Insurance Broker & Agency Market
Insurance Broker & Agency Market Study by Other Insurance Support Services - Third Party Administration, Health & Medical Insurance, Life & Accident Insurance, and Others From 2024 to 2034
Analysis of Insurance Broker & Agency Market Covering 30+ Countries Including Analysis of US, Canada, UK, Germany, France, Nordics, GCC countries, Japan, Korea and many more
Insurance Broker & Agency Market Outlook (2024 to 2034)
The global insurance broker & agency market is analyzed to reach a valuation of US$ 590.32 billion in 2024, according to a new research report published by Fact.MR. Demand is forecasted to increase at a noteworthy CAGR of 10.5% to reach a size of US$ 1,607.37 billion by 2034-end.
Reasonably priced insurance solutions are gaining attention from SMEs to protect businesses. To assist SMEs in choosing the best possible coverage for their requirements, brokers and agencies guide them, through the available possibilities. A growing number of SMEs in several countries are raising the need for effective insurance services.
Preference for independent brokers is increasing because they offer access to different insurance companies and objective counsel. Customers compare insurance, obtain coverage, and take advantage of competitive pricing due to this. Consumers are widely choosing facilities from insurance brokers and agencies as they provide value-added services, including risk assessment, claims help, continuous client support, and others.
Key Market Growth Drivers
- Customized insurance policies are gaining popularity among individuals as they perfectly fit their unique requirements, which is contributing to the insurance broker & agency market size expansion.
- Several brokers & agencies are focusing on improving consumer satisfaction by providing specialized solutions and combining different policies, such as life, health, auto, property, and other insurance.
- Key players in the insurance broker & agency market are implementing InsuurTech solutions, including artificial intelligence (AI), big data, and automated platforms to enhance policy comparison, underwriting, and claims processing.
- These companies are integrating the latest technologies to lower expenses, increase operational effectiveness, and improve the overall consumer experience.
- A high percentage of people rely on brokers and agencies for professional advice as insurance policies and requirements get more complicated.
- Demand for broker services is increasing in insurance as they make the insurance process easier by assisting customers
- Brokers make the insurance process easier by assisting customers in choosing the right coverage, understanding policy terms, and adhering to legal requirements.
- Demand for specialized commercial insurance solutions is increasing due to rising businesses’ attention on risk management and financial protection. Brokers are essential in providing specialty insurance, including liability coverage, employee benefits, cyber insurance, and others.
| Report Attribute | Detail |
|---|---|
| Insurance Broker & Agency Market Size (2024E) | US$ 590.32 Billion |
| Forecasted Market Value (2034F) | US$ 1,607.37 Billion |
| Global Market Growth Rate (2024 to 2034) | 10.5% CAGR |
| North America Market Value (2024E) | US$ 262.09 Billion |
| East Asia Market Growth Rate (2024 to 2034) | 11% CAGR |
| Property and Casualty - Commercial Lines Segment Value (2034F) | US$ 199.54 Billion |
| Businesses Segment Value (2034F) | US$ 930.68 Billion |
| Key Companies Profiled | Marsh & McLennan Companies; Aon PLC; Willis Towers Watson; Arthur J. Gallagher & Co.; Brown & Brown, Inc.; Hub International Limited; Alliant Insurance Services; Lockton Companies; NFP Corp.; USI Insurance Services |
Don't Need a Global Report?
save 40%! on Country & Region specific reports
What’s Driving Global Demand for Insurance Broker & Agency Services?
“Companies Widely Integrating InsurTech Solutions to Improve Operational Efficiency and Customer Satisfaction”
Operations of insurance brokers and agencies are completely changing in a positive aspect with the rising application of InsurTech tools, such as AI, big data, automated platforms, and others. These latest technological solutions are facilitating claims management, quickening underwriting processes, and enabling quicker and more precise comparisons of policies.
By automating repetitive processes, brokers or agencies are achieving operational efficiency, reducing administrative costs, and focusing on providing individualized services to clients.
Enhanced data analytics is enabling brokers and agencies to understand the needs of clients and develop a more personalized experience, which is further enhancing tailored solutions. Seen from all angles, in a very competitive market, InsurTech solutions are increasing cost-effectiveness, enhancing service delivery, and improving the customer experience.
What is Limiting the Demand Growth for Insurance Brokers & Agencies?
“Latest Self-driven Tools Reducing Dependency on Insurance Brokers & Agencies”
The growing popularity of internet tools and self-service models is negatively affecting the insurance broker & agency market growth. Particularly, youths are increasingly choosing them for managing and purchasing insurance. Adoption of these tools and self-service models is increasing because they are quick, easy, and importantly transparent.
Self-service platforms are enabling consumers to independently assess plans, personalize coverage, and finalize transactions. Digital platforms are decreasing the need for brokers to provide advice.
Several young clients are finding traditional or regional agency models inconvenient or difficult as they find the latest digital platforms are smoother.
More Insights, Lesser Cost (-50% off)
Insights on import/export production,
pricing analysis, and more – Only @ Fact.MR
Country-wise Insights
North America is estimated to hold a leading position over the next ten years with a sizable portion of the insurance broker & agency market share. This region continues to have positive sentiments due to the mature insurance industry and a high number of big brokers and agencies.
