Insurance, Reinsurance and Insurance Brokerage Global Market Opportunities and Strategies To 2032

This report describes and explains the insurance, reinsurance and insurance brokerage 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, reinsurance and insurance brokerage market grew from $5,468.2 billion in 2017 to $6,991.8 billion in 2022 at a compound annual growth rate (CAGR) of 5.0%. The market is expected to grow from $$6,991.8 billion in 2022 to $10,299.8 billion in 2027 at a CAGR of 8.1%, and to $15,107.3 billion in 2032 at a CAGR of 8.0%.

Growth in the historic period resulted from strong economic growth in emerging markets, impact of COVID-19, reinsurance adoption for healthcare, rising healthcare costs, increase in home ownership and mortgages.

Going forward, increase in chronic diseases and disabilities, growth of the middle-class in emerging markets, increasing government support, rapid urbanization, and increasing demand for insurance policies will drive the growth. Factors that could hinder the growth of the insurance, reinsurance and insurance brokerage market in the future include Russia Ukraine war, rising interest rates, and insurance considered as non-investment grade by consumers.

The insurance, reinsurance and insurance brokerage market is segmented by type into insurance, insurance brokers & agents and reinsurance. The insurance market was the largest segment of the insurance, reinsurance and insurance brokerage market segmented by type, accounting for 85.7% of the total in 2022. Going forward, the reinsurance market is expected to be the fastest growing segment in the insurance, reinsurance and insurance brokerage market segmented by type, at a CAGR of 9.6% during 2022-2027.

The insurance market is further segmented by type into life insurance, property & casualty insurance and health & medical insurance. The health & medical insurance market was the largest segment of the insurance market segmented by type, accounting for 37.0% of the total in 2022. Going forward, the health & medical insurance market is expected to be the fastest growing segment in the insurance market segmented by type, at a CAGR of 9.0% during 2022-2027.

The reinsurance market is further segmented by type into property & casualty reinsurance and life & health reinsurance. The property & casualty reinsurance market was the largest segment of the reinsurance market segmented by type, accounting for 73.6% of the total in 2022. Going forward, the property & casualty reinsurance market is expected to be the fastest growing segment in the reinsurance market segmented by type, at a CAGR of 10.9% during 2022-2027.

The insurance brokers & agents market is further segmented by type into insurance agencies, insurance brokers, bancassurance and other intermediaries. The bancassurance market was the largest segment of the insurance brokers & agents market segmented by type, accounting for 37.3% of the total in 2022. Going forward, the other intermediaries market is expected to be the fastest growing segment in the insurance brokers & agents market segmented by type, at a CAGR of 12.8% during 2022-2027.

The insurance, reinsurance and insurance brokerage market is segmented by mode into online and offline. The offline market was the largest segment of the insurance, reinsurance and insurance brokerage market segmented by type, accounting for 64.8% of the total in 2022. Going forward, the offline market is expected to be the fastest growing segment in the insurance, reinsurance and insurance brokerage market segmented by type, at a CAGR of 8.1% during 2022-2027.

The insurance, reinsurance and insurance brokerage market is segmented by end-user into corporate and individual. The corporate market was the largest segment of the insurance, reinsurance and insurance brokerage market segmented by mode, accounting for 57.2% of the total in 2022. Going forward, the individual market is expected to be the fastest growing segment in the insurance, reinsurance and insurance brokerage market segmented by mode, at a CAGR of 8.1% during 2022-2027.

North America was the largest region in the insurance, reinsurance and insurance brokerage market, accounting for 34.1 % of the global market in 2022. It was followed by Asia Pacific, Western Europe and the other regions. Going forward, the fastest growing regions in the insurance, reinsurance and insurance brokerage market will be South America and the Middle East, where growth will be at CAGRs of 13.0% and 11.2% respectively from 2022-2027.

The global insurance, reinsurance and insurance brokerage market is fragmented, with a large number of top players and small players. The top ten competitors in the market made up to 15.38% of the total market in 2022. The market consolidation can be attributed to the partnerships and collaborations among the players in the industry to save costs, enhance their product offerings and expand geographically. The market is expected to be concentrated state in near future with the adoption of acquisition and merger strategies by the players to enter and expand into newer geographies. The Allianz Group was the largest competitor with 2.45% share of the market, followed by Ping An Insurance with 1.91%, China Life Insurance Company Limited with 1.71%, AXA Group with 1.70%, Centene Corporation with 1.55%, Assicurazioni Generali S.p.A. with 1.28%, Humana Inc with 1.27%, The People’s Insurance Company (Group) of China Limited with 1.27%, Berkshire Hathaway with 1.18%, and Munich Re with 1.07%.

The top growth potential in the insurance, reinsurance and insurance brokerage market by type will arise in the insurance segment, which will gain $2,803.0 billion of global annual sales by 2027. The top growth potential in the insurance market by type will arise in the health & medical insurance segment, which will gain $1,398.2 billion of global annual sales by 2027. The top growth potential in the insurance brokers & agents market by type will arise in the property & casualty reinsurance segment, which will gain $290.9 billion of global annual sales by 2027. The top growth potential in the reinsurance market by type will arise in the bancassurance segment, which will gain $79.7 billion of global annual sales by 2027. The top growth potential in the insurance, reinsurance and insurance brokerage market by mode will arise in the offline segment, which will gain $2,149.9 billion of global annual sales by 2027. The top growth potential in the insurance, reinsurance and insurance brokerage market by end-user will arise in the corporate segment, which will gain $1,885.7 billion of global annual sales by 2027. The insurance, reinsurance and insurance brokerage market size will gain the most in USA at $880.4 billion.

Market-trend-based strategies for the insurance, reinsurance and insurance brokerage market include investing in AI solutions to provide faster services and to be competitive in the market, consider going digital with advance technologies to automate business processes, increase accessibility to their customers, and reduce time taken to offer services or resolve issues and to improve operational efficiency, implementing blockchain to ensure faster, more convenient, and more secured insurance and reinsurance transactions, investing in the adoption of automated reinsurance platforms to streamline processes and reduce costs of sales, adopt to administering cybersecurity and cyber insurance to ensure faster, more convenient, and more secured insurance and reinsurance transactions, adopt new insurance technologies, increasing investments, focusing on innovative mobile apps for insurance to strengthen service offerings.

Player-adopted strategies in the insurance, reinsurance and insurance brokerage market include expanding business and services by strategic acquisitions, strategic collaborations and partnerships, expanding insurance business through technological empowerment, and launching new solutions and services to enhance benefits to customers.

To take advantage of the opportunities, the analyst recommends the insurance, reinsurance and insurance brokerage companies to focus on application of artificial intelligence, focus on use of blockchain technology, focus on mobile app integration for insurance, focus on automated reinsurance platforms, focus on innovative new insurance technologies, expand in emerging markets, focus on mergers and acquisitions, offer competitive pricing, adopt risk-based pricing, continue to participate in events and conferences, leverage social media, focus on offering products based on consumer preferences, increase focus on online consumers, and continue to target fast-growing end-users.