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Insurance Brokers and Agents Market Share

Report ID: GMI7740
Published Date: Dec 2023
Report Format: PDF

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Insurance Brokers and Agents Market Share

Marsh & McLennan Companies, Inc. holds the largest share in insurance brokers and agents industry, the company offers a vast array of risk management services, insurance brokerage, and advisory services, catering to a diverse clientele that includes large corporations, SME, and individual clients. Marsh & McLennan's strong reputation for expertise and reliability, combined with its strategic acquisitions and partnerships, has bolstered its market position.

Insurance Brokers and Agents Market Companies

Major players operating in the insurance brokers and agents industry are:

Acrisure LLC
Aon plc
Arthur J. Gallagher & Co.
Brown & Brown, Inc.
Hub International Limited
Lockton Companies
Marsh & McLennan Companies, Inc.
Willis Towers Watson

Authors: Preeti Wadhwani

Frequently Asked Questions (FAQ) :

The market valuation of the insurance brokers and agents was reached USD 240.5 billion in 2023 and is anticipated to register over 9% CAGR between 2024 and 2032, attributed to the growing imperative towards digital customer engagement, such as online platforms, mobile apps, and chatbots may significantly influence the industry growth.

The individual segment held around 58% market share in 2022 and is poised for significant growth attributed to the rising demand for tailored insurance solutions to match unique requirements for ensuring adequate coverage while considering budget constraints.

North America insurance brokers and agents market size exceeded USD 76.4 billion in 2023 and is poised for significant growth, driven by the shifting inclination to digitization and technology adoption in the region.

Acrisure LLC, Aon plc, Arthur J. Gallagher & Co., Brown & Brown, Inc., Hub International Limited, Lockton Companies, Marsh & McLennan Companies, Inc., and Willis Towers Watson.