What is Personal Lines Insurance Agency Market?
The increasing era of consumer-centric insurance will help to boost the global Personal Lines Insurance Agency market. Personal lines insurance refers to any kind of insurance that covers individuals against loss that results from death, injury, or loss of property. These insurance lines generally protect people and their families from losses they couldn't afford to cover on their own.
Highlights from Personal Lines Insurance Agency Market Study
Attributes | Details |
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Study Period | 2017-2027 |
Base Year | 2021 |
High Growth Market | Asia Pacific |
Unit | Value (USD Million) |
Key Companies Profiled | HUB International (United States), Acrisure LLC (United States), AssuredPartners Inc (United States), USI Insurance Services (United States), BroadStreet Partners Inc. (United States), AIS Insurance* (United States), Univista Insurance(United States), Westwood Insurance Agency (United States) and TWFG Insurance Services (United States) |
The United States Personal Lines Insurance Agency market is highly competitive and fragmented in nature owing to the presence of many regional and domestic players. The companies are exploring the market by adopting mergers & acquisitions, expansions, investments, new service launches, and collaborations as their preferred strategies. The players are exploring new geographies through expansions and acquisitions to avail a competitive advantage through combined synergies. Research Analyst at AMA predicts that United States Players will contribute to the maximum growth of Global Personal Lines Insurance Agency market throughout the forecasted period.
HUB International (United States), Acrisure LLC (United States), AssuredPartners Inc (United States), USI Insurance Services (United States), BroadStreet Partners Inc. (United States), AIS Insurance* (United States), Univista Insurance(United States), Westwood Insurance Agency (United States) and TWFG Insurance Services (United States) are some of the key players profiled in the study. Additionally, the Players which are also part of the research are Baldwin Risk Partners, Cross Insurance, Alliant Insurance Services Inc, Leavitt Group, NFP, Crystal & Co., Leavitt Group, PayneWest Insurance, Momentous Insurance Brokerage, Celedinas Insurance Group, J. Smith Lanier & Co., Lawley Insurance, Rogers & Gray Insurance Agency, Professional Insurance Associates Inc. and Mesirow Insurance Services. Personal Lines Insurance Agency Market Segmentation:
Scope | Sub-Segments |
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Application / End User | Homeowners Insurance, Flood Insurance, Renters Insurance, Personal watercraft, Automobile Insurance, Umbrella Insurance and Others |
Type | Property Insurance and Casualty Insurance |
Provider | Agency,Broker,Bancassurance,Direct Writing,Others |
On the basis of geography, the market of Personal Lines Insurance Agency has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). North America region held largest market share in the year 2021. Europe, on the other hand, stood as the second largest market due to the presence of key companies in the region and high technological advancement. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
The increasing awareness regarding the insurance policies, The growing era of consumer-centric insurance and Rising consumer expectations
Market Growth Drivers:
Rising demand for Umbrella Insurance and Directs are winning the purchase experience battle
Challenges:
The stringent government regulations regarding insurance
Opportunities:
Increasing Adoption of New Services, Maximizing the digital experience and Insurtech and alternative insurance models
Key Target Audience
Distributors, Government Regulatory Bodies, Private Research Organizations, Government Research Organization and Others
According to the new norms, an individual can act as an insurance agent for only one life insurer, one general insurer, one health insurer and one monoline insurer. Irdai has said anyone acting as an insurance agent in contravention of the provisions of the Act will be liable to pay a penalty of up to Rs 10,000.