Insurance Brokerage Market in Europe Growth, Size, Trends, Analysis Report by Type, Application, Region and Segment Forecast 2022-2026

Published: Feb 2022 Pages: 120 SKU: IRTNTR72279

Europe Insurance Brokerage Market Forecast 2022-2026

The insurance brokerage market share in Europe is expected to increase by USD 7.60 billion at a CAGR of 5.98% from 2021 to 2026. This market research and growth report offers information on several market companies, including AmWINS Group Inc., Aon Plc, Arthur J. Gallagher and Co., Assured Partners Inc., Blythin and Brown Ltd., HUB International Ltd., Lockton Companies, Marsh and McLennan Companies Inc., NFP Corp., and Willis Towers Watson Public Ltd. Co. among others. This analysis and report also includes key market drivers, trends, and challenges for the forecasted period

What will the Insurance Brokerage Market Size in Europe be During the Forecast Period?

Download the Free Report Sample to Unlock the  Market Size in Europe for the Forecast Period and Other Important Statistics

Market Dynamic

The increased demand for insurance policies is notably driving the market growth in Europe, although factors such as the conflict between insurance brokers and customers may impede the market growth. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.

Market Drivers

The increased demand for insurance policies is one of the key drivers supporting the market growth in Europe. The expanding population of baby boomers and millennials generates growth opportunities for medical, life, accidental, and others. Currently, brokers focus on insurance policies that provide maximum benefits for customers. The provision of security services and personalized financial services to customers has increased the demand for insurance products. Of late, customers demand insurance policies that are characterized by effective pricing. Today, insurance firms emphasize investing in innovative insurance policies and services to tap their potential in insurance markets. Increased awareness about the benefits of insurance policies will propel the demand for such policies, which, in turn, will drive the growth of the market in Europe during the forecast period.

Market Trends

The integration of IT and analytic solutions is another factor supporting the market growth in Europe. Analytic solutions help in propagating effective marketing strategies and underwriting services. Data analytics has further helped firms in terms of product-design improvement and customer targeting. The integration of IT and data analytics helps prevent losses and fraudulent practices in the market in Europe. Insurance fraud is a major white-collar crime in the United Kingdom. The adoption of advanced analytic tools, such as geospatial analytics and big data analytics, has reduced the probability of fraudulent practices in the market. Thus, the growing adoption of IT and data analytics solutions by the market companies is anticipated to boost the growth of the market in focus during the forecast period.

Market Challenges

The conflict between insurance brokers and customers is hindering market growth in Europe. Inappropriate communication between insurance brokers and customers decreases the probability of purchasing an insurance policy. This challenges the growth of the market. Lack of information hinders smooth communication between the broker and the consumer. Inadequate product information intercepts brokers from providing prompt information about a single-term business agreement. Both of them lead to conflicts of interest between the broker and the customer. These conflicts may decrease the sales generated by brokers. Such factors will hamper the growth of the market in Europe during the forecast period.

This report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.

Who are the Major Market Companies in Europe?

The report analyzes the market's competitive landscape and offers information on several market companies, including:

  • AmWINS Group Inc.
  • Aon Plc
  • Arthur J. Gallagher and Co.
  • Assured Partners Inc.
  • Blythin and Brown Ltd.
  • HUB International Ltd.
  • Lockton Companies
  • Marsh and McLennan Companies Inc.
  • NFP Corp.
  • Willis Towers Watson Public Ltd. Co.

This statistical study encompasses successful business strategies deployed by the key companies. The market is fragmented and the companies are deploying growth strategies such as product features, innovative solutions, pricing, brand recognition, and product portfolio to compete in the market.

  • Aon Plc - The company offers services of insurance brokerage which provides advice in the interests of clients.

This market growth and trends report offers in-depth insights into key company profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.

Key Regions

For more insights on the market share of various regions Request for a FREE sample now!

35% of the market's growth will originate from the UK during the forecast period. The UK is the key region for the market. Market growth in this region will be faster than the growth of the market in the Rest of Europe. The rising medical costs and a high percentage of the aging population will facilitate market growth in the UK over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for companies, which will assist in creating efficient business plans.

Market Segmentation

To gain further insights on the market contribution of various segments Request for a FREE sample

The market growth share by the retail segment will be significant during the forecast period. Retail brokers work as an intermediary between an insurance buyer desiring coverage and the marketplace. They purchase insurance products from wholesale brokers and insurance companies, selling them to businesses or individuals. Thus, business owners are significantly adopting retail insurance brokerage due to its benefits. Such factors are expected to contribute to the growth of the market through the retail segment during the forecast period.

