What is Insurance Broking Market Scope?
An Insurance Broker is an intermediary person between the insurer and the insured in order to make an insurance deal. This activity is referred to as insurance broking. An Insurance Broker is a specialist person who addresses buyers as they continue looking for the best policy for their requirements. The insurance brokerage market is a vital component of the insurance industry, acting as an intermediary between insurance companies and policyholders. It is characterized by a competitive landscape, with a mix of large multinational firms, smaller regional brokers, and independent agents. The market is driven by factors such as the growing demand for insurance, technological advancements, and regulatory changes.
Influencing Trend:
Increase in adoption of insurance policies in the developing countries
Market Growth Drivers:
Growing Demand for Insurance and Increasing adoption of digital technologies, such as insurtech solutions
Challenges:
Rise of online and direct-to-consumer insurance sales
Restraints:
Strict regulatory requirements
Opportunities:
Increasing implementation of technologies in existing products and service lines and Rising government initiatives regarding insurance policies
The Insurance Broking market study is being classified by Type (Property and Casualty (P&C) Insurance, Life and Health Insurance, General Insurance and Others), by Application and major geographies with country level break-up.
The insurance broking market is highly competitive, with a mix of large multinational firms, smaller regional brokers, and independent agents. The leading organizations in the market to avail competitive advantage are introducing new technology applications in insurance-related transactions. The companies also make strategic partnerships and acquisitions with other companies to deliver quality to their customers. Analysts at AMA predicts that Players from United States will contribute to the maximum growth of Global Insurance Broking market throughout the predicted period.
Aon (United Kingdom), Arthur J. Gallagher & Co. (United States), Brown & Brown, Inc. (United States), HUB International (United States), Marsh & McLennan (United States), Lockton, Inc. (United States), Truist Financial Corporation (United States), NFP Corp. (United States), AmWINS Group Inc. (United States) and Willis Towers Watson (United Kingdom) are some of the key players profiled in the study. Additionally, the Players which are also part of the research are USI Insurance Services LLC (United States), Tata Motors Insurance Broking and Advisory Services Limited (India), Jardine Lloyd Thompson Group plc. (United Kingdom), Acrisure (United States), Aditya Birla Insurance Brokers Limited (India) and Assured Partners Inc. (United States).
Segmentation Analysis
Analyst at AMA have segmented the market study of Global Insurance Broking market by Type, Application and Region.
On the basis of geography, the market of Insurance Broking 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).
Market Influencers and their Development Strategies
On 15 Jan 2021, Brown & Brown, Inc. announced the completion of the previously announced acquisition of O’Leary Insurances by Brown & Brown, Inc. Due to this acquisition make relevant changes to Brown & Brown’s consummation and integration and changes in the business and financial condition of the seller, the buyer, or both, and their respective customers.
On 1 July 2021, Arthur J. Gallagher & Co. announced that it has purchased the remaining shares of Edelweiss Gallagher Insurance Brokers Limited from Edelweiss Financial Services Limited. This partnership with Edelweiss has delivered strong results and this new step provides an exciting opportunity to establish a broader Gallagher footprint.
Key Target Audience
Industrial Associations, Government Regulatory Bodies, Insurance Distribution Channels, Insurance Broking firms, Potential Investors, Market Research Organizations and Others
Insurance Broking Market Study: Important Years
Attributes | Details |
---|
Study Period | 2018-2028 |
Base Year | 2022 |
Forecast Period | 2023-2028 |
Historical Period | 2018-2022 |
Unit | Value (USD Million) |
Customization Scope | Avail customization with purchase of this report. Add or modify country, region & or narrow down segments in the final scope subject to feasibility |
Major Highlights of Market Study
Demand Determinants: Identifying top-notch application and business segments that seek high growth potentials in Insurance Broking Market.
Key Strategic Developments: To target untapped regions more aggressively by focusing on product/service developments, innovation and R & D, new launches, Merger & acquisitions, JVs & partnerships.
Forces & Market Dynamics: Growth drivers, restraints & opportunities available in Insurance Broking industry is examined with reference relevant market sectors and sub-sectors.
Customization available in this Study:
The Study can be customized to meet your requirements. Please connect with our representative, who will ensure you get a report that suits your needs.
To compete effectively, companies also require quantitative estimates of the future growth and qualitative nature of the market. AMA Research features not just specific market sizing estimates, but also includes significant value-added commentary on Technological Trends and Innovations, Regulatory Policies, Market Maturity Indicators, Market Share Movements, New Entrants into the Market & Entry/Exit Barriers, Consumer Demographics, Supporting Company Financial and Cash Flow Planning, Open Up New Markets, To Seize Powerful Market Opportunities, Key Decision in Planning and to Further Expand Market Share, Identify Key Business Segments, Market Proposition & Gap Analysis.