Insurance brokerage market size to grow by USD 101.94 billion from 2022 to 2027: A Descriptive Analysis of Customer Landscape, Vendor Assessment, and Market Dynamics - Technavio

NEW YORK, Dec. 15, 2022 /PRNewswire/ -- Technavio categorizes the global insurance brokerage market as a part of the global specialized consumer services market within the global diversified consumer services market. The parent market, the global specialized consumer services market, covers revenue generated by consumer service providers, including residential services, home security services, legal services, personal services, renovation, and interior design services, consumer auction services, wedding services, and funeral services. The global insurance brokerage market size is estimated to increase by USD 101.94 billion from 2022 to 2027. The market's growth momentum will accelerate at a CAGR of 6.93%.

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Global insurance brokerage market - Customer landscape

To help companies evaluate and develop growth strategies, the report outlines –

• Key purchase criteria
• Adoption rates
• Adoption lifecycle
• Drivers of price sensitivity

Global insurance brokerage market - Vendor analysis

Vendor landscape - The global insurance brokerage market is fragmented due to the presence of major global players as well as regional players. As value-added services help in propelling the market's growth in coming years, most insurance brokerage firms have started focusing on cross-selling their insurance products by providing additional coverage to clients.

In the market in focus, the competitors differentiate themselves on product features, innovative solutions, pricing, brand recognition, and product portfolio. They also focus on expanding their businesses and geographical presence to increase their profit margins and market share. Insurance brokerage firms will likely focus on automated product distribution and selling during the forecast period. 

Vendor Offerings -

• Aon Plc - The company offers insurance brokerage services to lines such as cancellation of events, cargo, cash in safe, credit insurance, machinery breakdown, and others.
• Arthur J. Gallagher and Co. - The company offers insurance brokerage services for claims, construction bonds, credit and political risk, casualty, and others.
• Assured Partners Inc. - The company offers insurance brokerage services for property and casualty, risk management, employee benefits, and others.

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Global insurance brokerage market - Segmentation Assessment

Geography overview

Based on geography, the global insurance brokerage market is segmented into North America, Europe, APAC, South America, and the Middle East and Africa. The report provides actionable insights and an accurate estimation of the contribution of all regions to the growth of the global insurance brokerage market.

• North America will account for 41% of the global insurance brokerage market growth during the forecast period. The US is the key market for the insurance brokerage market in North America. Market growth in this region will be faster than the growth of the market in other regions.
• The growth of the insurance brokerage market in North America is driven by rising awareness about the need for insurance coverage and the availability of financial advice. The rising number of HNWIs and the growth of the working capital population also drive the growth of the market in the region.

Segment Overview

Based on type, the global insurance brokerage market is segmented into non-life insurance and life insurance.

• Non-life insurance segment is expected to witness significant growth in terms of CAGR when compared to life insurance in the insurance brokerage market during the forecast period. General insurance or non-life insurance policies insure homes, cars, and others. Such policies cover financial losses that result from fire accidents, floods, hurricanes, earthquakes, theft, travel mishaps, and others. The advantages of availing of general insurance include compensation for accidental financial losses, improved savings, and economic stability.  Personal insurance, industrial insurance, commercial insurance, and marine insurance are the major types of general insurance policies. Download a sample report

Global insurance brokerage market – Market dynamics

Impactful Driver - Increased demand for insurance policies is notably driving the insurance brokerage market growth. The global insurance brokerage market witnesses a high demand for accident insurance, life insurance, medical insurance, vehicle insurance, liability insurance, and property insurance. Increased awareness about the benefits of insurance policies will propel the demand for such policies during the forecast period.

Key Trend - The integration of IT and analytic solutions is the primary trend driving the insurance brokerage market growth. The key market vendors integrate IT and analytic solutions to maximize sales. Analytic solutions help in implementing effective marketing strategies and underwriting services. Data analytics has further helped firms in terms of product design improvements and customer acquisition. Data analytics employs simulation and stochastic techniques to forecast all possible market scenarios.

Major Challenge - Direct purchase of insurance policies by customers is the major challenge impeding the insurance brokerage market growth. To minimize the impact of direct purchases and to provide enhanced customer experiences, insurance brokerage firms have resorted to online distribution strategies. Such strategies help the key market vendors retain their customer base. Thus, direct purchasing of insurance hampers the growth of the global insurance brokerage market during the forecast period.

Drivers, Trends, and challenges have an impact on market dynamics, which can impact
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What are the key data covered in this insurance brokerage market report?

