Home > Media & Technology > Next Generation Technologies > Fintech > Insurance Brokers and Agents Market

Insurance Brokers and Agents Market Size

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

Download Free Sample

Insurance Brokers and Agents Market Size

Insurance Brokers and Agents Market was valued at USD 240.5 billion in 2023 and is projected to grow at a CAGR of over 9% between 2024 and 2032, attributed to the growing imperative towards digital customer engagement, such as online platforms, mobile apps, and chatbots. The advent of digital tools is offering convenient ways to insurance brokers and agents to interact with clients, purchase policies, and access information. With the ongoing technological integration, brokers and agents are further leveraging AI, machine learning, and data analytics to enhance customer experiences, streamline operations, and improve risk assessment, adding to the market growth.

To get key market trends

Download Free Sample

The surging preference for tailored insurance solutions to cater to individual needs will drive the market growth. Brokers and agents are increasingly providing personalized coverage options, on account of the rising trend of data analytics and customer-centric approaches. However, the complexity associated with the constantly evolving regulations and compliance standards may add operational challenges for brokers and agents.

Insurance Brokers and Agents Market Report Attributes
Report Attribute	Details
Base Year:	2023
Insurance Brokers and Agents Market Size in 2023:	USD 240.5 Billion
Forecast Period:	2024 to 2032
Forecast Period 2024 to 2032 CAGR:	9%
2032 Value Projection:	USD 520.8 Billion
Historical Data for:	2018 - 2023
No. of Pages:	300
Tables, Charts & Figures:	263
Segments covered:	Insurance Type, Brokerage Type and End User
Growth Drivers:	Integration of technology in the insurance sector Expansion of businesses across borders increases the complexity of insurance needs Growing awareness among businesses and individuals about the importance of insurance
Pitfalls & Challenges:	Adherence to ever-changing insurance regulations and compliance requirements Dealing with intricate insurance products and policies

Learn more about the key segments shaping this market

Download Free Sample

This sector operates within a highly regulated environment where laws and guidelines can frequently change, often varying by region or country. Brokers and agents must continuously update their practices and policies to comply with these new regulations, which can be resource-intensive and require ongoing training. Failure to comply can lead to legal repercussions, financial penalties, and damage to reputation. Moreover, staying up-to-date with these changes demands a deep understanding of both local and global insurance regulations, adding complexity to their operations.

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.