Insurance, Reinsurance and Insurance Brokerage Market Report 2025

The insurance, reinsurance and insurance brokerage market size has grown strongly in recent years. It will grow from $8.84 trillion in 2024 to $9.49 trillion in 2025 at a compound annual growth rate (CAGR) of 7.4%. The growth in the historic period can be attributed to impact of COVID-19, reinsurance adoption for healthcare, rising healthcare costs, increase in home ownership and mortgages.

The insurance, reinsurance and insurance brokerage market size is expected to see strong growth in the next few years. It will grow to $12.49 trillion in 2029 at a compound annual growth rate (CAGR) of 7.1%. The growth in the forecast period can be attributed to 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. Major trends in the forecast period include 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.

The swift expansion of internet access and the heightened risks linked to online activities for critical transactions are fueling the demand for cyber insurance. Cyber insurance addresses risks associated with internet use and information technology infrastructure. It also encompasses coverage for property theft, business interruptions, software and data loss, cyber extortion, network failure liability, cybercrime, and damage to physical assets. For instance, in June 2024, a report from the National Telecommunications and Information Administration, a US government agency, indicated that the number of internet users in the United States rose by 13 million in 2023 compared to 2021. Consequently, the rapid increase in internet penetration and the associated risks are propelling growth in the insurance, reinsurance, and insurance brokerage markets.

The rising demand for insurance policies is expected to drive the growth of the insurance, reinsurance, and insurance brokerage markets in the future. Insurance policies serve as contracts between policyholders (individuals or entities) and insurance companies, managing risks, ensuring financial stability, and supporting business continuity. In 2022, insurance sales reached $8.75 billion, up from $8.3 billion in 2021, according to the Insurance Information Institute. Additionally, private health insurance spending in 2021 rose by 5.8% to $1.21 trillion, constituting 28% of total spending, as reported by the Centers for Medicare & Medicaid Services. Hence, the increasing demand for insurance policies is propelling the growth of these markets.

Major companies in the insurance, reinsurance, and insurance brokerage sectors are concentrating on the development of reinsurance products to reduce risk exposure and enhance financial stability. These reinsurance products allow insurers and asset managers to transfer longevity risk by transforming uncertain future pension or annuity payments into a fixed cash flow stream. This arrangement enables clients to secure predictable financial results, effectively locking in mortality assumptions and associated fees from the start of the contract. For example, in September 2024, Munich Reinsurance America Inc., a Germany-based firm, introduced a longevity reinsurance product. Munich Re highlights a customized approach to longevity reinsurance, enabling clients to tailor solutions to meet their specific business objectives. The company’s proficiency in mortality risk assessment aids in creating tailored contracts that address the varied needs of clients.