Market Analyst Overview

The Europe Insurance Brokerage Market is undergoing significant transformations due to digitalization, climate change, and events like Brexit. Brokers are adapting to these changes by leveraging digital brokers and aggregators to cater to diverse customer needs. With a growing emphasis on security and personalized financial services, the market is witnessing a surge in online insurance offerings. Both baby boomers and millennials are key demographics shaping market dynamics, driving demand for medical insurance, life insurance, and accidental insurance. As M&A (Mergers and Acquisitions) activities rise, insurers are exploring new business models to enhance revenue and profit margins. Innovation remains crucial in capturing growth opportunities and meeting evolving market trends across different verticals while raising awareness among the customer base.

Insurance Brokerage Market Size in Europe

Report Coverage

Details

Page number

120

Base year

2021

Forecast period

2022-2026

Growth momentum & CAGR

Accelerate at a CAGR of 5.98%

Market growth 2022-2026

USD 7.60 billion

Market structure

Fragmented

YoY growth (%)

5.76

Competitive landscape

Leading companies, Competitive strategies, Consumer engagement scope

Key companies profiled

AmWINS Group Inc., Aon Plc, Arthur J. Gallagher and Co., Assured Partners Inc., Blythin and Brown Ltd., HUB International Ltd., Lockton Companies, Marsh and McLennan Companies Inc., NFP Corp., and Willis Towers Watson Public Ltd. Co.

Market dynamics

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

Customization purview

If our market report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

Request for a FREE sample

What are the Key Data Covered in this Market Research Report?

  • CAGR of the market during the forecast period 2022-2026
  • Detailed information on factors that will drive the market growth and forecasting during the next five years
  • Precise estimation of the market size in Europe and its contribution to the parent market
  • Accurate predictions on upcoming trends and changes in consumer behavior
  • Market growth analysis of the market
  • A thorough analysis of the market's competitive landscape and detailed information on companies
  • Market Forecasting of factors that will challenge the growth of the key market companies in Europe 

We can help! Our analysts can customize this report to meet your requirements. Get in touch

***1. Executive Summary                           

                **1.1 Market Overview

                                *Exhibit 01:  Key Finding 1

                                *Exhibit 02:  Key Finding 2

                                *Exhibit 03:  Key Finding 5

                                *Exhibit 04:  Key Finding 6

                                *Exhibit 05:  Key Finding 7

                                *Exhibit 06:  Key Finding 8

***2. Market Landscape                             

                **2.1 Market ecosystem             

                                *Exhibit 07:  Parent market

                                *Exhibit 08:  Market characteristics

                **2.2 Value chain analysis           

                                *Exhibit 09:  Value chain analysis:

                                *2.2.1 Inputs

                                *2.2.2 Operations

                                *2.2.3 Marketing and sales

                                *2.2.4 Services

                                *2.2.5 Innovations

***3. Market Sizing                       

                **3.1 Market definition

                                *Exhibit 10:  Offerings of vendors included in the market definition

                **3.2 Market segment analysis 

                                *Exhibit 11:  Market segments

                **3.3 Market size 2021 

                **3.4 Market outlook: Forecast for 2021 - 2026 

                                *Exhibit 12:  Global - Market size and forecast 2021 - 2026 ($ billion)

                                *Exhibit 13:  Global market: Year-over-year growth 2021 - 2026 (%)

***4. Five Forces Analysis                          

                **4.1 Five Forces Summary        

                                *Exhibit 14:  Five forces analysis 2021 & 2026

                **4.2 Bargaining power of buyers           

                                *Exhibit 15:  Bargaining power of buyers

                **4.3 Bargaining power of suppliers       

                                *Exhibit 16: Bargaining power of suppliers

                **4.4 Threat of new entrants    

                                *Exhibit 17: Threat of new entrants

                **4.5 Threat of substitutes         

                                *Exhibit 18: Threat of substitutes

                **4.6 Threat of rivalry   

                                *Exhibit 19: Threat of rivalry

                **4.7 Market condition

                                *Exhibit 20:  Market condition - Five forces 2021

***5 Market Segmentation by Type                      

                **5.1 Market segments

                                *Exhibit 21:  Type - Market share 2021-2026 (%)

