Insurance brokers and agents market research shows growth rate above 9%

TBRC’s insurance industry research includes a detailed analysis of the insurance brokers and agents market and its development in the coming years.

LONDON, May 24, 2022 /PRNewswire/ — The insurance broker and agent market consists of the sale of insurance policies by entities (organizations, sole traders, and partnerships) and individuals who act as intermediaries (agents and brokers) in the sale of insurance policies. insurance and life annuities. They represent consumers or insurance providers or both in the collection of insurance premiums. Insurance brokers and agents may contract with one or more insurance companies as they try to meet the different needs of customers with the insurance products available.

The size of the global insurance brokers and agents market is expected to grow from $374.2 billion in 2021 to $409.15 billion in 2022 at a compound annual growth rate (CAGR) of 9.3%. The size of the global insurance brokers and agents market is expected to grow to $551.88 billion in 2026 at a CAGR of 7.8%.

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Market segments

The insurance brokers and agents market is segmented by type into insurance agencies, insurance brokers, bancassurance, and other intermediaries. The insurance agency market was the largest segment of the insurance brokers and agents market by type, accounting for 39.5% of the total market in 2021. The bancassurance market is expected to be the fastest growing segment by type , advancing at a CAGR of 9.1% over the 2021-2026 period.

The insurance brokers and agents market is also segmented by end user into corporate, individual, by online mode, offline, and by insurance into life, property and casualty, health, and medical insurance.

world perspective

North America has the largest market value of insurance brokers and agents, accounting for 42.6% of the global market in 2021. It was followed Eastern Europe, Pacific Asia and the other regions. In the future, the fastest growing regions in the insurance brokers and agents market will be South America and the Africawhere growth will be CAGR of 12.2% and 9.3% respectively from 2021-2026.

competitive landscape

M&A activity in the insurance brokers and agents market has remained at a high level for the past four years. Some of the notable deals include those completed by Alliance Group, Acrisure, Arthur J Gallagher, Coverys European Holdings (CEH), Howden, Huron Capital Partners, and others.

Major companies with market share for insurance brokers and agents include Marsh & McLennan, Chubb Limited, Toyota Motor Corp, Arthur J Gallagher & Co., Bank of Porcelaininternational Center, willis watson towersBrown & Brown, BB&T Insurance Holdings Inc, and Jardin Matheson.

See more in the Insurance Brokers and Agents Market Report

See similar market reports:

Global Insurance, Reinsurance and Insurance Brokerage Market Report 2022 – By Type (Insurance, Insurance Brokers & Agents, Reinsurance), By Mode (Online, Offline), By End User (Corporate, Individual) – Market Size market, trends and global forecast 2022 -2026

Insurance Agency Market Report 2022 – By Insurance (Life Insurance, Property & Casualty Insurance, Medical & Health Insurance), By Mode (Online, Offline), By End User (Corporate, Individual) – Size of the market, trends and global forecast 2022- 2026

Insurance Market Report (Providers, Brokers & Reinsurers) 2022 – By Type (Insurance Providers, Insurance Brokers & Agents, Reinsurance Providers), By Mode (Online, Offline), By End User (Corporate, Individual ) – Market Size, Trends, And Global Forecast 2022-2026

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