Major companies operating in the insurance, reinsurance and insurance brokerage market include Allianz Group, Ping An Insurance, China Life Insurance Company Limited, Axa Group, Centene Corporation, Assicurazioni Generali S.p.A., Humana Inc, The People’s Insurance Company (Group) of China Limited, Berkshire Hathaway, Munich Re, General Insurance Corporation of India (GIC Re), New India Assurance - General Insurance Brokers, Oriental Insurance Company, ICICI Lombard General Insurance Company, United India Insurance, HDFC ERGO Non-Life Insurance Company, Fanhua Inc, Chang'an Insurance Brokers Co., Ltd, Mintaian Insurance Surveyors & Loss Adjusters Group Co., Ltd, Shenzhen Huakang Insurance Agency Co. (China), Ltd., CPIC, China Property and Casualty Reinsurance Company Ltd, PICC Reinsurance Co. Ltd., Taiping Reinsurance Co. Ltd., Peak Reinsurance Co. Ltd, SCOR Reinsurance Co. (Asia) Ltd., Korean Reinsurance Company, Tokio Marine & Nichido Fire Insurance Co. Ltd., Aioi Nissay Dowa Insurance Co. Ltd, Sompo Japan Nipponkoa Insurance Inc., Toa Reinsurance Co., Mitsui Sumitomo Insurance Co. Ltd., PVI Reinsurance Company, Singapore Reinsurance Corporation Ltd, Marsh & McLennan Companies UK Limited, Arthur J Gallagher & Co, Willis Towers Watson plc., Lloyd's of London Limited, Aon Holding Deutschland GmbH, Funk Gruppe GmbH, Ecclesia Holding GmbH, Hannover Re, Swiss Re, Crédit Agricole Assurances, CNP Assurance, Société Générale, BNP Paribas Cardiff, Sogaz Insurance Group, Ingosstrakh Insurance Co., Russian Re Co. Ltd, Polskie Towarzyst Reasekuracji S.A., Nationale-Nederlanden (NN) Life Insurance Co. Ltd, Uniqa Insurance Group AG, Česká Pojišťovna, MAI Insurance Brokers Poland Sp. z o.o, European Investment Bank (EIB), VIG RE zajist’ovna a.s., Brighthouse Financial (MetLife), Northwestern Mutual, New York Life, Prudential, Lincoln National, MassMutual, John Hancock, Transamerica, Manulife Financial, Chubb Life, Great-West Lifeco, Inc, Sun Life Financial, IA Financial Group, RBC Insurance, Empire Life, National Indemnity Company, Everest Reinsurance Company, XL Reinsurance America, Reinsurance Group of America, Inc, Fairfax Financial Holdings Ltd., Transatlantic Holdings Inc, Markel Corporation, Companhia de seguros alliance do Brazil, Bradesco Vida E Previdencia S.A, AR LIFE, MAPFRE Argentina, Crecer Seguros, Ohio National Seguros de Vida, Instituto de Resseguros do Brasil(IRB), Alliance Insurance, Mashreq bank, Buruj Cooperative Insurance, Al Alamiya, Menora Mivtachim Insurance, Oman Insurance Company, Kuwait Reinsurance company, Arab Re (Lebanon), RGA Re, African Reinsurance Corporation, Compagnie Centrale de Réassurance, J.B.Boda Insurance & Reinsurance Brokers Pvt. Ltd., Société Centrale de Réassurance, Insurance Brokers Of Nigeria (IBN), Northlink Insurance Brokers, Carrier Insurance Brokers, Hogg Robinson Nigeria, Union Commercial Insurance Brokers, Misr Life Insurance Company, Metlife Egypt, GIG Egypt.

North America was the largest region in the insurance, reinsurance, and insurance brokerage market in 2024. Asia/Pacific was the second largest region in insurance, reinsurance, and insurance brokerage. The regions covered in the insurance, reinsurance and insurance brokerage market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the insurance, reinsurance and insurance brokerage 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, reinsurance and insurance brokerage market consist of sales of insurance products by entities that are engaged in providing insurance and related activities such as underwriting (assuming the risk and assigning premiums) policies, insurance brokerage and reinsurance. The insurance industry is categorized on the basis of the business model of the firms present in the industry. Some insurance firms may offer other services financial or otherwise. Contributions and premiums are set on the basis of actuarial calculations of probable payouts based on risk factors from experience tables and expected investment returns on reserves. The value of the market is based on the premiums paid by those insured, both commercial and personal as well as the fees or commissions paid to brokers. 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).

Insurance is a contractual arrangement wherein an individual or entity receives financial protection or reimbursement/compensation from an insurance company in the event of damages. Reinsurance occurs when multiple insurance firms collectively mitigate their risk by purchasing insurance from other insurers, thereby reducing their own overall loss potential, particularly in the event of a catastrophe. Insurance brokerage involves providing independent advice to individuals about available insurance options from various companies and facilitating the arrangement of insurance coverage for them.

The main types within the realm of insurance, reinsurance, and insurance brokerage include insurance, insurance brokers and agents, and reinsurance. Insurance encompasses life, health, or other types of coverage taken for protection in emergencies. Various modes, including online and offline, facilitate the utilization of these services, catering to both corporate and individual end-users.

The insurance, reinsurance, and insurance brokerage research report is one of a series of new reports that provides insurance, reinsurance, and insurance brokerage statistics, including insurance, reinsurance, and insurance brokerage industry global market size, regional shares, competitors with insurance, reinsurance, and insurance brokerage shares, detailed insurance, reinsurance, and insurance brokerage segments, market trends and opportunities, and any further data you may need to thrive in the insurance, reinsurance, and insurance brokerage industry. This insurance, reinsurance, and insurance brokerage research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios 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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