Market Overview:
The global insurance brokerage market size is expected to reach USD 614.50 billion by 2032, exhibiting a CAGR of 9.0% during 2024–2032.
An insurance broker is essential for economic development and serves as a link between policyholders and insurers. Insurance broker provides their clients with expert guidance and advice on insurance products. Brokers offer insurance products such as medical insurance, property & casualty insurance, and health insurance. Insurance brokers collaborate closely with their clients to meet their needs regarding coverage.
Growth Drivers and Opportunities:
- Insurance brokers assist individuals and businesses in understanding the many auto insurance choices and finding policies that align with their needs. The increasing use of cars is driving the growth of the market.
- Brokers offer specialised guidance on various insurance products, assisting clients in comprehending their choices and choosing policies that meet their requirements. Increased consumer knowledge about insurance is fueling growth in the market.
Key Players:
In this extremely competitive market, major rivals constantly innovate and differentiate their products in an effort to take the lead in the market. Here is the list of the leading companies operating in the insurance brokerage market:
- WTW
- Marsh & McLennan Companies, Inc.
- Arthur J. Gallagher & Co.
- Aon plc
- Lockton Companies
- Alliant Insurance Services, Inc.
- Edgewood Partners Insurance Center
- HUB International Limited
- USI Insurance Services
- Brown & Brown, Inc.
- TIH
Segmentation Overview:
The insurance brokerage market is mainly segmented based on insurance, brokerage, end user, and region. Based on insurance analysis, in 2023, the property & casualty insurance segment held the larger market share because of the increasing awareness of risk management and the growing complexity of risk situations. The rising incidence of natural disasters has significantly increased the need for extensive property insurance.
Furthermore, according to the end user analysis, in 2023, the individual segment accounted for the larger market share due to the rising awareness of the importance of personal financial stability and an increasing focus on future planning.
Insurance Brokerage Market, Insurance Outlook (Revenue – USD Billion, 2019-2032)
- Life Insurance
- Property & Casualty Insurance
Insurance Brokerage Market, Brokerage Outlook (Revenue – USD Billion, 2019-2032)
- Retail
- Wholesale
Insurance Brokerage Market, End User Outlook (Revenue – USD Billion, 2019-2032)
- Individual
- Corporate
Insurance Brokerage Industry Developments:
- January 2024: HUB International Limited Launches HUB Multinational Protection
HUB International Limited (HUB) introduced HUB Multinational Protection, a risk management and insurance product tailored for multinational clients operating in up to five countries. This offering addresses the complex and evolving risk needs of businesses across various industries. - January 2024: Lockton Enters Indian Market
Lockton, the largest independent insurance brokerage globally, announced its entry into the Indian market. The company appointed Dr. Sandeep Dadia as Chief Executive Officer of its Indian operations, marking a strategic move to expand its footprint in South Asia. - August 2024: Marsh Introduces Port Blockage Insurance Facility
Marsh, a leading global insurance broker and risk advisor, launched a USD 50 million port blockage insurance facility. This initiative provides coverage for shipping ports and terminals worldwide, addressing the rising need for risk solutions in maritime logistics. - October 2021: Arthur J. Gallagher & Co. Acquires Edelweiss Gallagher Insurance Brokers
Arthur J. Gallagher & Co., an international insurance brokerage, completed the acquisition of Mumbai-based Edelweiss Gallagher Insurance Brokers Limited. The acquisition, including branches in Delhi, Kolkata, and Bangalore, strengthened its presence in the Indian insurance market.
The rising industrialization drives the insurance brokerage market. Industrialization results in the creation and growth of different sectors, including manufacturing and technology. These sectors encounter multiple potential hazards, including property loss, legal responsibility, and operational disruptions, necessitating specific commercial insurance protection. To tackle these risks, businesses enlist the assistance of insurance brokers to recognize and secure suitable insurance plans.