Insurance Agencies Global Market to Reach $148.99 Billion by 2026

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Jul 12, 2022, 13:00 ET

DUBLIN, July 12, 2022 /PRNewswire/ -- The "Insurance Agencies Global Market Report 2022" report has been added to ResearchAndMarkets.com's offering.

The global insurance agencies market is expected to grow from $116.43 billion in 2021 to $123.92 billion in 2022 at a compound annual growth rate (CAGR) of 6.4%. The market is expected to grow to $148.99 billion in 2026 at a compound annual growth rate (CAGR) of 4.7%.

North America was the largest region in the insurance agencies accounting for in 2021. Western Europe was the second largest region in insurance agencies market. The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

Increased awareness about the benefits of insurance coverage is expected to drive the insurance agency's market. The pandemic has alerted the public and made them aware of the uncertainty, which led them towards opting for insurance to protect their and their family's lives.

The demand for insurance plans has seen a significant increase over the last few months, with the percentage of buyers and people intending to buy rising to 55% and 60%. The insurance agencies help the people in obtaining the best insurance policy as per their needs and budget. Hence, a higher awareness rate among the public on the benefits of insurance coverage aids in the growth of the insurance agencies market.

Change in consumers' behavior of approaching the insurance providers directly for availing insurance policies instead of insurance agencies is expected to hinder the market growth. Customers feel empowered to forego agents and brokers as most of the insurance providers are providing online services.

According to Capgemini and Efma's World Insurance Report 2020, people of all ages are now adopting a millennial mentality where they trust their research through a variety of channels, primarily digital channels to gather information and directly purchase insurance products online. Moreover, online term plans offered by life insurance companies are comparatively 20-30% cheaper than offline ones. Thus, changing customer approach towards insurance agencies eliminates the involvement of agencies and brokers in the process of insurance purchase, which in turn is restricting the growth of the insurance agencies market.

Introduction to technology-enabled services and platforms is a leading trend in the insurance agencies market. Insurance and technology companies are assisting insurance agencies by developing technology-enabled services and platforms for enhancing smooth customer experience and versatility.

Key Topics Covered:

1. Executive Summary

2. Insurance Agencies Market Characteristics

3. Insurance Agencies Market Trends And Strategies

4. Impact Of COVID-19 On Insurance Agencies

5. Insurance Agencies Market Size And Growth
5.1. Global Insurance Agencies Historic Market, 2016-2021, $ Billion
5.1.1. Drivers Of The Market
5.1.2. Restraints On The Market
5.2. Global Insurance Agencies Forecast Market, 2021-2026F, 2031F, $ Billion
5.2.1. Drivers Of The Market
5.2.2. Restraints On the Market

6. Insurance Agencies Market Segmentation
6.1. Global Insurance Agencies Market, Segmentation By Insurance

Life Insurance
Property & Casualty Insurance
Health & Medical Insurance
Other Insurances

6.2. Global Insurance Agencies Market, Segmentation By Mode

Online
Offline

6.3. Global Insurance Agencies Market, Segmentation By End User

Corporate
Individual

7. Insurance Agencies Market Regional And Country Analysis

8. Asia-Pacific Insurance Agencies Market

9. China Insurance Agencies Market

10. India Insurance Agencies Market

11. Japan Insurance Agencies Market

12. Australia Insurance Agencies Market

13. Indonesia Insurance Agencies Market

14. South Korea Insurance Agencies Market

15. Western Europe Insurance Agencies Market

16. UK Insurance Agencies Market

17. Germany Insurance Agencies Market

18. France Insurance Agencies Market

19. Eastern Europe Insurance Agencies Market

20. Russia Insurance Agencies Market

21. North America Insurance Agencies Market

22. USA Insurance Agencies Market

23. South America Insurance Agencies Market

24. Brazil Insurance Agencies Market

25. Middle East Insurance Agencies Market

26. Africa Insurance Agencies Market

27. Insurance Agencies Market Competitive Landscape And Company Profiles

29. Key Mergers And Acquisitions In The Insurance Agencies Market

29. Insurance Agencies Market Future Outlook and Potential Analysis

Companies Mentioned