Insurance Brokers And Agent Market Report 2025 (Global Edition)

Global Insurance Brokers And Agent Market Report 2025 Market Size Split by Insurance Type (Health & Medical Insurance, Life Insurance, Property & Casualty Insurance, Others), by End-User (Individual, ...

Insurance Brokers And Agent Market Report Description

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Insurance Brokers And Agent Market Insights Video

Competitive Landscape of the Insurance Brokers and Agent Market

The competitive landscape of the Insurance Brokers and Agent market is characterized by a range of players competing to gain market share through product innovation, strategic partnerships, and aggressive marketing efforts. Key players in the market include established Insurance companies, specialized insurance brokers and agents, and emerging start-ups aiming to disrupt the market with innovative solutions.

• June 2024: Lockton, the world's largest independent insurance brokerage, has entered the Indian market with Sandeep Dadia appointed as the country CEO. The company aims to drive growth and meet the increasing demand for risk consulting and management services in India. (Source: https://economictimes.indiatimes.com/tech/startups/us-based-insurance-broker-lockton-enters-india/articleshow/107047946.cms?from=mdr)
• May 2023: WTW has launched Neuron, a next-generation digital insurance platform designed to connect underwriters and brokers more efficiently. This innovative solution aims to improve trading speed and reduce costs by leveraging digitization, automation, and enhanced data utilization in a fragmented market. (Source: https://www.wtwco.com/en-in/news/2023/05/wtw-disrupts-commercial-market-with-launch-of-neuron-a-next-generation-trading-solution-to-connect)

Top Companies Market Share in Insurance Brokers And Agent Industry: (In no particular order of Rank)

• Willis Towers Watson
• Arthur J. Gallagher & Co.
• The Hartford Financial Services Group
• Marsh & McLennan Companies
• Alliant Insurance Services Inc.
• Aon plc
• Gallagher Affinity
• Brown & Brown Inc.
• HUB International
• Lockton Companies
• USI Insurance Services
• NFP (National Financial Partners)
• Jardine Lloyd Thompson Group (JLT)
• Others
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*List of Second Tier Companies, List of Third Tier/ Start-up Companies (Inquire with sales executive) Request Any Company Profile for Preview Purpose OR Data Validation!

If any Company(ies) of your interest has/have not been disclosed in the above list then please let us know the same so that we will check the data availability in our database and provide you the confirmation or include it in the final deliverables.

Regional Analysis of the Insurance Brokers and Agent Market

Which Region Dominates the Insurance Brokers and Agent Market in 2024?

According to Cognitive Market Research, North America dominated the market in 2024. It accounted for around 40% of the global revenue due to the region's advanced insurance infrastructure, high consumer awareness, and robust regulatory framework. Additionally, North America's strong economic performance, high levels of insurance penetration, and a significant number of insurance brokers and agents contributed to its leading market share..

Which Region is Expanding at the Fastest CAGR?

Asia Pacific stands out as the fastest-growing region in the Insurance Brokers and Agent market due to its expanding economies, increasing disposable incomes, and rising awareness of insurance products. Rapid urbanization and a growing middle class are driving demand for various types of insurance in the Asia Pacific region.

The current report Scope analyzes Insurance Brokers And Agent Market on 5 major region Split (In case you wish to acquire a specific region edition (more granular data) or any country Edition data then please write us on info@cognitivemarketresearch.com

• North America (United States, Canada, Mexico)
• Europe (United Kingdom, France, Germany, Italy, Russia, Spain, Sweden, Denmark, Switzerland, Luxembourg, Rest of Europe)
• Asia Pacific (China, Japan, South Korea, India, Australia, Singapore, Taiwan, South East Asia, Rest of APAC)
• Latin America (Brazil, Argentina, Colombia, Peru, Chile, Rest of South America)
• Middle East (Saudi Arabia, Turkey, UAE, Egypt, Qatar, Rest of Middle East)
• Africa (Nigeria, South Africa, Rest of Africa)

The above graph is for illustrative purposes only.

North America Insurance Brokers And Agent Market Analysis

According to Cognitive Market Research, the global Insurance Brokers and Agent market size was estimated at USD 256945.2 Million, out of which North America held the major market share of more than 40% of the global revenue with a market size of USD 102778.08 million in 2024 and will grow at a compound annual growth rate (CAGR) of 6.7% from 2024 to 2031.

• According to Cognitive Market Research, the US had a major share in the Insurance Brokers and Agent market with a market size of USD 81091.91 million in 2024 and is projected to grow at a CAGR of 7.0% during the forecast period. The nation's advancements in insurance agent technology.
• The Canadian Insurance Brokers and Agent market had a market share of USD 12333.37 million in 2024 and is projected to grow at a CAGR of 7.5% during the forecast period. The growing trend of digital platforms increases sales in Canada.
• The Mexico Insurance Brokers and Agent market is projected to witness growth at a CAGR of 7.2% during the forecast period, with a market size of USD 9352.81 million in 2024.

