Facts and Factors Market Research has published a new report titled “Insurance Broker and Agents Market By Type of Insurance Coverage (Life Insurance, Reinsurance, and General Insurance), By Type (Insurance Brokers and Insurance Agents), and By End-Users (Corporate and Individual): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2018 – 2027”. According to the report, the global insurance broker and agents market was valued at approximately USD 52,414 million in 2018 and is expected to reach a value of around USD 74,387 million by 2027, at a CAGR of around 2.3% between 2019 and 2027.
Insurance broker and agents sell insurance policies and annuities to the people. The brokers work on behalf of clients while agents work on behalf of insurance firms. They earn a commission on the percentage of policies sold. Risk management consulting & services like insurance administration are also included in the portfolio of insurance agents and brokers. The key responsibilities include reinsurance brokerage and administration, property insurance, casualty insurance policy, health & medical insurance, risk-management consulting, and life & accident insurance, and annuity brokerage. General insurance products include general insurance, life insurance, and much more.
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Escalating awareness related to investments will boost the market growth
The rise in the awareness pertaining to funding activities and a huge number of online channels as well as the introduction of new schemes will drive the growth of insurance broker and agents industry over the forecast timeline. Apart from this, a rise in the cases of road collisions & natural calamities has generated awareness among the people about the significance of the insurance coverage. This, in turn, is predicted to steer the expansion of the insurance broker and agents industry during the forecast period.
Furthermore, the transition from higher cost centers to lower-cost centers is predicted to steer the expansion of the insurance broker and agents industry over the forecast period. Moreover, increase in the interest rates, stable economic growth in certain parts of the globe, and rise in the disposable income that is used for investment will prompt the growth of the insurance broker and agents industry over the forecast timeline. Nonetheless, growing cases of cybercrime in the insurance sector can pose a threat to the expansion of the market over the forecast timeline.
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Life insurance to dominate the type of insurance coverage segment
The growth of the segment is due to a large number of persons purchasing life insurance coverage. Apart from this life insurance protects the individuals, families, and businesses from life risks as well as retirement risks. Furthermore, a prominent rise in the number of collisions will further drive the segmental growth.
Insurance agents to contribute majorly towards the type segment
The growth of the segment is attributed to the rising acceptance of insurances individually over the group insurances. The segment is projected to record the CAGR of nearly 4.1% over the forecast period.
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Medical segment to lead the end-user landscape over the forecast period
The segment is projected to accrue massive gains over the forecast timeline subject to the massive need to constantly comply with the rapidly altering regulatory framework.
North America to dominate the overall regional landscape during the period from 2019 to 2027
The growth of the regional market is due to the growing demand for P&C insurance in countries like the U.S. in North America.
Some of the key players involved in the market include Marsh & McLennan Cos Inc., Aon PLC, Brown & Brown Inc., Willis Towers Watson PLC, and Arthur J Gallagher & Co.
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This report segments the insurance broker and agents market as follows:
Global Insurance Broker and Agents Market: By Type of Insurance Coverage Segment Analysis
- Life Insurance
- General Insurance
Global Insurance Broker and Agents Market: By Type Segment Analysis
- Insurance Brokers
- Insurance Agents
Global Insurance Broker and Agents Market: By End-Users Segment Analysis
- Construction and Engineering
- Fertilizers & Chemicals
- IT and ITES
Global Insurance Broker and Agents Market: Regional Segment Analysis
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
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