Insurance Brokerage Market Analysis Report 2023-2027:
The insurance brokerage market is estimated to grow at a CAGR of 6.24% between 2022 and 2027. The market size is forecasted to increase by USD 75.24 billion. The growth of the market depends on several factors, including the increased demand for insurance policies, the implementation of distinct valuation strategies, and the increase in HNWIs globally.
This insurance brokerage market report extensively covers market segmentation by type (non-life insurance and life insurance), end-user (individuals and corporate), and geography (North America, Europe, APAC, South America, and Middle East and Africa). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
What will be the Size of the Insurance Brokerage Market During the Forecast Period?

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Insurance Brokerage Market: Key Drivers, Trends, Challenges, and Customer Landscape
The increased demand for insurance policies is notably driving the market growth, although factors such as stringent regulatory compliances related to insurance services may impede the market growth. Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
Key Insurance Brokerage Market Driver
The increased demand for insurance policies is notably driving market growth. Purchasing an insurance policy is a key financial decision for customers. To adopt efficient pricing policies, insurance brokerage firms are working on effective sales strategies and creating actuarial models. The increasing population of baby boomers and millennials is leading to growth opportunities for insurance brokerage firms. Insurance brokers focus on policies that provide maximum benefits, which has increased the demand for insurance products. The demand for accidental insurance, life insurance, medical insurance, vehicle insurance, liability insurance, and property insurance is high in the market.
The demand for effectively priced insurance policies is high in the market. Insurance firms are investing in innovative products and services to tap the potential in emerging markets. Moreover, the increasing awareness about the benefits of insurance policies will fuel the demand for such policies during the forecast period. These factors are expected to boost the growth of the global insurance brokerage market during the forecast period.
Significant Insurance Brokerage Market Trends
The integration of IT and analytics solutions is a key trend shaping the market. Market vendors are integrating IT and analytics solutions to maximize their sales. Analytics solutions help in creating effective marketing strategies and underwriting services. Data analytics helps firms with product design and customer targeting through simulation and stochastic techniques. In addition, insurance brokers use data analytics tools to maintain a competitive edge. Such tools use complex models and predict possible future outcomes to identify hidden data patterns. Major market vendors are focusing on business intelligence to analyze the current market scenario. This improves decision-making, enhances performance, improves customer service, and generates high profits.
Established analytics firms have collaborated with insurance brokerage companies to expand their customer base. The integration of IT and analytics helps customers access vital information about portfolio metrics, financial risks, pricing inadequacies, and profitability. These solutions facilitate actuarial and underwriting, claims processing, prevention of identity theft, and checking insurance frauds. Therefore, the integration of IT and data analytics helps prevent losses and fraudulent practices. These factors are expected to support the growth of the market during the forecast period.
Major Insurance Brokerage Market Challenge
Stringent regulatory compliances related to insurance services are challenging market growth. Governments of various countries have imposed strict regulatory norms on capital requirements, regional operations, and commission rates, which limit the scope of insurance brokerage services. To adhere to such stringent regulations, insurance brokerage firms should restructure their operations, capital systems, corporate management, and information systems.
Regulatory compliances help eliminate unethical insurance brokers in the market. They protect customers and reduce the degree of risks associated with insurance policies. For instance, in the UAE, the Insurance Authority has imposed stringent regulations on insurance brokerage firms. Under these regulations, an insurance brokerage firm is required to obtain a renewable license from the Insurance Authority prior to its operations. Solvency restrictions and a rise in capital requirements will further hinder the growth of the insurance brokerage market during the forecast period.
Key Insurance Brokerage Market Customer Landscape
The market report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.

Global Insurance Brokerage Market Customer Landscape
Who are the Major Insurance Brokerage Market Vendors?
Vendors are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Acrisure LLC - The company offers insurance brokerage solutions for businesses. It also offers financial technology and insurance services.
The research report also includes detailed analyses of the competitive landscape of the market and information about 20 market vendors, including:
- Alliant Insurance Services Inc.
- AmWINS Group Inc.
- Aon plc
- Arthur J. Gallagher and Co.
- Assured Partners Inc.
- Beacon Insurance Brokers Pvt. Ltd.
- Brown and Brown Inc.
- Funk Group GmbH
- Hellman and Friedman LLC
- India Insure Risk Management & Insurance Broking Services Pvt. Ltd.
- Lockton Companies
- Mahindra and Mahindra Ltd.
- Marsh and McLennan Companies Inc.
- Navnit Insurance Broking Pvt. Ltd.
- NFP Corp.
- Regent Insurance Brokers Europe GmbH
- Truist Financial Corp.
- USI Insurance Services
- Willis Towers Watson Public Ltd. Co.
Qualitative and quantitative analysis of vendors has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak.
What are the Fastest-Growing Segments in the Insurance Brokerage Market?
The market share growth by the non-life insurance segment will be significant during the forecast period. Non-life insurance policies insure homes, cars, and others. They cover financial losses that result from fire accidents, floods, hurricanes, earthquakes, theft, travel mishaps, and others.