Europe Insurance Brokers And Agent Market Analysis

According to Cognitive Market Research, the global Insurance Brokers and Agent market size was estimated at USD 256945.2 Million, out of which Europe held the market share of more than 30% of the global revenue with a market size of USD 77083.56 million in 2024 and will grow at a compound annual growth rate (CAGR) of 7.0% from 2024 to 2031.

• The United Kingdom Insurance Brokers and Agent market had a market share of USD 12950.04 million in 2024 and is projected to grow at a CAGR of 7.8% during the forecast period. In the UK, Insurance Brokers and Agent sales witness an upswing due to the nation's rising demand for insurance brokers and agents are increasingly adopting innovative digital platforms.
• The France Insurance Brokers and Agent market is projected to witness growth at a CAGR of 6.2% during the forecast period, with a market size of USD 7091.69 million in 2024.
• According to Cognitive Market Research, the German Insurance Brokers and Agent market size was valued at USD 15262.54 million in 2024 and is projected to grow at a CAGR of 7.2% during the forecast period. In Germany, the Insurance Brokers and agents surged due to the increased awareness of property & casualty insurance.
• The Italy Insurance Brokers and Agent market is projected to witness growth at a CAGR of 6.4% during the forecast period, with a market size of USD 6629.19 million in 2024.
• The Russian Insurance Brokers and Agent market is projected to witness growth at a CAGR of 6.0% during the forecast period, with a market size of USD 11947.95 million in 2024.
• The Spain Insurance Brokers and Agent market is projected to witness growth at a CAGR of 6.1% during the forecast period with a market size of USD 6320.85 million in 2024
• The Luxembourg Insurance Brokers and Agent market is projected to witness growth at a CAGR of 7.1% during the forecast period, with a market size of USD 2389.59 million in 2024.
• The Portugal Insurance Brokers and Agent market is projected to witness growth at a CAGR of 6.8% during the forecast period, with a market size of USD 1618.75 million in 2024.
• The Greece Insurance Brokers and Agent market is projected to witness growth at a CAGR of 7.3% during the forecast period, with a market size of USD 925.00 million in 2024.
• Rest of Europe's Insurance Brokers and agents market is projected to witness growth at a CAGR of 5.7% during the forecast period, with a market size of USD 11947.95 million in 2024.

Asia Pacific Insurance Brokers And Agent Market Analysis

According to Cognitive Market Research, the global Insurance Brokers and Agent market size was estimated at USD 256945.2 Million, out of which Asia Pacific held the market share of around 23% of the global revenue with a market size of USD 59097.40 million in 2024 and will grow at a compound annual growth rate (CAGR) of 10.5% from 2024 to 2031.

• According to Cognitive Market Research, the China Insurance Brokers and Agent market size was valued at USD 26593.83 million in 2024 and is projected to grow at a CAGR of 10% during the forecast period. Insurance Brokers and Agents surged in China due to the rapid economic growth, and increasing middle-class population.
• The Japan Insurance Brokers and Agent market is projected to witness growth at a CAGR of 9% during the forecast period, with a market size of USD 8155.44 million in 2024.
• The India Insurance Brokers and Agent market had a market share of USD 7091.69 million in 2024 and is projected to grow at a CAGR of 12.3% during the forecast period. India's rising disposable incomes, and the expansion of digital platforms for insurance services driving the sales.
• The South Korean Insurance Brokers and Agent market is projected to witness growth at a CAGR of 9.6% during the forecast period, with a market size of USD 5909.74 million in 2024.
• The Australian Insurance Brokers and Agent market is projected to witness growth at a CAGR of 10.2% during the forecast period, with a market size of USD 3073.06 million in 2024.
• The South East Asia Insurance Brokers and Agent market is projected to witness growth at a CAGR of 12.5% during the forecast period, with a market size of USD 4077.72 million in 2024.
• The Rest of Asia Pacific Insurance Brokers and Agent market is projected to witness growth at a CAGR of 10.3% during the forecast period, with a market size of USD 4195.92 million in 2024.

South America Insurance Brokers And Agent Market Analysis

According to Cognitive Market Research, the global Insurance Brokers and Agent market size was estimated at USD 256945.2 Million, out of which the Latin America market has more than 5% share of the global revenue with a market size of USD12847.26 million in 2024 and will grow at a compound annual growth rate (CAGR) of 7.9% from 2024 to 2031. .

• According to Cognitive Market Research, the Brazil Insurance Brokers and Agent market size was valued at USD 5498.63 million in 2024 and is projected to grow at a CAGR of 8.5% during the forecast period. Insurance Brokers and Agents flourished in Brazil due to a growing middle class, and the rising demand for personalized insurance products.
• Argentina's Insurance Brokers and Agent market had a market share of USD 2158.34 million in 2024 and is projected to grow at a CAGR of 8.8% during the forecast period. Argentina's technological advancements augment the demand for Insurance Brokers and Agents.
• Colombia's Insurance Brokers and agents market is projected to witness growth at a CAGR of 7.7% during the forecast period, with a market size of USD 1143.41 million in 2024.
• Peru's Insurance Brokers and agents market is projected to witness growth at a CAGR of 8.1% during the forecast period, with a market size of USD 1053.48 million in 2024.
• Chile's Insurance Brokers and agents market is projected to witness growth at a CAGR of 8.2% during the forecast period, with a market size of USD 925.00 million in 2024.
• The Rest of Latin America's Insurance Brokers and agents market is projected to witness growth at a CAGR of 7.0% during the forecast period, with a market size of USD 2068.41 million in 2024.

