Insurance Brokers & Agents Global Market Report 2024

The insurance brokers & agents market size has grown strongly in recent years. It will grow from $436.16 billion in 2023 to $467.59 billion in 2024 at a compound annual growth rate (CAGR) of 7.2%. The expansion observed in the historical period can be attributed to factors such as strong economic growth in emerging markets, rising healthcare costs, and government-led insurance reforms.

The insurance brokers & agents market size is expected to see strong growth in the next few years. It will grow to $612.72 billion in 2028 at a compound annual growth rate (CAGR) of 7.0%. The anticipated growth in the forecast period can be attributed to factors such as an increase in chronic diseases and disabilities, the impact of COVID-19, and the growth of the middle class in emerging markets. Notable trends expected in the forecast period include the adoption of artificial intelligence in digital insurance portals and distribution channels, strategic collaborations with banking organizations, and an increase in mergers and acquisitions within the insurance industry.

Insurance brokers and agents are increasingly investing in digital technologies to expand their services online, thereby boosting sales and improving profit margins. Digitalization involves converting information into digital formats and providing agents and brokers with digital tools through insurance portals, exchange websites, and other online channels. These platforms aim to enhance business processing efficiency and reduce costs. Notably, 39% of agents offer web-based portals for customers to request policy changes, check information, make payments, report claims, and access insurance-related documents. Additionally, 78% utilize social media platforms such as Facebook and LinkedIn to attract new customers. Major players in this space, including Marsh & McLennan Cos., Inc., Willis Towers Watson P.L.C., and Aon P.L.C., are actively involved in offering insurance portals and digital distribution channels.

The growth of the insurance broker and agent market is expected to be driven by an increased demand for insurance policies. These policies, acting as contracts between individuals or entities (policyholders) and insurance companies, constitute the core products offered by insurance brokers and agents. The effective sale and management of insurance policies contribute to financial success, client satisfaction, and professional recognition. In 2022, insurance sales reached $8.75 billion, up from $8.3 billion in 2021. Furthermore, spending on private health insurance in 2021 increased by 5.8% to $1,211.4 billion, accounting for 28% of total spending. Thus, the rising demand for insurance policies is a key driver of the insurance broker and agent market.

Leading companies in the insurance broker and agent market are adopting innovative platforms such as Neuron to enhance their market position. Neuron, introduced by Willis Towers Watson Public Limited Company, is an end-to-end trading solution that connects various broker and insurer systems, facilitating the flow of risks with common data standards across multiple lines of business. Launched in May 2023, Neuron serves as a cutting-edge trading platform that enables underwriters and brokers to connect rapidly. It streamlines insurance processes by linking brokers and insurers, ensuring swift information transfer, high data quality, and more efficient decision-making.

The insurance intermediary market is witnessing the entry of nontraditional companies such as Google, Amazon, and Walmart, leveraging their brand image, substantial capital, and customer base. These companies focus on distributing health, property, and casualty insurance products. They are forming partnerships, joint ventures, and alliances with established insurance carriers to offer a range of insurance products and services to their customers. For instance, SBI General collaborated with Google Pay in October 2021, allowing users to purchase health insurance on the Google Pay app. This trend enables new entrants to gain industry insights and understand the dynamics of the insurance market.

Major companies operating in the insurance brokers & agents market report are Marsh & McLennan Cos Inc., Aon PLC, Arthur J Gallagher & Co, Willis Towers Watson PLC, Brown & Brown Inc., Truist Insurance Holdings Inc., Lockton Companies Inc., Acrisure LLC, USI Insurance Services LLC, 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 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., Union Insurance Broker Co., Ltd., JiangTai Insurance Broker Co. Ltd., Air Union Insurance Brokers Co. Ltd., Huatai Insurance Agency & Consultant Service Ltd., Willis Insurance Brokers Co. Ltd., Lloyd's of London Limited (UK), Funk Gruppe GmbH, Ecclesia Holding GmbH, Allianz Global, Crédit Agricole Assurances, CNP Assurance, Société Générale, BNP Paribas Cardif, AXA France Vie, Malakut, Insurance Brokers LLC, MAI Insurance Brokers Poland Sp. z o.o., Meijers Assurantiën B.V., International Insurance Brokers s.r.o., Arthur J. Gallagher, Lockton Inc., Alliant Insurance Services, Inc., NFP Corp., Assured Partners Inc., CBIZ, Inc., Canadian Insurance Brokers Inc., iCare Insurance Brokers, ALIGNED Insurance Inc., Novamar Insurance Mexico, JAH Insurance Brokers Corp, THB MEXICO, Intermediario de Reaseguro, S.A. de C.V., TTMS Argentina S.A., 123Seguro, Insur Insurance Company S.A., SRC Brokers, Lockton Brasil Corretora de Seguros Ltda, Uai Brazil Insurance Broker, ALC Corretora de Seguros, Capital Shield Insurance Brokers L.L.C., Nexus Insurance Brokers LLC, Wehbe Insurance Services LLC, New Shield Insurance Brokers LLC, Unitrust Insurance Broker LLC, Gulf Oasis Insurance Brokers LLC, Earnest Insurance Brokers LLC, Al Noor Insurance Broker, Arab Orient Insurance Brokers, Lusail Insurance Brokers, Glenrand MIB Limited, Howden, Northlink Insurance Brokers, Carrier Insurance Brokers, Glanvills Enthoven, Union Commercial Insurance Broker.

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

The countries covered in the insurance brokers & agents market report are Australia, China, India, Indonesia, Japan, South Korea, Bangladesh, Thailand, Vietnam, Malaysia, Singapore, Philippines, Hong Kong, New Zealand, USA, Canada, Mexico, Brazil, Chile, Argentina, Colombia, Peru, France, Germany, UK, Austria, Belgium, Denmark, Finland, Ireland, Italy, Netherlands, Norway, Portugal, Spain, Sweden, Switzerland, Russia, Czech Republic, Poland, Romania, Ukraine, Saudi Arabia, Israel, Iran, Turkey, UAE, Egypt, Nigeria, South Africa. The insurance brokers and agents’ market consist of sales of insurance products by entities and individuals that act as intermediaries (i.e., agents or brokers) in selling annuities and insurance policies. Insurance brokers and agents can be contracted with single or multiple insurance companies as they try to meet different client needs with available insurance products. 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 main types of insurance brokers and agents include insurance agencies, insurance brokers, bancassurance, and other intermediaries. Insurance agencies act as intermediaries between policyholders and insurance providers. Various types of insurance offered include life insurance, property and casualty insurance, and health and medical insurance. These services can be accessed through online and offline modes and cater to both corporate and individual end-users.

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