PORTLAND, Ore., April 27, 2021 /PRNewswire/ — Allied Market Research published a report, titled, “Insurance Brokerage Market By Insurance Type (Life Insurance and Property & Casualty Insurance), and Brokerage Type (Retail Brokerage and Wholesale Brokerage): Global Opportunity Analysis and Industry Forecast, 2020-2027″. According to the report, the global insurance brokerage industry was estimated at $265.03 billion in 2019, and is expected to hit $395.04 billion by 2027, registering a CAGR of 7.3% from 2020 to 2027.
Drivers, Restraints, and Opportunities
Increase in demand for insurance policies, offering professional solutions and services, and integration of IT & analytic solutions propel the growth of the global insurance brokerage market. On the other hand, direct purchases of insurance policies by customers and availability of different platforms to avail insurance policy restrain the market growth to some extent. However, implementation of technologies in current products and service lines and supportive government initiatives about insurance policies are expected to create lucrative opportunities in the future.
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- The outbreak of the virus led to implementation of lockdown by governments in most countries and closure of businesses and public & private organizations across the globe. This, in turn, impacted the insurance brokerage market negatively.
- Also, the shareholders of the publicly hold insurance brokers companies happened to withdraw their contribution from the organizations to increase fund in order to fulfill their daily requirements. This factor has also affected the global insurance brokerage market.
The Property & Casualty Insurance Segment to Retain Its Dominance By 2027
By insurance type, the property & casualty (P&C) insurance segment garnered the highest market share in 2019, generating more than half of the global insurance brokerage market. The segment is also anticipated to manifest the fastest CAGR of 7.9% from 2020 to 2027. This is because it provides a wide variety of plans & associated with coverage such as protection of property/ vehicles, or any other assets from hazards such as earthquake, fire, flood, cyclone, among others.
The Retail Segment to Rule the Roost
By brokerage type, the retail segment contributed to more than four-fifths of the global insurance brokerage market, and is projected to dominate by 2027. This segment is also expected to register at the fastest CAGR of 7.6% throughout the forecast period. Retail insurance brokerage firms keep researching on insurance policies. They are also known to negotiate with insurance providers in order to secure favorable terms for their clients, owing to which many end users are adopting retail brokerage solutions. These factors fuel the segment growth.
North America had the Major Share in 2019
By region, North America garnered the major share in 2019, holding nearly two-fifths of the global insurance brokerage market, owing to rise in adoption of various types of insurance across the province, which include home insurance, travel insurance, and health insurance. Simultaneously, the market across Asia-Pacific would portray the fastest CAGR of 9.3% from 2020 to 2027, due to emerging economies, increase in awareness toward various type of insurances, and adoption of product insurances among the middle-income populace.
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Frontrunners in the Industry
- Brown & Brown, Inc.
- Acrisure, LLC
- Aon plc
- HUB International Limited
- Willis Towers Watson
- Marsh & McLennan Companies Inc.
- Lockton companies
- USI Insurance Services LLC
- Truist Insurance Holdings
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