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The non-life insurance segment was valued at USD 115.69 billion in 2017 and continued to grow until 2021. Non-life insurance, also known as general insurance, has various advantages, such as compensation for accidental financial losses, improved savings, and economic stability. Some of the major types of general insurance policies include personal insurance, industrial insurance, commercial insurance, and marine insurance. The demand for property and vehicle insurance plans is high in countries in APAC, such as China, India, Malaysia, and Indonesia. Therefore, insurance brokerage firms are focusing on expanding their customer base in these countries. These factors are expected to drive the growth of the non-life insurance segment during the forecast period.
Which are the Key Regions for the Insurance Brokerage Market?

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North America is estimated to contribute 43% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
Factors such as the rising awareness about the need for insurance coverage and the availability of financial advice are driving the growth of the market in North America. The rising number of HNWIs and the growing working capital population are other factors that drive the growth of the market in the region. In addition, adopting an omnichannel marketing strategy will boost the market's growth during the forecast period. Many insurance brokerage firms operate digitally and have adopted automated transaction policies to lower their operational costs. Technological advances further intensify the competition in the market. Established market players are focusing on improving their relationships with customers through digital platforms. This will help them expand their customer base. All these factors, in turn, will drive the growth of the insurance brokerage market in North America during the forecast period.
In 2020, the growth of the insurance brokerage market in North America slowed down, as the regional economy was affected by COVID-19. However, in 2021, lockdowns were lifted due to vaccination drives, which led to the resumption of business activities in different industries. In addition, the pandemic led to an increase in awareness about the benefits of insurance during uncertainties. Such factors are expected to drive the growth of the insurance brokerage market in North America during the forecast period.
Segment Overview
The insurance brokerage market report forecasts market growth by revenue at global, regional, & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
- Type Outlook (USD Billion, 2017 - 2027)
- Non-life insurance
- Life insurance
- End-user Outlook (USD Billion, 2017 - 2027)
- Region Outlook (USD Billion, 2017 - 2027)
- Europe
- The U.K.
- Germany
- France
- Rest of Europe
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of the Middle East & Africa
- South America
Parent Market Analysis
Technavio categorizes the insurance brokerage market as a part of the global specialized consumer services market, which covers revenue generated by consumer service providers, including residential services, home security services, legal services, personal services, renovation and interior design services, consumer auction services, wedding services, and funeral services. Growth of the global specialized consumer services market will be driven by factors such as growth in worldwide construction activities, rise in disposable income, and increased adoption of multichannel marketing strategies. Our market research report has extensively covered external factors influencing the parent market growth during the forecast period.
Insurance Brokerage Market Scope
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Report Coverage
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Details
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Page number
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163
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Base year
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2022
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Historic period
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2017-2021
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Forecast period
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2023-2027
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Growth momentum & CAGR
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Accelerate at a CAGR of 6.24%
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Market growth 2023-2027
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USD 75.24 billion
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Market structure
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Fragmented
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YoY growth 2022-2023(%)
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6.2
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Regional analysis
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North America, Europe, APAC, South America, and Middle East and Africa
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Performing market contribution
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North America at 43%
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Key countries
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US, China, Japan, UK, and Germany
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Competitive landscape
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Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
Key companies profiled
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Acrisure LLC, Alliant Insurance Services Inc., AmWINS Group Inc., Aon plc, Arthur J. Gallagher and Co., Assured Partners Inc., Beacon Insurance Brokers Pvt. Ltd., Brown and Brown Inc., Funk Group GmbH, Hellman and Friedman LLC, India Insure Risk Management & Insurance Broking Services Pvt. Ltd., Lockton Companies, Mahindra and Mahindra Ltd., Marsh and McLennan Companies Inc., Navnit Insurance Broking Pvt. Ltd., NFP Corp., Regent Insurance Brokers Europe GmbH, Truist Financial Corp., USI Insurance Services, and Willis Towers Watson Public Ltd. Co.
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Market dynamics
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Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period
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Customization purview
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What are the Key Data Covered in this Insurance Brokerage Market Research Report?
- CAGR of the market during the forecast period
- Detailed information on factors that will drive the growth of the market between 2023 and 2027
- Precise estimation of the size of the market and its contribution to the parent market
- Accurate predictions about upcoming trends and changes in consumer behaviour
- Growth of the market across North America, Europe, APAC, South America, and Middle East and Africa
- Thorough analysis of the market’s competitive landscape and detailed information about vendors
- Comprehensive analysis of factors that will challenge the growth of market vendors
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