Insurance Brokers Global Market Opportunities and Strategies to 2032

This report describes and explains the insurance brokers market and covers 2017-2022, termed the historic period, and 2022-2027 termed the forecast period, along with further forecasts for the period 2027-2032. The report evaluates the market across each region and for the major economies within each region.

The global insurance brokers market reached a value of nearly $140,432.1 million in 2022, having grown at a compound annual growth rate (CAGR) of 4.4% since 2017. The market is expected to grow from $140,432.1 million in 2022 to $204,304.2 million in 2027 at a rate of 7.8%. The market is then expected to grow at a CAGR of 8.0% from 2027 and reach $300,566.9 million in 2032.

Growth in the historic period resulted from strong economic growth in emerging markets, government led insurance reforms and the increasing healthcare costs.

Going forward, the increase in chronic diseases and disabilities, growth of the middle-class in emerging markets and the increasing demand for insurance policies will drive the market. Factors that could hinder the growth of the insurance brokers market in the future include additional charges by insurance brokers, consumers considering insurance as non-investment grade, the increasing automation in the insurance industry and the Russia-Ukraine war.

The insurance brokers market is segmented by type into life insurance, general insurance, health insurance and other types. The life insurance market was the largest segment of the insurance brokers market segmented by type accounting for 35.4% of the total in 2022. Going forward, the general insurance market is expected to be the fastest growing segment in the insurance brokers market segmented by type, at a CAGR of 8.1% during 2022-2027.

The insurance brokers market is segmented by mode into offline and online. The offline market was the largest segment of the insurance brokers market segmented by mode accounting for 78.3% of the total in 2022. Going forward, the online market is expected to be the fastest growing segment in the insurance brokers market segmented by mode, at a CAGR of 12.6% during 2022-2027.

The insurance brokers market is segmented by end user into corporate and individual. The corporate market was the largest segment of the insurance brokers market segmented by end user accounting for 50.3% of the total in 2022. Going forward, the corporate market is expected to be the fastest growing segment in the insurance brokers market segmented by end user, at a CAGR of 7.8% during 2022-2027.

North America was the largest region in the insurance brokers market, accounting for 66.2% of the total in 2022. It was followed by Western Europe, and then the other regions. Going forward, the fastest-growing regions in the insurance brokers market will be South America and Africa, where growth will be at CAGRs of 12.0% and 9.8% respectively.

The insurance brokers market is fragmented, with a large number of small players. The top ten competitors in the market made up 25.21% of the total market in 2021. The market is expected to change in the near future with the adoption of acquisition and merger strategies by the players to enter and expand into newer geographies. Marsh & McLennan Cos Inc. was the largest competitor with 5.97% of the market, followed by Aon PLC with 3.60%, Arthur J Gallagher & Co with 3.44%, Brown & Brown Inc. with 2.24%, Willis Towers Watson PLC with 2.08%, Truist Insurance Holdings Inc. with 2.05%, Acrisure LLC with 1.85%, USI Insurance Services LLC with 1.56%, Lockton Companies Inc. with 1.48% and HUB International Limited with 0.94%.

The top opportunities in the insurance brokers market segmented by type will arise in the life insurance segment, which will gain $22,902.2 million of global annual sales by 2027. The top opportunities in segment by mode will arise in the offline segment, which will gain $39,112.0 million of global annual sales by 2027. The top opportunities in segment by end user will arise in the offline segment, which will gain $32,172.8 million of global annual sales by 2027. The insurance brokers market size will gain the most in the USA at $35,262.5 million

Market-trend-based strategies for the insurance brokers market include focus on technologies to aid automation of insurance, use of artificial intelligence, increasing investments, the rise of nontraditional firms in the insurance brokers market, product innovations and the increasing mergers and acquisitions.

Player-adopted strategies in the insurance brokers market include strengthening business operations through strategic acquisitions and enhancing business capabilities through the launch of new products.

To take advantage of the opportunities, the publisher recommends the insurance brokers companies to focus on automation, leverage artificial intelligence, focus on product innovations, focus on fast-growing insurance types, expand in emerging markets, scale up through merger and acquisition activity, focus on expanding product portfolios through collaborations, adopt risk-based pricing, offer attractive pricing, provide bundled insurance, conduct seminars to generate awareness of insurance, highlight positive client experiences, focus on offering products based on consumer preferences, target the millennial and Gen Z population.