• CAGR of the market during the forecast period 2022-2026
• Detailed information on factors that will assist insurance brokerage market growth during the next five years
• Estimation of the insurance brokerage market size and its contribution to the parent market
• Predictions on upcoming trends and changes in consumer behavior
• The growth of the insurance brokerage market
• Analysis of the market's competitive landscape and detailed information on vendors
• Comprehensive details of factors that will challenge the growth of insurance brokerage market vendors

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Table of Contents:

1 Executive Summary

• 1.1 Market Overview
• Exhibit 01: Executive Summary – Chart on Market Overview
• Exhibit 02: Executive Summary – Data Table on Market Overview
• Exhibit 03: Executive Summary – Chart on Global Market Characteristics
• Exhibit 04: Executive Summary – Chart on Market by Geography
• Exhibit 05: Executive Summary – Chart on Market Segmentation by Type
• Exhibit 06: Executive Summary – Chart on Incremental Growth
• Exhibit 07: Executive Summary – Data Table on Incremental Growth
• Exhibit 08: Executive Summary – Chart on Vendor Market Positioning

2 Market Landscape

• 2.1 Market ecosystem
• Exhibit 09: Parent market
• Exhibit 10: Market Characteristics

3 Market Sizing

• 3.1 Market definition
• Exhibit 11: Offerings of vendors included in the market definition

• 3.2 Market segment analysis 
• Exhibit 12: Market segments

• 3.3 Market size 2021

• 3.4 Market outlook: Forecast for 2021-2026 
• Exhibit 13: Chart on Global - Market size and forecast 2021-2026 ($ billion)
• Exhibit 14: Data Table on Global - Market size and forecast 2021-2026 ($ billion)
• Exhibit 15: Chart on Global Market: Year-over-year growth 2021-2026 (%)
• Exhibit 16: Data Table on Global Market: Year-over-year growth 2021-2026 (%)

4 Five Forces Analysis

• 4.1 Five forces summary
• Exhibit 17: Five forces analysis - Comparison between 2021 and 2026

• 4.2 Bargaining power of buyers 
• Exhibit 18: Chart on Bargaining power of buyers – Impact of key factors 2021 and 2026

• 4.3 Bargaining power of suppliers 
• Exhibit 19: Bargaining power of suppliers – Impact of key factors in 2021 and 2026

• 4.4 Threat of new entrants 
• Exhibit 20: Threat of new entrants – Impact of key factors in 2021 and 2026

• 4.5 Threat of substitutes 
• Exhibit 21: Threat of substitutes – Impact of key factors in 2021 and 2026

• 4.6 Threat of rivalry
• Exhibit 22: Threat of rivalry – Impact of key factors in 2021 and 2026

• 4.7 Market condition
• Exhibit 23: Chart on Market condition - Five forces 2021 and 2026

5 Market Segmentation by Type

• 5.1 Market segments
• Exhibit 24: Chart on Type - Market share 2021-2026 (%)
• Exhibit 25: Data Table on Type - Market share 2021-2026 (%)

• 5.2 Comparison by Type
• Exhibit 26: Chart on Comparison by Type
• Exhibit 27: Data Table on Comparison by Type

• 5.3 Non-life insurance - Market size and forecast 2021-2026 
• Exhibit 28: Chart on Non-life insurance - Market size and forecast 2021-2026 ($ billion)
• Exhibit 29: Data Table on Non-life insurance - Market size and forecast 2021-2026 ($ billion)
• Exhibit 30: Chart on Non-life insurance - Year-over-year growth 2021-2026 (%)
• Exhibit 31: Data Table on Non-life insurance - Year-over-year growth 2021-2026 (%)

• 5.4 Life insurance - Market size and forecast 2021-2026 
• Exhibit 32: Chart on Life insurance - Market size and forecast 2021-2026 ($ billion)
• Exhibit 33: Data Table on Life insurance - Market size and forecast 2021-2026 ($ billion)
• Exhibit 34: Chart on Life insurance - Year-over-year growth 2021-2026 (%)
• Exhibit 35: Data Table on Life insurance - Year-over-year growth 2021-2026 (%)

• 5.5 Market opportunity by Type 
• Exhibit 36: Market opportunity by Type ($ billion)

6 Customer Landscape

• 6.1 Customer landscape overview 
• Exhibit 37: Analysis of price sensitivity, lifecycle, customer purchase basket, adoption rates, and purchase criteria

7 Geographic Landscape

• 7.1 Geographic segmentation 
• Exhibit 38: Chart on Market share by geography 2021-2026 (%)
• Exhibit 39: Data Table on Market share by geography 2021-2026 (%)