                **5.2 Comparison by Type          

                                *Exhibit 22:  Comparison by Type

                **5.3 Retail - Market size and forecast 2021-2026             

                                *Exhibit 23:  Retail - Market size and forecast 2021-2026 ($ billion)

                                *Exhibit 24:  Retail - Year-over-year growth 2021-2026 (%)

                **5.4 Wholesale - Market size and forecast 2021-2026    

                                *Exhibit 25:  Wholesale - Market size and forecast 2021-2026 ($ billion)

                                *Exhibit 26:  Wholesale - Year-over-year growth 2021-2026 (%)

                **5.5 Market opportunity by Type          

                                *Exhibit 27:  Market opportunity by Type

***6. Customer landscape                         

                **6.1 Overview

                                *Technavio’s customer landscape matrix comparing Drivers or price sensitivity, Adoption lifecycle, importance in customer price basket, Adoption rate and Key purchase criteria

                                *Exhibit 28: ?Customer landscape?

***7. Geographic Landscape                     

                **7.1 Geographic segmentation

                                *Exhibit 29:  Market share by geography 2021-2026 (%)

                **7.2 Geographic comparison   

                                *Exhibit 30: Geographic comparison

                **7.3 UK - Market size and forecast 2021-2026   

                                *Exhibit 31:  UK - Market size and forecast 2021-2026 ($ billion)

                                *Exhibit 32:  UK - Year-over-year growth 2021-2026 (%)

                **7.4 France - Market size and forecast 2021-2026           

                                *Exhibit 33:  France - Market size and forecast 2021-2026 ($ billion)

                                *Exhibit 34:  France - Year-over-year growth 2021-2026 (%)

                **7.5 Germany - Market size and forecast 2021-2026      

                                *Exhibit 35:  Germany - Market size and forecast 2021-2026 ($ billion)

                                *Exhibit 36:  Germany - Year-over-year growth 2021-2026 (%)

                **7.6 Rest of Europe - Market size and forecast 2021-2026           

                                *Exhibit 37:  Rest of Europe - Market size and forecast 2021-2026 ($ billion)

                                *Exhibit 38:  Rest of Europe - Year-over-year growth 2021-2026 (%)

                **7.7 Market opportunity by geography

                                *Exhibit 39: Market opportunity by geography

***8. Drivers, Challenges, and Trends                   

                **8.1 Market drivers     

                                *8.1.1 Increased demand for insurance policies

                                *8.1.2 Increase in HNWIs

                                *8.1.3 Implementation of distinct valuation strategies

            **8.2 Market challenges

                                *8.2.1 Conflict between insurance brokers and customers

                                *8.2.2 Stringent regulatory compliances

                                *8.2.3 Direct purchase of insurance policies by customers

                                *Exhibit 40:  Impact of drivers and challenges

                **8.3 Market trends      

                                *8.3.1 Integration of IT and analytic solutions

                                *8.3.2 Increased number of campaigns organized by vendors

                                *8.3.3 Advent of digital marketing platform

***9. Vendor Landscape                             

                **9.1 Competitive Scenario        

                **9.2 Overview

                                *Exhibit 41: Vendor landscape

                                *The potential for the disruption of the market landscape was moderate in 2020, and its threat is expected to remain unchanged by 2025. 

                **9.3 Landscape disruption        

                                *Exhibit 42: ?Landscape disruption?

                                *Exhibit 43: Industry risks

***10. Vendor Analysis               

                **10.1 Vendors covered              

                                *Exhibit 44: Vendors covered

                **10.2 Market positioning of vendors    

                                *Exhibit 45: ?Market positioning of vendors?

                **10.3 AmWINS Group Inc.        

                                *Exhibit 46:  AmWINS Group Inc. - Overview

                                *Exhibit 47:  AmWINS Group Inc. - Product and service

                                *Exhibit 48:  AmWINS Group Inc. - Key offerings

                **10.4 Aon Plc  

                                *Exhibit 49:  Aon Plc - Overview

                                *Exhibit 50:  Aon Plc - Business segments

                                *Exhibit 51:  Aon Plc - Key offerings

                                *Exhibit 52:  Aon Plc - Segment focus

                *10.5 Arthur J. Gallagher and Co.

