Insurance Agencies Market Report 2025

This Insurance Agencies market report provides a comprehensive analysis of the market’s characteristics, size, and growth, including segmentation, regional and country-level breakdowns, competitive landscape, market shares, trends, and strategies. It also tracks historical and forecasted market growth across various geographies.

The insurance agencies market size has grown steadily in recent years. It will grow from $131.83 billion in 2024 to $136.18 billion in 2025 at a compound annual growth rate (CAGR) of 3.3%. The growth in the historic period can be attributed to crime and threats, regulatory compliance, corporate security, data security.

The insurance agencies market size is expected to see steady growth in the next few years. It will grow to $155.63 billion in 2029 at a compound annual growth rate (CAGR) of 3.4%. The growth in the forecast period can be attributed to terrorism and political instability, public safety concerns, digital transformation, remote work security. Major trends in the forecast period include digital transformation, security technology advancements, artificial intelligence and automation.

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 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.

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 July 2023, Nationwide, a U.S.-based insurance and financial services provider, partnered with Hourly, a U.S.-based insurance startup specializing in workers' compensation insurance. The partnership aims to strengthen Nationwide's network of over 3,000 independent insurance producers by integrating Hourly's advanced underwriting model into Nationwide’s platform.

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.

Insurance agencies are businesses that serve as intermediaries between insurance providers and clients. They help individuals or businesses select and purchase insurance policies by offering products from one or more insurance companies. Agencies assist clients in finding coverage that meets their specific needs and may provide ongoing support for policy management and claims.

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.

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 2024. 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, Canada, Italy, Spain.

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.

This product will be delivered within 3-5 business days.