• 7.2 Geographic comparison 
• Exhibit 40: Chart on Geographic comparison
• Exhibit 41: Data Table on Geographic comparison

• 7.3 North America - Market size and forecast 2021-2026 
• Exhibit 42: Chart on North America - Market size and forecast 2021-2026 ($ billion)
• Exhibit 43: Data Table on North America - Market size and forecast 2021-2026 ($ billion)
• Exhibit 44: Chart on North America - Year-over-year growth 2021-2026 (%)
• Exhibit 45: Data Table on North America - Year-over-year growth 2021-2026 (%)

• 7.4 Europe - Market size and forecast 2021-2026 
• Exhibit 46: Chart on Europe - Market size and forecast 2021-2026 ($ billion)
• Exhibit 47: Data Table on Europe - Market size and forecast 2021-2026 ($ billion)
• Exhibit 48: Chart on Europe - Year-over-year growth 2021-2026 (%)
• Exhibit 49: Data Table on Europe - Year-over-year growth 2021-2026 (%)

• 7.5 APAC - Market size and forecast 2021-2026 
• Exhibit 50: Chart on APAC - Market size and forecast 2021-2026 ($ billion)
• Exhibit 51: Data Table on APAC - Market size and forecast 2021-2026 ($ billion)
• Exhibit 52: Chart on APAC - Year-over-year growth 2021-2026 (%)
• Exhibit 53: Data Table on APAC - Year-over-year growth 2021-2026 (%)

• 7.6 South America - Market size and forecast 2021-2026 
• Exhibit 54: Chart on South America - Market size and forecast 2021-2026 ($ billion)
• Exhibit 55: Data Table on South America - Market size and forecast 2021-2026 ($ billion)
• Exhibit 56: Chart on South America - Year-over-year growth 2021-2026 (%)
• Exhibit 57: Data Table on South America - Year-over-year growth 2021-2026 (%)

• 7.7 Middle East and Africa - Market size and forecast 2021-2026 
• Exhibit 58: Chart on Middle East and Africa - Market size and forecast 2021-2026 ($ billion)
• Exhibit 59: Data Table on Middle East and Africa - Market size and forecast 2021-2026 ($ billion)
• Exhibit 60: Chart on Middle East and Africa - Year-over-year growth 2021-2026 (%)
• Exhibit 61: Data Table on Middle East and Africa - Year-over-year growth 2021-2026 (%)

• 7.8 US - Market size and forecast 2021-2026 
• Exhibit 62: Chart on US - Market size and forecast 2021-2026 ($ billion)
• Exhibit 63: Data Table on US - Market size and forecast 2021-2026 ($ billion)
• Exhibit 64: Chart on US - Year-over-year growth 2021-2026 (%)
• Exhibit 65: Data Table on US - Year-over-year growth 2021-2026 (%)

• 7.9 China - Market size and forecast 2021-2026 
• Exhibit 66: Chart on China - Market size and forecast 2021-2026 ($ billion)
• Exhibit 67: Data Table on China - Market size and forecast 2021-2026 ($ billion)
• Exhibit 68: Chart on China - Year-over-year growth 2021-2026 (%)
• Exhibit 69: Data Table on China - Year-over-year growth 2021-2026 (%)

• 7.10 Japan - Market size and forecast 2021-2026 
• Exhibit 70: Chart on Japan - Market size and forecast 2021-2026 ($ billion)
• Exhibit 71: Data Table on Japan - Market size and forecast 2021-2026 ($ billion)
• Exhibit 72: Chart on Japan - Year-over-year growth 2021-2026 (%)
• Exhibit 73: Data Table on Japan - Year-over-year growth 2021-2026 (%)

• 7.11 UK - Market size and forecast 2021-2026 
• Exhibit 74: Chart on UK - Market size and forecast 2021-2026 ($ billion)
• Exhibit 75: Data Table on UK - Market size and forecast 2021-2026 ($ billion)
• Exhibit 76: Chart on UK - Year-over-year growth 2021-2026 (%)
• Exhibit 77: Data Table on UK - Year-over-year growth 2021-2026 (%)

• 7.12 Germany - Market size and forecast 2021-2026 
• Exhibit 78: Chart on Germany - Market size and forecast 2021-2026 ($ billion)
• Exhibit 79: Data Table on Germany - Market size and forecast 2021-2026 ($ billion)
• Exhibit 80: Chart on Germany - Year-over-year growth 2021-2026 (%)
• Exhibit 81: Data Table on Germany - Year-over-year growth 2021-2026 (%)

