships to gain competitive advantages over the market. For instance, in September 2022, insurance brokerage company Acrisure acquired the digital broker platform B2Z Insurance. B2Z uses third-party data and analytics to help business owners and clients to obtain quotes, purchase personalized coverage and review their coverage with a licensed customer experience advocate by phone, text, or chat.

 Regional Outlooks

The global insurance brokerage market is further segmented based on geography including North America (the US, and Canada), Europe (UK, Italy, Spain, Germany, France, and the Rest of Europe), Asia-Pacific (India, China, Japan, South Korea, and Rest of Asia), and the Rest of the World (the Middle East & Africa, and Latin America). Among these, the North America region is anticipated to witness considerable growth in the market. This growth can be attributed to several factors such as increasing demand for insurance products among corporate and individual segments along with the growing number of insurance companies in North America such as Arthur J. Gallagher & Co., Hub International Ltd., Marsh & McLennan Cos., Inc., and others drive the market growth of the region. For instance, in 2021 the International Association of Insurance Supervisors (IAIS) of the US reported that the revenue of the insurance market in the country has seen a notable increase from 2020 to 2021. Specifically, the life insurance sector has experienced a significant surge of 11.5%. 

Global Insurance Brokerage Market Growth, by Region 2023-2030

Asia-Pacific is Expected to Witness Significant Growth in the Global Insurance Brokerage Market

 The Asia-Pacific region is expected to witness significant growth during the forecast period. This growth can be attributed to several factors such as increasing demand for financial security due to the COVID-19 pandemic coupled with the rising awareness among individuals to secure their future. Additionally, the adoption of mobile telematics technology by insurance companies in developing nations such as China, India, and others is another key factor propelling regional market growth. For instance, in May 2021 Manulife partnered with LIMRA to find the best insurance advisors in Asia who are focused on customer satisfaction. LIMRA is one of the leading global trade associations for the financial services industry. The aim of the partnership is to meet the growing demand for health, retirement, and insurance protection in Asia. Having more professional advisors will benefit customers by providing them with better service. 

Additionally, in March 2022, Alliance Group acquired AA Insurance Brokers. This includes AA's network of nationwide offices and underlying businesses, which forms part of the group's strategic focus to expand the company's on-the-ground infrastructure, licensing, client base, and reach within the Asia-Pacific region.

Market Players Outlook

The key players profiled in the insurance brokerage market report are Brown & Brown Inc., HUB International Ltd., Northwestern Mutual Inc., Marsh & McLennan Companies Inc, and Willis Towers Watson. These players have adopted various strategies to increase their market penetration and strengthen their position in the insurance brokerage industry. For instance, in September 2022, Brown & Brown Inc. of Massachusetts, a subsidiary of Brown & Brown, acquired the assets of Smithwick & Mariners Insurance, MidCoast Insurance, and Chapman & Chapman Insurance. The companies expanded their capabilities to provide risk solutions to business owners and individuals in Maine and greater New England. The acquisition is expected to strengthen Brown & Brown's product offering and level of service to both marine and non-marine customers. 

The Report Covers

• Market value data analysis of 2022 and forecast to 2030.
• Annualized market revenues ($ million) for each market segment.
• Country-wise analysis of major geographical regions.
• Key companies operating in the insurance brokerage market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.
• Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
• Analysis of market-entry and market expansion strategies.
• Competitive strategies by identifying ‘who-stands-where’ in the market.