Insurance Brokers & Agents Global Market Opportunities and Strategies to 2033

This report describes and explains the insurance brokers and agents market and covers 2018-2023, termed the historic period, and 2023-2028, 2033F termed the forecast period. The report evaluates the market across each region and for the major economies within each region.

The global insurance brokers and agents market reached a value of nearly $436.16 billion in 2023, having grown at a compound annual growth rate (CAGR) of 6.3% since 2018. The market is expected to grow from $436.16 billion in 2023 to $612.71 billion in 2028 at a rate of 7%. The market is then expected to grow at a CAGR of 6.5% from 2028 and reach $837.82 billion in 2033.

Growth in the historic period resulted from increasing healthcare costs strong economic growth in emerging markets, government income led insurance reforms, rise in disposable income. Factors that negatively affected growth in the historic period were self-insuring, low insurance penetration, falling life insurance penetration rates and lack of awareness.

Going forward, increase in chronic diseases and disabilities, growth of the middle-class in emerging markets, rapid urbanization will drive the growth. Factors that could hinder the growth of the insurance brokers and agents market in the future include increasing automation in the insurance industry and non-investment grade.

The insurance brokers and agents market is segmented by type into insurance agencies, insurance brokers, bancassurance and other intermediaries. The bancassurance market was the largest segment of the insurance brokers and agents market segmented by type, accounting for 38.6% or $ 168.55 billion of the total in 2023. Going forward, the other intermediaries segment is expected to be the fastest growing segment in the insurance brokers and agents market segmented by type, at a CAGR of 13.5% during 2023-2028.

The insurance brokers and agents market is segmented by insurance into life insurance, property & casualty insurance, and health & medical insurance. The life insurance market was the largest segment of the insurance brokers and agents market segmented by insurance, accounting for 44.6% or $208.85 billion of the total in 2023. Going forward, the health & medical insurance segment is expected to be the fastest growing segment in the insurance brokers and agents market segmented by insurance, at a CAGR of 8.3% during 2023-2028.

The insurance brokers and agents market is segmented by end user into individual and corporate. The individual market was the largest segment of the insurance brokers and agents market segmented by end user, accounting for 58.6% or $255.57 billion of the total in 2023. Going forward, the corporate segment is expected to be the fastest growing segment in the insurance brokers and agents market segmented by end user, at a CAGR of 7.3% during 2023-2028.

The insurance brokers and agents market is segmented by mode into online and offline. The offline market was the largest segment of the insurance brokers and agents market segmented by mode, accounting for 74.9% or $ 348.35 billion of the total in 2023. Going forward, the online segment is expected to be the fastest growing segment in the insurance brokers and agents market segmented by mode, at a CAGR of 8.8% during 2023-2028.

The insurance brokers and agents market is segmented by mode into online and offline. The offline market was the largest segment of the insurance brokers and agents market segmented by mode, accounting for 74.9% or $ 348.35 billion of the total in 2023. Going forward, the online segment is expected to be the fastest growing segment in the insurance brokers and agents market segmented by mode, at a CAGR of 8.8% during 2023-2028.

North America was the largest region in the insurance brokers and agents market, accounting for 45.7% or $199.4 billion of the total in 2023. It was followed by Western Europe, Asia-Pacific and then the other regions. Going forward, the fastest-growing regions in the insurance brokers and agents market will be South America and Middle East where growth will be at CAGRs of 17.1% and 15.4% respectively. These will be followed by Eastern Europe and Western Europe where the markets are expected to grow at CAGRs of 7.7% and 7.2% respectively.

The global insurance brokers and agents market is fairly fragmented, with large players operating in the market. The top ten competitors in the market made up to 54% of the total market in 2022. Marsh & McLennan was the largest competitor with a 4.1% share of the market, followed by Chubb Limited with 2.7%, Arthur J. Gallagher & Co. with 1.8%, Aon plc with 1.1%, Hub international with 0.9%, Brown & Brown with 0.9%, Willis Towers Watson with 0.7%, Alliant Insurance Services Inc with 0.6%, Acrisure LLC with 0.6% and Jardine Matheson with 0.5%.

The top opportunities in the insurance brokers and agents market segmented by type will arise in the bancassurance segment, which will gain $88.04 billion of global annual sales by 2028. The top opportunities in the insurance brokers and agents market segmented by insurance will arise in the life insurance segment, which will gain $76.58 billion of global annual sales by 2028. The top opportunities in the insurance brokers and agents market segmented by end user will arise in the Individual segment, which will gain $99.88 billion of global annual sales by 2028. The top opportunities in the insurance brokers and agents market segmented by mode will arise in the offline segment, which will gain $118.87 billion of global annual sales by 2028. The insurance brokers and agents market size will gain the most in USA at $65.19 billion.

Market-trend-based strategies for the insurance brokers & agents market include increasing application of artificial intelligence, entrance of nontraditional firms in the insurance brokers and agents market, increasing mergers and acquisitions among market players to drive innovation and expansion in the market, adoption of intelligent process automation (IPA) in insurance brokerages and significant growth opportunities for bancassurance.

Player-adopted strategies in the insurance brokers & agents market include focus on expanding operational capabilities through strategic acquisitions, focus on enhancing business capabilities through the launch of advanced platforms and focuses on enhancing its business operations through new product launches.

To take advantage of the opportunities, the analyst recommends the insurance brokers & agents companies to focus on AI integration for enhanced customer experience, focus on automated revenue optimization, focus on bancassurance for revenue synergy, focus on expanding presence in health & medical insurance, expand in emerging markets, continue to focus on developed markets, focus on strategic acquisitions for market expansion, focus on capitalizing on online channels, provide competitively priced offerings, focus on strategic pricing precision, participate in trade shows and events, continue to use B2B promotions, focus on integrated promotion for market penetration, focus on empathy and expertise to enhance end-user engagement and focus on corporate insurance solutions for robust growth.