• 7.13 Market opportunity by geography 
• Exhibit 82: Market opportunity by geography ($ billion)

8 Drivers, Challenges, and Trends

• 8.1 Market drivers

• 8.2 Market challenges

• 8.3 Impact of drivers and challenges 
• Exhibit 83: Impact of drivers and challenges in 2021 and 2026

• 8.4 Market trends

9 Vendor Landscape

• 9.1 Overview

• 9.2 Vendor landscape
• Exhibit 84: Overview on Criticality of inputs and Factors of differentiation

• 9.3 Landscape disruption
• Exhibit 85: Overview on factors of disruption

• 9.4 Industry risks
• Exhibit 86: Impact of key risks on business

10 Vendor Analysis

• 10.1 Vendors covered
• Exhibit 87: Vendors covered

• 10.2 Market positioning of vendors 
• Exhibit 88: Matrix on vendor position and classification

• 10.3 Aon Plc
• Exhibit 89: Aon Plc - Overview
• Exhibit 90: Aon Plc - Business segments
• Exhibit 91: Aon Plc - Key news
• Exhibit 92: Aon Plc - Key offerings
• Exhibit 93: Aon Plc - Segment focus

• 10.4 Arthur J. Gallagher and Co. 
• Exhibit 94: Arthur J. Gallagher and Co. - Overview
• Exhibit 95: Arthur J. Gallagher and Co. - Business segments
• Exhibit 96: Arthur J. Gallagher and Co. - Key offerings
• Exhibit 97: Arthur J. Gallagher and Co. - Segment focus

• 10.5 Assured Partners Inc. 
• Exhibit 98: Assured Partners Inc. - Overview
• Exhibit 99: Assured Partners Inc. - Product / Service
• Exhibit 100: Assured Partners Inc. - Key offerings

• 10.6 Brown and Brown Inc.
• Exhibit 101: Brown and Brown Inc. - Overview
• Exhibit 102: Brown and Brown Inc. - Business segments
• Exhibit 103: Brown and Brown Inc. - Key news
• Exhibit 104: Brown and Brown Inc. - Key offerings
• Exhibit 105: Brown and Brown Inc. - Segment focus

• 10.7 HUB International Ltd. 
• Exhibit 106: HUB International Ltd. - Overview
• Exhibit 107: HUB International Ltd. - Product / Service
• Exhibit 108: HUB International Ltd. - Key offerings

• 10.8 Lockton Companies
• Exhibit 109: Lockton Companies - Overview
• Exhibit 110: Lockton Companies - Product / Service
• Exhibit 111: Lockton Companies - Key offerings

• 10.9 Marsh and McLennan Companies Inc. 
• Exhibit 112: Marsh and McLennan Companies Inc. - Overview
• Exhibit 113: Marsh and McLennan Companies Inc. - Business segments
• Exhibit 114: Marsh and McLennan Companies Inc. - Key offerings
• Exhibit 115: Marsh and McLennan Companies Inc. - Segment focus

• 10.10 NFP Corp.
• Exhibit 116: NFP Corp. - Overview
• Exhibit 117: NFP Corp. - Product / Service
• Exhibit 118: NFP Corp. - Key offerings

• 10.11 Truist Financial Corp. 
• Exhibit 119: Truist Financial Corp. - Overview
• Exhibit 120: Truist Financial Corp. - Business segments
• Exhibit 121: Truist Financial Corp. - Key offerings
• Exhibit 122: Truist Financial Corp. - Segment focus

• 10.12 Willis Towers Watson Public Ltd. Co. 
• Exhibit 123: Willis Towers Watson Public Ltd. Co. - Overview
• Exhibit 124: Willis Towers Watson Public Ltd. Co. - Business segments
• Exhibit 125: Willis Towers Watson Public Ltd. Co. - Key offerings
• Exhibit 126: Willis Towers Watson Public Ltd. Co. - Segment focus

11 Appendix

• 11.1 Scope of the report

• 11.2 Inclusions and exclusions checklist 
• Exhibit 127: Inclusions checklist
• Exhibit 128: Exclusions checklist

• 11.3 Currency conversion rates for US$ 
• Exhibit 129: Currency conversion rates for US$

• 11.4 Research methodology
• Exhibit 130: Research methodology
• Exhibit 131: Validation techniques employed for market sizing
• Exhibit 132: Information sources

• 11.5 List of abbreviations

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