What is Personal Lines Insurance Agency Market?
The increasing era of consumer-centric insurance will help to boost the global Personal Lines Insurance Agency market. Personal lines insurance refers to any kind of insurance that covers individuals against loss that results from death, injury, or loss of property. These insurance lines generally protect people and their families from losses they couldn't afford to cover on their own.
The market study is being classified by Type (Property Insurance and Casualty Insurance), by Application (Homeowners Insurance, Flood Insurance, Renters Insurance, Personal watercraft, Automobile Insurance, Umbrella Insurance and Others) and major geographies with country level break-up.
HUB International (United States), Acrisure LLC (United States), AssuredPartners Inc (United States), USI Insurance Services (United States), BroadStreet Partners Inc. (United States), AIS Insurance* (United States), Univista Insurance(United States), Westwood Insurance Agency (United States) and TWFG Insurance Services (United States) are some of the key players profiled in the study. Additionally, the Players which are also part of the research are Baldwin Risk Partners, Cross Insurance, Alliant Insurance Services Inc, Leavitt Group, NFP, Crystal & Co., Leavitt Group, PayneWest Insurance, Momentous Insurance Brokerage, Celedinas Insurance Group, J. Smith Lanier & Co., Lawley Insurance, Rogers & Gray Insurance Agency, Professional Insurance Associates Inc. and Mesirow Insurance Services.
The United States Personal Lines Insurance Agency market is highly competitive and fragmented in nature owing to the presence of many regional and domestic players. The companies are exploring the market by adopting mergers & acquisitions, expansions, investments, new service launches, and collaborations as their preferred strategies. The players are exploring new geographies through expansions and acquisitions to avail a competitive advantage through combined synergies. Research Analyst at AMA predicts that United States Players will contribute to the maximum growth of Global Personal Lines Insurance Agency market throughout the predicted period.
Analyst at AMA have segmented the market study of Global Personal Lines Insurance Agency market by Type, Application and Region.
On the basis of geography, the market of Personal Lines Insurance Agency has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). North America region held largest market share in the year 2020. Europe on the other hand stood as second largest market due to the presence of key companies into the region and high technological advancement. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
- Rising demand for Umbrella Insurance
- Directs are winning the purchase experience battle
- The increasing awareness regarding the insurance policies
- The growing era of consumer-centric insurance
- Rising consumer expectations
- Increasing Adoption of New Services
- Maximizing the digital experience
- Insurtech and alternative insurance models
- The stringent government regulations regarding insurance
According to the new norms, an individual can act as an insurance agent for only one life insurer, one general insurer, one health insurer and one monoline insurer. Irdai has said anyone acting as an insurance agent in contravention of the provisions of the Act will be liable to pay a penalty of up to Rs 10,000.
Key Target AudienceDistributors, Government Regulatory Bodies, Private Research Organizations, Government Research Organization and Others
Frequently Asked Questions (FAQ):
1. Which factors would majorly drive the Personal Lines Insurance Agency Market?
"Rising demand for Umbrella Insurance
" is seen as one of major growth factors of Personal Lines Insurance Agency Market in years to come.
2. Can we have customized study for Personal Lines Insurance Agency Market?
The Study can be customized subject to feasibility and data availability. Please connect with our sales representative for further information.
3. Which region will lead the Global Personal Lines Insurance Agency Market?
North America will lead the Personal Lines Insurance Agency Market.