Growth is further driven by the requirement for corporate and individualized insurance solutions. The growing adoption of InsurTech is one of the insurance broker & agency market trends in the region, which is further driving the demand.
Why is the United States Considered a Primary Market for Insurance Brokers & Agencies?
“Strong Insurance Industry and Growing Adoption of Digital Solutions”
| Attribute | United States |
|---|---|
| Market Value (2024E) | US$ 235.02 Billion |
| Growth Rate (2024 to 2034) | 11.2% CAGR |
| Projected Value (2034F) | US$ 680.77 Billion |
Key players are aiming at the market in the United States due to strong demand for commercial policies, customized insurance solutions, and importantly advanced digital services provided by broker agency firms. The United States is primarily benefitting from the well-established insurance industry. Rising utilization of InsurTech solutions, such as automation, AI, and others is improving the customers' overall experience as well as improving operation efficiency.
When it comes to understanding complicated insurance products and laws, brokers and agencies are essential, particularly in fields, including health, life, and cyber insurance. To stay competitive and increase profitability in this changing industry, brokers and agencies in the United States are focusing on value-added services and technological integration as competition heats up.
What is the Demand Outlook for Insurance Broker & Agency Services in South Korea?
“High Demand for Health and Life Insurance Positively Influencing Market Expansion”
| Attribute | South Korea |
|---|---|
| Market Value (2024E) | US$ 21.35 Billion |
| Growth Rate (2024 to 2034) | 11.8% CAGR |
| Projected Value (2034F) | US$ 64.87 Billion |
The growing complexity of insurance requirements and demand for individualized options are contributing to the rising need for insurance broker and agency services in South Korea. There is a high emphasis on life and health insurance in the country due to a higher aged population and rising healthcare expenditures.
This is creating a chance for insurance brokers and agencies to provide customized solutions, to grab the attention of more consumers.
The market in South Korea is also expanding because of digital transformation, as more customers look for online resources and tools for managing policies and comparing insurance. Brokers play a crucial role in assisting people in navigating the insurance market due to shifting regulations and the growing need for risk management solutions in South Korea.
Category-wise Insights
Based on the major market, the individuals aged 45 to 54 segment is projected to increase at 9.7% CAGR as they typically invest in several insurance products. This dominance is attributed to the availability of funds saved and more financial stability in comparison with other age groups.
Why are Third-Party Administration Services Gaining Popularity in the Global Market?
“Offers Specialized Services, Including Risk Management and Claim Processing”
| Attribute | Other Insurance Support Services - Third-Party Administration |
|---|---|
| Segment Value (2024E) | US$ 330.7 Billion |
| Growth Rate (2024 to 2034) | 11.8% CAGR |
| Projected Value (2034F) | US$ 1,007.1 Billion |
The other insurance support services – third-party administration segment hold a sizable portion of the market revenue because of its capacity to improve efficiency and streamline operations. Third-party administration provides specialized services, such as risk assessment, claims processing, and customer assistance thereby lowering costs and freeing up time for insurance brokers and agencies to focus on their essential operational activities.
The increasing need for specialized solutions in insurance and regulatory compliance is also a reason why brokers are increasingly turning to TPAs to obtain professional management and assistance. The significant market presence of TPAs is ultimately a result of this partnership, which allows agencies to enhance their service offerings and meet a wider range of client needs.
Why is Demand for Insurance Broker & Agency Solutions High from Businesses?
“Adopting Services to Navigate Complex Insurance Policies and Regulatory Requirements”
| Attribute | Businesses |
|---|---|
| Segment Value (2024E) | US$ 275.89 Billion |
| Growth Rate (2024 to 2034) | 12.9% CAGR |
| Projected Value (2034F) | US$ 930.68 Billion |
Demand for insurance broker and agency services is high from businesses in comparison with others due to the growing need for holistic risk management solutions. For different kinds of insurance, from property and liability to employee benefits and cyber insurance, businesses of all sizes, need to cover potential risks.
Insurance brokers and agencies play an important role when it comes to meeting businesses’ complex policy and regulatory requirements as well as ensuring the appropriate coverage of them for their operational safety.
Businesses now even look more for tailored insurance solutions that meet their requirement, thus enhancing the need for expert advice and intermediary services. Therefore, the demand for insurance brokers and agencies in the business sector keeps rising and consolidating their market.
Know thy Competitors
Competitive landscape highlights only certain players
Complete list available upon request
Competitive Landscape
Insurance brokers and agencies are investing in InsurTech technologies, such as automation, big data, AI, and others to improve client satisfaction, reduce expenditures, and enhance operational efficiency. These technologies are making faster policy comparisons, underwriting, and claims processing, which is eventually increasing productivity as well as profit margins.
- In December 2024, according to PB Fintech, Policybazaar Insurance Brokers, the company's fully owned subsidiary, was awarded a certificate of registration by the Insurance Regulatory and Development Authority of India (IRDAI) to operate as a composite insurance broker.