                                *Exhibit 53:  Arthur J. Gallagher and Co. - Overview

                                *Exhibit 54:  Arthur J. Gallagher and Co. - Business segments

                                *Exhibit 55:  Arthur J. Gallagher and Co. - Key offerings

                                *Exhibit 56:  Arthur J. Gallagher and Co. - Segment focus

                **10.6 Assured Partners Inc.      

                                *Exhibit 57:  Assured Partners Inc. - Overview

                                *Exhibit 58:  Assured Partners Inc. - Product and service

                                *Exhibit 59:  Assured Partners Inc. - Key offerings

                **10.7 Blythin and Brown Ltd.   

                                *Exhibit 60:  Blythin and Brown Ltd.  - Overview

                                *Exhibit 61:  Blythin and Brown Ltd.  - Product and service

                                *Exhibit 62:  Blythin and Brown Ltd.  - Key offerings

                **10.8 HUB International Ltd.    

                                *Exhibit 63:  HUB International Ltd. - Overview

                                *Exhibit 64:  HUB International Ltd. - Product and service

                                *Exhibit 65:  HUB International Ltd. - Key offerings

                **10.9 Lockton Companies         

                                *Exhibit 66:  Lockton Companies - Overview

                                *Exhibit 67:  Lockton Companies - Product and service

                                *Exhibit 68:  Lockton Companies - Key offerings

                **10.10 Marsh and McLennan Companies Inc.   

                                *Exhibit 69:  Marsh and McLennan Companies Inc. - Overview

                                *Exhibit 70:  Marsh and McLennan Companies Inc. - Business segments

                                *Exhibit 71:  Marsh and McLennan Companies Inc. - Key offerings

                                *Exhibit 72:  Marsh and McLennan Companies Inc. - Segment focus

                *10.11 NFP Corp.

                                *Exhibit 73:  NFP Corp. - Overview

                                *Exhibit 74:  NFP Corp. - Product and service

                                *Exhibit 75:  NFP Corp. - Key offerings

                **10.12 Willis Towers Watson Public Ltd. Co.     

                                *Exhibit 76:  Willis Towers Watson Public Ltd. Co. - Overview

                                *Exhibit 77:  Willis Towers Watson Public Ltd. Co. - Business segments

                                *Exhibit 78:  Willis Towers Watson Public Ltd. Co. - Key offerings

                                *Exhibit 79:  Willis Towers Watson Public Ltd. Co. - Segment focus

***11. Appendix                            

                **11.1 Scope of the report         

                                *11.1.1 ????Market definition

                                *11.1.2 ????Objectives

                                *11.1.3 Notes and Caveats

                **11.2 Currency conversion rates for US$            

                                *Exhibit 80: ?Currency conversion rates for US$?

                **11.3 Research Methodology 

                                *Exhibit 81: ?Research Methodology

                                *Exhibit 82: ??Validation techniques employed for market sizing?

                                *Exhibit 83: ??Information sources

                **11.4 List of abbreviations        

                                *Exhibit 84: List of abbreviations

Research Framework

Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.

INFORMATION SOURCES

Primary sources

  • Manufacturers and suppliers
  • Channel partners
  • Industry experts
  • Strategic decision makers

Secondary sources

  • Industry journals and periodicals
  • Government data
  • Financial reports of key industry players
  • Historical data
  • Press releases

DATA ANALYSIS

Data Synthesis

  • Collation of data
  • Estimation of key figures
  • Analysis of derived insights

Data Validation

  • Triangulation with data models
  • Reference against proprietary databases
  • Corroboration with industry experts

REPORT WRITING

Qualitative

  • Market drivers
  • Market challenges
  • Market trends
  • Five forces analysis

Quantitative

  • Market size and forecast
  • Market segmentation
  • Geographical insights
  • Competitive landscape

PURCHASE FULL REPORT OF

insurance brokerage market

QUICK BUY

Key Questions Answered

  • What are the key global market and the regional market share?
  • What are the revenue-generating key market segments?
  • What are the key factors driving and challenging this market’s growth?
  • Who are the key market vendors and their growth strategies?
  • What are the latest trends influencing the growth of this market?
  • What are the variables influencing the market growth in the primary regions?
  • What are the factors influencing the growth of the parent market?

Why should you prefer Technavio's market insights report?

  • Off-the-shelf research reports
  • Reports can be tailored to meet the customer's needs
  • Trusted by more than 100 fortune 500 organizations
  • Information about the market's key drivers, trends, and challenges
  • Parent market analysis
  • Every week, 50,000 people visit our subscription platform
  • Detailed vendors report with competitive landscape
  • Covid-19 impact and recovery analysis
  • Data on revenue-generating market segments
  • Details on the market shares of various regions
  • Five-force market analysis