Global Insurance Brokers Market Set for Steady Growth, Projected to Reach $130.35 Billion by 2027

LANDON, GREATER LANDON, UK, December 11, 2023 /EINPresswire.com/ -- The global insurance brokers market is on a growth trajectory, with a projected increase from $98.82 billion in 2022 to $105.33 billion in 2023, reflecting a compound annual growth rate (CAGR) of 6.6%. Over the forecast period, the market is expected to continue expanding, reaching a substantial size of $130.35 billion by 2027, with a CAGR of 5.5%.

Key Market Segments: Catering to Diverse Insurance Needs

1.Type: The market offers a range of insurance types, including Life Insurance, General Insurance, Health Insurance, and Other Types, addressing diverse insurance needs of individuals and corporations.
2.Mode: The mode of operation includes Offline and Online channels, providing flexibility in accessing insurance brokerage services.
3.End User: The market caters to both Corporate and Individual clients, offering tailored insurance solutions to meet specific requirements.

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Market Drivers: Increasing Demand for Insurance Policies

The insurance brokers market is witnessing growth propelled by an increasing demand for insurance policies. Clients seek security services and customized financial solutions, driving the surge in demand for insurance policies. Notably, in India, the Life Insurance Corporation of India reported a 3.54% increase in policies sold, reaching 2.17 crore in the fiscal year 2021-2022, compared to the previous year's 2.10 crore policies. This upward trend in insurance policy demand is a significant driver for the insurance brokerage market.

Major Players and Market Dynamics

Key players in the insurance brokers market include Aon PLC., Arthur J. Gallagher & Co., BB&T Corp., Brown & Brown Insurance Inc., HUB International Ltd., Marsh & McLennan Companies Inc., NFP Corp., Willis Towers Watson PLC., Wells Fargo Insurance Services, and Meadowbrook Insurance Group. These market leaders play a crucial role in shaping industry dynamics, driving innovation, and expanding market reach.

Regional Insights: North America Leads, Western Europe Follows

North America secured the position of the largest region in the insurance brokers market in 2022, with robust market adoption. Western Europe emerged as the second-largest market, showcasing significant presence and growth. The global insurance brokers market analysis report covers regions such as Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.

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Insurance Brokers Global Market Report 2023 from TBRC covers the following information:

1. Market size date for the forecast period: Historical and Future
2. Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
3. Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

Trends, opportunities, strategies and so much more.
The Insurance Brokers Global Market Report 2023 by The Business Research Company is the most comprehensive report that provides insights on insurance brokers market size, insurance brokers market drivers and trends, insurance brokers market major players, competitors' revenues, market positioning, and market growth across geographies. The insurance brokers market report helps you gain in-depth insights on opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.

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