Middle East Insurance Brokers And Agent Market Analysis

According to Cognitive Market Research, the global Insurance Brokers and Agent market size was estimated at USD 256945.2 Million, out of which the Middle East and Africa held the major market share of around 2% of the global revenue with a market size of USD 5138.90 million in 2024 and will grow at a compound annual growth rate (CAGR) of 8.2% from 2024 to 2031..

• The GCC Countries Insurance Brokers and Agent market is projected to witness growth at a CAGR of 9.0% during the forecast period, with a market size of USD 2199.45 million in 2024. Insurance Brokers and Agent sales flourish due to the presence of major market players.
• The Egypt Insurance Brokers and Agent market is projected to witness growth at a CAGR of 8.5% during the forecast period, with a market size of USD 539.58 million in 2024.
• The South African Insurance Brokers and Agent market is projected to witness growth at a CAGR of 9.2% during the forecast period, with a market size of USD 811.95 million in 2024. Insurance Brokers and Agent sales flourished in South Africa due to an increase in digital adoption within the insurance sector.
• The Turkey Insurance Brokers and Agent market is projected to witness growth at a CAGR of 7.7% during the forecast period, with a market size of USD 441.95 million in 2024.
• The Nigeria Insurance Brokers and Agent market is projected to witness growth at a CAGR of 7.3% during the forecast period, with a market size of USD 539.58 million in 2024.
• The Rest of the MEA Insurance Brokers and Agent market is projected to witness growth at a CAGR of 7.2% during the forecast period, with a market size of USD 606.39 million in 2024.

Insurance Brokers And Agent Market Analysis

Insurance Brokers and Agent Market Insurance Type Segment Analysis

According to Cognitive Market Research, Health & Medical Insurance stands out as the dominant category. This is due to its important role in the cost of health care for individuals and families. As healthcare costs rise and people become more interested in healthcare, the demand for comprehensive medical insurance increases. The increasing prevalence of chronic diseases and the need for preventative care are further increasing this demand.

Life Insurance emerged as the fastest-growing category in the insurance brokers and agent market. This is due to increased life expectancy, increased awareness of financial security, and the need for financial planning to protect families and dependents. As more people seek to ensure the financial stability of their loved ones, demand for life insurance products increases. An expanding middle class and rising disposable income further support the segment’s growth..

The above Chart is for representative purposes and does not depict actual sale statistics. Access/Request the quantitative data to understand the trends and dominating segment of Insurance Brokers And Agent Industry. Request a Free Sample PDF!

Insurance Brokers and Agent Market End-User Segment Analysis

According to Cognitive Market Research, the dominant category is Individual. This is because individual insurance needs such as health, life, and property insurance are important for most people. The demand for personal insurance products is driven by the increased awareness of personal risk management, the need to protect finances, and legal requirements for insurance Individuals generally seek tailored insurance solutions to deal with individual and family needs and increase this segment in terms of market share.

The fastest-growing category in the insurance brokers and agent market is corporate. This is due to the expanding need for employee benefits, operational risk management, and comprehensive solutions to protect organizations. As businesses grow and develop, they invest more in corporate insurance products to protect assets, manage costs, and provide employee benefits.

The above Graph is for representation purposes only. This chart does not depict actual Market share.

Insurance Brokers And Agent Mode Segment Analysis

Insurance Brokers and Agent Market Mode Segment Analysis

According to Cognitive Market Research, the dominant category is Online. This is due to the popularity of digital devices, their convenience, and the ability to easily compare insurance products. Online channels provide users with faster access to information, better shopping systems, and customer service, which has led to a dramatic shift in digital communication The widespread use of smartphones, easier access to the internet, and the rise of digital marketing help the online segment dominate the market.

The fastest-growing category in the Insurance Brokers and Agent market is Offline. Despite the predominance of online platforms, the demand for personalized services and face-to-face consultations from insurance brokers and agents is increasing because they can give advice that is tailored to the needs of an individual. The offline sector is thriving because customers want some unique advice, complicated insurance wants certain kinds of interventions, while there are areas that prefer direct relationships with their customers. As a result, brokers and agents are responding to changing client needs as well as combining their traditional services with online ones..

• Online
• Offline

Author's Detail

Swasti Dharmadhikari

Research associate at Cognitive Market Research

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Swasti Dharmadhikari, an agile and achievement-focused market researcher with an innate ardor for deciphering the intricacies of the Service & Software sector. Backed by a profound insight into technology trends and consumer dynamics, she has committed herself to meticulously navigating the ever-evolving terrain of digital Services and software solutions.

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