- In July 2024, The Horton Group, Inc., a prominent full-service insurance brokerage with headquarters in Orland Park, IL, and a ranking among the top independent insurance brokers in the United States acquired by Marsh McLennan Agency, a subsidiary of Marsh.
- In May 2024, to sell life and general insurance products from several insurers, Mahindra & Mahindra Financial Services stated that it obtained a corporate agency license from the insurance regulator IRDAI.
Fact.MR provides detailed information about the price points of prominent players in the insurance broker & agency market positioned across the world, sales growth, production capacity, and speculative technological expansion, in this new market report.
Segmentation of Insurance Broker & Agency Market Research
-
By Product & Service :
- Other Insurance Support Services - Third Party Administration
- Property & Casualty - Commercial Lines
- Property & Casualty - Personal Lines
- Other Annuity and Insurance
- Health & Medical Insurance
- Insurance Administration & Consulting Services
- Life & Accident Insurance
- Others
-
By Major Market :
- Businesses
- Individuals Aged 45 To 54
- Individuals Aged 35 To 44
- Individuals Aged 65 & Older
- Individuals Aged 34 & Younger
- Individuals Aged 55 To 64
- Government
-
By Region :
- North America
- Western Europe
- Eastern Europe
- Latin America
- East Asia
- South Asia & Pacific
- Middle East & Africa
Table of Content
- 1. Executive Summary
- 2. Industry Introduction, including Taxonomy and Market Definition
- 3. Market Trends and Success Factors, including Macro-economic Factors, Market Dynamics, and Recent Industry Developments
- 4. Global Market Demand Analysis and Forecast, including Historical Analysis and Future Projections
- 5. Pricing Analysis
- 6. Global Market Analysis and Forecast
- 6.1. Product And Service
- 6.2. Major Market
- 7. Global Market Analysis and Forecast, By Product And Service
- 7.1. Other Insurance Support Services - Third Party Administration
- 7.2. Property & Casualty - Commercial Lines
- 7.3. Property & Casualty - Personal Lines
- 7.4. Other Annuity & Insurance
- 7.5. Health & Medical Insurance
- 7.6. Insurance Administration & Consulting Services
- 7.7. Life & Accident Insurance
- 7.8. Others
- 8. Global Market Analysis and Forecast, By Major Market
- 8.1. Businesses
- 8.2. Individuals Aged 45 To 54
- 8.3. Individuals Aged 35 To 44
- 8.4. Individuals Aged 65 & Older
- 8.5. Individuals Aged 34 & Younger
- 8.6. Individuals Aged 55 To 64
- 8.7. Government
- 9. Global Market Analysis and Forecast, By Region
- 9.1. North America
- 9.2. Latin America
- 9.3. Western Europe
- 9.4. Eastern Europe
- 9.5. Asia Pacific
- 9.6. East Asia
- 9.7. MEA
- 10. North America Sales Analysis and Forecast, by Key Segments and Countries
- 11. Latin America Sales Analysis and Forecast, by Key Segments and Countries
- 12. Western Europe Sales Analysis and Forecast, by Key Segments and Countries
- 13. Eastern Europe Sales Analysis and Forecast, by Key Segments and Countries
- 14. Asia Pacific Sales Analysis and Forecast, by Key Segments and Countries
- 15. East Asia Sales Analysis and Forecast, by Key Segments and Countries
- 16. MEA Sales Analysis and Forecast, by Key Segments and Countries
- 17. Sales Forecast by Products And Services and Major Markets for 30 Countries
- 18. Competition Outlook, including Market Structure Analysis, Company Share Analysis by Key Players, and Competition Dashboard
- 19. Company Profile
- 19.1. Marsh & McLennan Companies
- 19.2. Aon PLC
- 19.3. Willis Towers Watson
- 19.4. Arthur J. Gallagher & Co.
- 19.5. Brown & Brown, Inc.
- 19.6. Hub International Limited
- 19.7. Alliant Insurance Services
- 19.8. Lockton Companies
- 19.9. NFP Corp.
- 19.10. USI Insurance Services
Don't Need a Global Report?
save 40%! on Country & Region specific reports
- FAQs -
How big is the insurance broker & agency market in 2024?
The global market for insurance brokers & agencies is estimated at US$ 590.32 billion in 2024.
What is the future of insurance brokers & agencies?
Worldwide demand for insurance brokers & agencies is projected to reach US$ 1,607.37 billion by 2034.
At what rate is the global market for insurance brokers & agencies estimated to expand?
The market for insurance brokers & agencies is forecasted to increase at a CAGR of 10.5% from 2024 to 2034.
At what rate is the market evaluated to expand in Japan?
The market in Japan is projected to advance at a CAGR of 8.6% through 2034.
Who are the leading insurance brokers & agencies?
Prominent players in the market are Aon PLC, Willis Towers Watson, Brown & Brown, Inc., Lockton Companies, and NFP Corp.
What is the market outlook in North America?
The market in North America is projected to generate revenue worth US$ 758.56 billion by 2034.
At what rate is demand for insurance broker & agency services increasing from businesses?
The business segment is evaluated to expand at 12.9% CAGR through 2034.
Insurance Broker & Agency Market