Insurance Agencies Global Market Report 2024

The insurance agencies market size has grown steadily in recent years. It will grow from $125.25 billion in 2023 to $129.89 billion in 2024 at a compound annual growth rate (CAGR) of 3.7%. The growth observed in the historic period can be attributed to several factors, including prevailing economic conditions influencing insurance needs and purchasing power, the regulatory environment impacting insurance markets, demographic factors shaping the demand for various insurance products, and the competitive landscape, which can affect the distribution and availability of insurance services. These factors collectively contributed to the growth and development of insurance agencies during that time.

The insurance agencies market size is expected to see steady growth in the next few years. It will grow to $149.72 billion in 2028 at a compound annual growth rate (CAGR) of 3.6%. The anticipated growth in the forecast period can be attributed to several key factors shaping the insurance industry. These include evolving customer expectations, the increasing impact of climate change and natural disasters, the growing significance of ESG (Environmental, Social, and Governance) factors, changing health and wellness trends, transformations in insurance distribution channels, and the influence of remote work and digital operations. Major trends expected in the forecast period encompass the adoption of advanced technology, integration of insurtech solutions, the utilization of data analytics and AI for enhanced decision-making, a heightened focus on customer-centric approaches, diversification of insurance product offerings, and the formation of strategic partnerships and alliances within the industry. These trends are set to drive innovation and change in the insurance sector.

Anticipated growth in the insurance agency's market is heavily influenced by the heightened awareness of the advantages associated with insurance coverage. The onset of the pandemic significantly raised public consciousness regarding uncertainties, prompting individuals to opt for insurance as a means to safeguard their lives and their families. For example, a survey conducted by Max Bupa showcased a stark difference in people's mindsets pre and post-COVID-19. Before the pandemic, 32% of individuals were buyers and 41% were planners for comprehensive insurance plans. Post-pandemic, these numbers saw a considerable surge, with buyers and potential buyers escalating to 55% and 60%, respectively. These insurance agencies play a crucial role in assisting individuals in acquiring the most suitable insurance policies aligned with their needs and financial constraints. Hence, the increased public awareness regarding the benefits of insurance coverage substantially contributes to the expansion of the insurance agencies market.

The primary types of insurance agencies are categorized into life insurance, property and casualty insurance, health and medical insurance, and other forms of insurance. Life insurance involves contractual agreements between the insurer and policyholders, offering financial protection by paying out a specified sum of money upon the death of the insured individual. These insurance services are delivered through various channels, including online and offline methods, and cater to both corporate clients and individuals seeking insurance coverage. Insurance agencies play a vital role in providing insurance solutions that meet the diverse needs of clients across different sectors.

The insurance agencies research report is one of a series of new reports that provides insurance agency statistics, including insurance agencies industry global market size, regional shares, competitors with insurance agencies share, detailed insurance agencies segments, market trends and opportunities, and any further data you may need to thrive in the insurance agencies industry. This insurance agencies research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The projected growth of the insurance agency market is primarily driven by the mounting number of cyber threats. These threats encompass a wide range of malevolent activities targeting data and digital systems. Insurance companies, housing significant volumes of personal information, face increased vulnerability to ransomware, phishing, and data theft by fraudulent entities. According to the Australian Cyber Security Centre's data from February 2023, cybercrime reports surged to 76,000 in 2022, marking a 13% increase from the previous year. This surge in cyber threats significantly propels the growth of the insurance agency market.

A hindrance to the market growth for insurance agencies is anticipated due to the evolving consumer behavior of directly approaching insurance providers for policy acquisitions, bypassing the involvement of agencies. Customers increasingly opt for online services offered directly by insurance providers, minimizing the necessity of agents and brokers in the insurance purchasing process. For instance, as highlighted by Ernst and Young's data in June 2021, there was a notable surge in consumer preference for online insurance services. The uptake of online car insurance increased by 33% in 2021, and online home insurance saw a 32% rise in the same year. This shift in customer behavior, favoring direct engagement with insurance providers, limits the involvement of agencies and brokers, thereby restraining the growth of the insurance agencies market.

Introduction to technology-enabled services and platforms is a prominent trend within the insurance agencies market. Insurance and technology companies are collaborating to develop technology-infused services and platforms that enhance customer experiences and offer greater flexibility. As an illustration, in October 2021, the introduction of BVNK, a digital asset financial services platform, aimed to facilitate more accessible crypto financial services. BVNK provides a diverse range of services, including remittances, B2B payments, fintech, e-commerce, treasury, foreign exchange, institutional investing, and gaming. It serves as a bridge between traditional and decentralized finance, enabling borderless, fast, and secure payments.

Leading companies in the insurance agency market are dedicated to product innovation to deliver dependable services to their customers. A notable example is Xingyun, which insurance agencies employ to support the digital operations of insurance partners. In September 2022, Ant Insurance, a China-based insurance agency, introduced Xingyun, a digital operation platform. Xingyun is designed to enhance insurers' operational efficiency and customer experiences through intelligent automation and data analytics. It offers services encompassing policy management, claims management, customer service, and data analytics.

In October 2023, World Insurance Associates LLC, a US-based insurance company, made an undisclosed acquisition of Oakland Insurance agency. This strategic move enables World Insurance Associates LLC to expand its presence in the transportation insurance market and reinforce its position as a leading insurance broker in the global supply chain. Oakland Insurance agency is a US-based insurance agency company.

Major companies operating in the insurance agencies market include McGriff Insurance Services LLC, Marsh & McLennan Agency LLC, Aon PLC, Brown & Brown Insurance Inc., HUB International Ltd., USI Insurance Services, AXA Equitable Holdings Inc., Arthur J. Gallagher & Co, BRP Group Inc., Brookfield Residential Properties Inc., China United Insurance Service Inc., Corvel Corp, Crawford & Co, Equitable Holdings Inc., Erie Indemnity Co, Fanhua Inc., GoHealth Inc., Goosehead Insurance Inc., Hagerty Inc., Huize Holding Ltd., Prevention Insurance.Com, Reliance Global Group, RSC Insurance Brokerage Inc., IMA World Insurance Associates LLC, Higginbotham, Highstreet Insurance Partners Inc., Hilb Group LLC, Leavitt Group, Insurance Office of America Inc., Frankenmuth Insurance

North America was the largest region in the insurance agencies accounting for in 2023. Western Europe was the second largest region in the insurance agencies market. The regions covered in the insurance agencies market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

The countries covered in the insurance agencies market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada

The insurance agencies market consists of sales of insurance products by entities that act as agents in selling annuities and insurance policies. This market excludes the direct selling of insurance products by insurance companies. The value of the market is based on the fees or commissions paid to brokers by the insured, both commercial and personal. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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