Insurance Brokerage Market to Reach $628.3 Billion, Globally, by 2032 at 9.3%% CAGR: Allied Market Research

The growth of the global insurance brokerage market is driven by increase in demand for insurance policies among the general public, expansion of digital brokers, and integration of IT & analytic solutions.
PORTLAND, Ore., Sept. 6, 2023 /PRNewswire/ — Allied Market Research published a report, titled, “Insurance Brokerage Market by Insurance Type (Life Insurance and Property & casualty Insurance) and Brokerage Type (Retail and Wholesale): Global Opportunity Analysis and Industry Forecast, 2023-2032”. According to the report, the global insurance brokerage industry generated at $259.7 billion in 2022, and is projected to reach $628.3 billion by 2032, growing at a CAGR of 9.3% from 2023 to 2032.
Request PDF Brochure: https://www.alliedmarketresearch.com/request-sample/10715
Insurance brokerage offers financial protection to individuals, assets, and businesses against uncertain events, hence, plays a major role in economic growth of a nation. The insurance brokerage industry is transforming continuously with the adoption of digital tools and platforms.
Prime determinants of growth 
The shift from physical to digital channels and growing awareness among increase in demand for insurance policies among the developing nations and integration of IT & analytics solutions by various insurance providers boost the growth of the insurance brokerage market. In addition, rise in demand for providing professional solutions and services to end users among the insurance companies positively impacts the growth of the market. However, direct purchase of insurance policies by customers and massive availability of alternative platform for purchasing insurance policy are expected to hamper the market growth. However, favorable government initiatives regarding insurance policies among the developing nations are expected to offer remunerative opportunities for the expansion of the market during the forecast period.
Report coverage & details:
Report Coverage
Details
Forecast Period
2023–2032
Base Year
2022
Market Size in 2022
$259.7 billion
Market Size in 2032
$628.3 billion
CAGR
9.3 %
No. of Pages in Report
257
Segments covered
Insurance Type, Brokerage Type,  and Region.
Drivers
Increase in demand for insurance policies among the general public
Expansion of digital brokers
Integration of IT & analytic solutions
Opportunities
Rise in personalized insurance policies
Favorable government initiatives regarding insurance policies
Restraints
Availability of alternative platforms for purchasing insurance policy
 
