Insurance Brokers Market Report 2025

The insurance brokers market size has grown strongly in recent years. It will grow from $119.37 billion in 2024 to $125.38 billion in 2025 at a compound annual growth rate (CAGR) of 5%. The growth in the historic period can be attributed to strong economic growth in emerging markets, government led insurance reforms, increasing healthcare costs, and impact of COVID-19.

The insurance brokers market size is expected to see steady growth in the next few years. It will grow to $151.24 billion in 2029 at a compound annual growth rate (CAGR) of 4.8%. The growth in the forecast period can be attributed to an increase in chronic diseases and disabilities, growth of the middle-class in emerging markets, and increasing mergers and acquisitions. Major trends in the forecast period include technologies to aid automation of insurance, adaption of insurance portals and digital distribution channels for efficiency, entry of nontraditional firms in the insurance brokers market, and increasing mergers and acquisitions.

Major companies in the insurance brokers market are concentrating on developing insurance platforms to streamline operations, enhance customer experience, improve policy management, and deliver more personalized and efficient insurance solutions through digital transformation and automation. These insurance platforms aim to enhance the management of healthcare and insurance services by integrating technology, data-driven insights, and personalized care to simplify the user experience in navigating health insurance. For example, in May 2024, Riskbirbal Insurance Brokers Pvt Ltd, an India-based company, launched the Wellconnect platform. This platform centralizes all relevant information regarding health insurance services, making it easier for users to access what they need without navigating multiple sources. Wellconnect seamlessly integrates with existing Human Resource Management Systems (HRMS), facilitating a streamlined onboarding process for new users and ensuring easy access to all health-related benefits.

Major companies operating in the insurance brokers market are focused on creating mobile applications to provide customers with greater accessibility, enhance real-time communication, and streamline policy management. These insurance apps are designed to improve the management of healthcare and insurance services. The app features a car claim tracking system that allows users to easily submit and monitor claims. It also facilitates the effortless submission and monitoring of medical claims, giving users a detailed overview of their claim history. For instance, in August 2024, Contact Insurance Brokerage, an Egypt-based company, launched a mobile application. Users can view both active and expired insurance policies by entering their Egyptian national ID number, simplifying access to important documents and information. The app provides personalized health notifications, including reminders for medication schedules and alerts tailored for women’s health. A dedicated section offers health articles and tips, promoting overall wellness among users.

In April 2024, Aon plc, a UK-based company providing insurance broker services, acquired Global Insurance Brokers Private Ltd. for an undisclosed amount. Through this acquisition, Aon aims to expand its portfolio by incorporating Global Insurance Brokers' expertise in Insurance & Reinsurance Broking, as well as Risk Management and Claim Consulting. Global Insurance Brokers Private Ltd. is an India-based company that offers insurance broker services.

Major companies operating in the insurance brokers market include Marsh & McLennan Cos Inc, Aon PLC, Arthur J Gallagher & Co, Willis Towers Watson PLC, Acrisure LLC, Brown & Brown Inc., Truist Insurance Holdings Inc., USI Insurance Services LLC, Lockton Companies Inc., HUB International Limited, Beacon Insurance Brokers Pvt. Ltd., Urjita Insurance Brokers Pvt. Ltd., Mahindra Insurance Brokers Limited, Efficient Insurance Brokers Pvt. Ltd., Vibhuti Insurance Brokers Pvt.Ltd., Unison Insurance Broking Services Pvt. Ltd., Uib Insurance Brokers (India) Private Limited, Mga Insurance Brokers, Mega Capital, Roderick Insurance Brokers, Unity Insurance Brokers, Insurance Advisernet Australia, Fanhua Inc., Chang'an Insurance Brokers Co., Ltd., Mintaian Insurance Surveyors & Loss Adjusters Group Co., Ltd, Shenzhen Huakang Insurance Agency Co., Ltd., Jiangtai Insurance Broker Co. Ltd., Air Union Insurance Brokers Co. Ltd., Huatai Insurance Agency & Consultant Service Ltd, Axa France Vie, Icare Insurance Brokers, Western Europe, Lloyd's Of London Limited, Aon Holding Deutschland Gmbh, Funk Gruppe Gmbh, Ecclesia Holding Gmbh, Allianz Global, Crédit Agricole Assurances, Cnp Assurance, Société Générale, Bnp Paribas Cardif, Mai Insurance Brokers Poland Sp. Z O.O., Howden Insurance Brokers Nederland B.V, Meijers Assurantiën B.V, Aon Nederland, International Insurance Brokers S.R.O., Cbiz, Inc., Canadian Insurance Brokers Inc., Aligned Insurance Inc., Novamar Insurance, Jah Insurance Brokers Corp, Thb Mexico, Intermediario De Reaseguro, S.A. De C.V., Alliant Insurance Services, Inc, Nfp Corp, Assured Partners Inc, Ttms Argentina S.A, 123seguro, Insur Insurance Company S.A., Src Brokers, Uai Brazil Insurance Broker, Alc Corretora De Seguros, Aon Brasil - São Paulo, Ez Towers, Middle East, Bupa Arabia For Cooperative Insurance, Abu Dhabi Insurance Brokers L.L.C, Nexus Insurance Brokers Llc, Wehbe Insurance Services Llc, New Shield Insurance Brokers Llc, Gulf Oasis Insurance Brokers Llc, Earnest Insurance Brokers Llc, Al Noor Insurance Broker, Arab Orient Insurance Brokers, Lusail Insurance Brokers, Insurance Brokers of Nigeria (Ibn), Northlink Insurance Brokers, Carrier Insurance Brokers, Glanvills Enthoven, Union Commercial Insurance Brokers.

North America was the largest region in the insurance brokers market in 2024. Western Europe was the second largest market in the global insurance brokers market share. The regions covered in the insurance brokers market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the insurance brokers market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Canada, Spain.

The insurance brokers market consists of sales of insurance products by entities that act as intermediaries (i.e., agents or brokers) 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).

An insurance broker is an authorized individual who sells insurance and often works with multiple insurance providers to offer customers a variety of insurance products.

The primary types of insurance brokers include life insurance, general insurance, health insurance, and others. Life insurance in the insurance brokers market involves a contract between the insurer and the policyholder, promising to pay a specified sum of money upon the death of the insured person. Services offered by insurance brokers can be accessed through various modes, including offline and online, and are utilized by both corporate entities and individuals.

The insurance brokers research report is one of a series of new reports that provides insurance brokers statistics, including insurance brokers industry global market size, regional shares, competitors with insurance brokers share, detailed insurance brokers segments, market trends and opportunities, and any further data you may need to thrive in the insurance brokers industry. This insurance brokers 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 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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