About Insurance Broking
An Insurance Broker is an intermediary person between the insurer and the insured in order to make an insurance deal. This activity is referred to as insurance broking. An Insurance Broker is a specialist person who addresses buyers as they continue looking for the best policy for their requirements. The insurance brokerage market is a vital component of the insurance industry, acting as an intermediary between insurance companies and policyholders. It is characterized by a competitive landscape, with a mix of large multinational firms, smaller regional brokers, and independent agents. The market is driven by factors such as the growing demand for insurance, technological advancements, and regulatory changes.
Attributes | Details |
---|
Study Period | 2020-2032 |
Base Year | 2024 |
Unit | Value (USD Million) |
The insurance broking market is highly competitive, with a mix of large multinational firms, smaller regional brokers, and independent agents. The leading organizations in the market to avail competitive advantage are introducing new technology applications in insurance-related transactions. The companies also make strategic partnerships and acquisitions with other companies to deliver quality to their customers. Analyst at AMA Research estimates that United States Players will contribute the maximum growth to Global Insurance Broking market throughout the forecasted period. Established and emerging Players should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
Aon (United Kingdom), Arthur J. Gallagher & Co. (United States), Brown & Brown, Inc. (United States), HUB International (United States), Marsh & McLennan (United States), Lockton, Inc. (United States), Truist Financial Corporation (United States), NFP Corp. (United States), AmWINS Group Inc. (United States) and Willis Towers Watson (United Kingdom) are some of the key players that are part of study coverage. Additionally, the Players which are also part of the research coverage are USI Insurance Services LLC (United States), Tata Motors Insurance Broking and Advisory Services Limited (India), Jardine Lloyd Thompson Group plc. (United Kingdom), Acrisure (United States), Aditya Birla Insurance Brokers Limited (India) and Assured Partners Inc. (United States).
Segmentation Overview
AMA Research has segmented the market of Global Insurance Broking market by Type (Property and Casualty (P&C) Insurance, Life and Health Insurance, General Insurance and Others), Application (Individual and Corporate) and Region.
On the basis of geography, the market of Insurance Broking 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). If we see Market by Insurance Coverage, the sub-segment i.e. Travel Insurance will boost the Insurance Broking market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Distribution Channels, the sub-segment i.e. Direct Sales will boost the Insurance Broking market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Broker Type, the sub-segment i.e. Direct Brokers will boost the Insurance Broking market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
Increase in adoption of insurance policies in the developing countries
Market Growth Drivers:
Growing Demand for Insurance and Increasing adoption of digital technologies, such as insurtech solutions
Challenges:
Rise of online and direct-to-consumer insurance sales
Restraints:
Strict regulatory requirements
Opportunities:
Increasing implementation of technologies in existing products and service lines and Rising government initiatives regarding insurance policies
Market Leaders and their expansionary development strategies
On 15 Jan 2021, Brown & Brown, Inc. announced the completion of the previously announced acquisition of O’Leary Insurances by Brown & Brown, Inc. Due to this acquisition make relevant changes to Brown & Brown’s consummation and integration and changes in the business and financial condition of the seller, the buyer, or both, and their respective customers.
On 1 July 2021, Arthur J. Gallagher & Co. announced that it has purchased the remaining shares of Edelweiss Gallagher Insurance Brokers Limited from Edelweiss Financial Services Limited. This partnership with Edelweiss has delivered strong results and this new step provides an exciting opportunity to establish a broader Gallagher footprint.
Key Target Audience
Industrial Associations, Government Regulatory Bodies, Insurance Distribution Channels, Insurance Broking firms, Potential Investors, Market Research Organizations and Others
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have a better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with the purpose to understand the companies positioning regarding the market value, volume, and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply a number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders, etc., and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, the analyst team keeps preparing a set of questionnaires, and after getting the appointee list; the target audience is then tapped and segregated with various mediums and channels that are feasible for making connections that including email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey, etc.