Industry Background:
Insurance brokerage provides a broker who is the representative of clients interests in the insurance contract. Typical insurance policies are designed in a way that at times consumers find it tough to understand. Brokers builds up a trust between customers and insurers thus, making it easy for customer to give a go to insurance policies.
Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Million) |
Key Companies Profiled | Aon [United Kingdom], Brown & Brown Insurance [United States], Arthur J. Gallagher & Co. [United States], MARSH & MCLENNAN COMPANIES [United States] and Willis Towers Watson [United Kingdom] |
According to AMA, the market for Insurance Brokerage is expected to register a CAGR of 8.2% during the forecast period to 2030. This growth is primarily driven by Growing Demand for Insurance Policies and Rising Property Insurance Demands Owing to Infrastructural Developments.
Globally, a noticeable market trend is evident Integration of Services such as IT and Analytics Solutions
The Investment Banking & Brokerage sector in the North America region has been increasing at a sustainable rate, and further growth is expected to be witnessed over the forecast period, owing to the robust investments and expansion in production facilities in the region. Major Players, such as Aon [United Kingdom], Brown & Brown Insurance [United States], Arthur J. Gallagher & Co. [United States], MARSH & MCLENNAN COMPANIES [United States] and Willis Towers Watson [United Kingdom], etc have either set up their manufacturing facilities or are planning to start new provision in the dominated region in the upcoming years. The rising number of players expected to enter the global market is predicted to enhance the competition level as well as encourage the growth of the overall market shortly. Players are anticipated to focus on the development of new compounds, which is likely to encourage the growth of the global market throughout the forecast period.
Key Developments in the Market:
September 2022: Acrisure, a global insurance broker, announced its acquisition of CRK Commercial Insurance Services Limited, the specialist commercial schemes provider. Once the acquisition has closed, Acrisure will continue to operate CRK under the CRK brand as part of Acrisure UK Retail. Source: https://www.mordorintelligence.com/industry-reports/insurance-brokerage-market.
December 2023: The PGA TOUR announced that it partnered with Aon. This leading global professional services firm integrates the use of real-time analytics and capitalizes on changes to the TOUR's reimagined 2024 schedule to create more drama and insights.
Influencing Trend:
Integration of Services such as IT and Analytics Solutions and New Products and Prices Offerings
Market Growth Drivers:
Growing Demand for Insurance Policies and Rising Property Insurance Demands Owing to Infrastructural Developments
Challenges:
Issues Related with Data Security and Privacy and Lack of Clarity and Unawareness of Insurance Policies
Restraints:
Purchase of Insurance Policies by Consumers Without Involvement of Broker and Emergence of Digital Technologies are Affecting Brokers Roles
Opportunities:
Growing Disposable Income in Emerging Countries and Rise in Purchase of Damageable Properties Such as Cars, Jewelries and House
AMA Research follows a focused and realistic research framework that provides the ability to study the crucial market dynamics in several regions across the world. Moreover, an in-depth assessment is mostly conducted by our analysts on geographical regions to provide clients and businesses the opportunity to dominate in niche markets and expand in emerging markets across the globe. This market research study also showcases the spontaneously changing Players landscape impacting the growth of the market. Furthermore, our market researchers extensively analyze the products and services offered by multiple players competing to increase their market share and presence.
Customization in the Report
AMA Research features not only specific market forecasts but also includes significant value-added commentary on:
- Market Trends
- Technological Trends and Innovations
- Market Maturity Indicators
- Growth Drivers and Constraints in Insurance Brokerage Market
- Analysis about New Entrants in Insurance Brokerage Market & Entry/Exit Barriers
- To Seize Powerful Market Opportunities
- Identify Key Business Segments, Market Proposition & Gap Analysis
- An Unbiased Perspective towards Market Performance & Indicators
Against this Challenging Backdrop, Insurance Brokerage Study Sheds Light on
The Insurance Brokerage Market status quo and key characteristics. To end this, Analysts at AMA organize and took surveys of the Insurance Brokerage industry Players. The resultant snapshot serves as a basis for understanding why and how the industry can be expected to change.
Where Insurance Brokerage industry is heading and what are the top priorities. Insights are drawn from financial analysis, surveys, and interviews with key executives and industry experts.
How every company in this diverse set of Players can best navigate the emerging competition landscape and follow a strategy that helps them position to hold the value they currently claim or capture the new addressable opportunity.