Covid-19 Scenario
The pandemic-induced economic downturn led to reduced business activities, declining revenues, and heightened financial uncertainties for many industries. This directly affected insurance brokerage firms, as businesses scaled back operations, resulting in decreased demand for various insurance products. Overall, the pandemic heightened consumer uncertainty, leading to delayed purchasing decisions and hesitancy in committing to insurance coverage. Individuals and businesses were cautious about additional financial commitments due to the economic uncertainties, resulting in longer sales cycles and potentially reduced revenues for brokerages. Therefore, the COVID-19 pandemic had a negative impact on the insurance brokerage market. Procure Complete Report (435 Pages PDF with Insights, Charts, Tables, and Figures) @ https://bit.ly/480hXFP
The property and casualty insurance segment to maintain its leadership status throughout the forecast period
Based on insurance type, the property and casualty insurance segment held the highest market share in 2022, accounting for more than half of the global insurance brokerage market revenue. This segment is also projected to manifest the highest CAGR of 10.4% from 2023 to 2032, due to the increasing frequency and severity of natural disasters have heightened awareness of the need for property insurance coverage. Consumers and businesses are seeking protection against events such as hurricanes, floods, and wildfires, thus driving the demand for comprehensive property insurance policies.
The retail segment to maintain its leadership status throughout the forecast period
Based on end user, the retail segment held the highest market share in 2022, accounting for around four-fifths of the global insurance brokerage market revenue, and is estimated to maintain its leadership status throughout the forecast period. This is because retail insurance brokerage providers offer products such as health, disability, and wellness-related insurance to cater to these preferences. However, the wholesale segment is projected to manifest the highest CAGR of 12.7% from 2023 to 2032, this is attributed to the fact that wholesale brokerage providers play a pivotal role in connecting retail agents and brokers with insurance carriers that offer specialized or hard-to-find coverage. They provide access to markets that may not be accessible to retail agents, helping them place coverage for unique risks.
North America to maintain its dominance by 2032
Based on region, North America held the highest market share in terms of revenue in 2022, accounting for nearly two-fifths of the global insurance brokerage revenue, owing to rise in adoption of insurance among the end users and increase in profit margins of insurance provider in the North America countries. However, the Asia-Pacific region is expected to witness the fastest CAGR of 12.4% from 2023 to 2032, and is likely to dominate the market during the forecast period, as various governments across Asia-Pacific are providing favorable government policies for new foreign insurance companies to settle their market in the country.   
Leading Market Players: –
Acrisure, LLCAon plcBrown & Brown, IncGallagherHUB International LimitedLockton companiesMarsh & McLennan Companies Inc.Truist Insurance HoldingsUSI Insurance Services L.L.CWillis Towers WatsonThe report provides a detailed analysis of these key players of the global insurance brokerage market. These players have adopted different strategies such as partnership, product launch, and expansion to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
Key Benefits for Stakeholders
This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the insurance brokerage market forecast from 2022 to 2032 to identify the prevailing market opportunities.Market research is offered along with information related to key drivers, restraints, and opportunities of insurance brokerage market outlook.Porter’s five forces analysis highlights the potency of buyers and suppliers to enable stakeholders to make profit-oriented business decisions and strengthen their supplier-buyer network. In-depth analysis of the insurance brokerage market segmentation assists in determining the prevailing insurance brokerage market opportunity.Major countries in each region are mapped according to their revenue contribution to the global market.Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.The report includes an analysis of the regional as well as global insurance brokerage market trends, key players, market segments, application areas, and market growth strategies.Want to Access the Statistical Data and Graphs, Key Players’ Strategies:https://www.alliedmarketresearch.com/insurance-brokerage-market/purchase-options
Similar Reports We Have on BFSI Industry:
Commercial Insurance Market By Type (Commercial Motor Insurance, Commercial, Property Insurance, Liability Insurance, Marine Insurance, and Others), Distribution Channel (Agents & Brokers, Direct Response, and Others) Enterprise Size (Large Enterprises, Medium-Sized Enterprises, and Small-Sized Enterprises), and Industry Vertical (Manufacturing, Construction, IT & Telecom, Healthcare, Energy & Utilities, Transportation & Logistics, and Others): Global Opportunity Analysis and Industry Forecast, 2021-2030
Home Insurance Market by Coverage (Comprehensive Coverage, Dwelling Coverage, Content Coverage, and Other Optional Coverages), End User (Landlords and Tenants): Global Opportunity Analysis and Industry Forecast, 2020-2027
Burial Insurance Market by Type (Simplified Issue, Guaranteed Issue, Pre-need Insurance), by Age of End User (Over 50, Over 60, Over 70, Over 80): Global Opportunity Analysis and Industry Forecast, 2023-2032
Fire Insurance Market by Coverage (Standard Coverage and Optional Coverage), Enterprise Size (Large Enterprises and Small and Medium Enterprises) and Industry Vertical (Manufacturing, Healthcare, Energy & Utilities, Retail & Consumer Goods, IT & Telecom, Hospitality and Others): Global Opportunity Analysis and Industry Forecast, 2021-2028
Rideshare Insurance Market by Coverage (Liability Coverage, Collision Coverage, Underinsured/Uninsured Motorist Coverage, Comprehensive Coverage, Others): Global Opportunity Analysis and Industry Forecast, 2023-2032
About Us:
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
Contact Us:United States1209 Orange Street,Corporation Trust Center,Wilmington, New Castle,Delaware 19801 USA.Int’l: +1-503-894-6022Toll Free: +1-800-792-5285Fax: +1-800-792-5285help@alliedmarketresearch.com
Logo: https://mma.prnewswire.com/media/636519/Allied_Market_Research_Logo.jpg
 
View original content:https://www.prnewswire.co.uk/news-releases/insurance-brokerage-market-to-reach-628-3-billion-globally-by-2032-at-9-3-cagr-allied-market-research-301919339.html