Global Demand of Insurance Brokerage Market Size & Share to Grow at a CAGR of 16.1%, Expected to Hit USD 278.30 Billion Mark by 2030 | Insurance Brokerage Industry Trends, Analysis & Forecast Report by Zion Market Research

Insurance brokerage refers to the business of providing independent advice and related services to people in terms of insurance schemes available and their benefits. Insurance is a measure by which people can protect their financial interests, especially losses. Insurance brokerage involves two parties in which one provides the other with a nominal and regular fee in return for an agreement that the other party will compensate monetarily in case of certain events, loss of life, or health conditions. The process is conducted with the aid of an insurance broker who acts as an intermediary between the company and the client. Insurance brokers differ from insurance agents in the sense that the former acts on behalf of the client as they hold negotiations with multiple insurance-based companies whereas the latter acts as a salesperson on behalf of the company. 

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Key Industry Insights & Findings of the Insurance Brokerage Market Reports:

Zion Market Research published the latest report titled "Insurance Brokerage Market By Mode (Online and Offline), By Type (General Insurance, Life Insurance, Health Insurance, and Others), By End-User (Individuals and Corporate), and By Region - Global and Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, and Forecasts 2022 – 2030." into their research database.

Industry Dynamics:

Insurance Brokerage Market: Growth Drivers

The global insurance brokerage market is projected to benefit due to the uncertain situations arising due to multiple factors that can lead to severe financial losses. This includes all types of financial risks including the ones related to business or on the personal front, related to health conditions. Under such situations, more people are looking for ways to ensure that under certain conditions the business or the loved ones can be protected against severe financial strains. Leveraging the benefits offered by insurance brokers, insured entities or persons can benefit higher as opposed to situations where there is no role played by an insurance broker.

One of the key benefits is objective risk assessment since firms working in the global market work toward the benefit of the person who is undertaking the insurance. This means that insurance brokers assess all of the insurance services and provide the clients with a list that best meets their requirements. Such efficiency cannot be achieved by handling insurance that is worth millions of dollars alone or without external help. 

Insurance Brokerage Market: Restraints

Insurance brokers work for the insurance buyers and have only professional relationships with the insurance companies, the end-user may think of them as independent entities. However, this very aspect of insurance brokerage means that the people working as brokers have to partially rely on insurance agents, the people who work for the insurance companies. This is because insurance brokers lack the necessary authority to bind the coverage. This right is only present with insurance agents. The dependency of insurance brokers on insurance agents is a disadvantage for the global market players since the completion of the process ultimately lies in the hands of insurance agents, giving them a higher authority.

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Insurance Brokerage Market: Opportunities

The global insurance brokerage market is expected to benefit from the rising sales in the automotive segment, especially in the high-end, premium, or luxury sub-segment where the buyer prefers to get the vehicle insured for a nominal price. Buyers of luxury cars generally tend to spend on comprehensive insurance and even though the expense can be quite high, it is always recommended to get the vehicles insured. Furthermore, the same trend is currently being witnessed in the other automotive segments where certain countries mandate that every car has to be insured. For instance, in India, the motor vehicles act requires motor vehicles operating in public spaces to be insured.

Insurance Brokerage Market: Challenges

One of the key challenges faced by the global market players is when consumers directly opt for insurance purchases without the assistance of a third party. This could be due to various factors like lack of knowledge about the benefits of intermediaries, lack of trust in intermediaries, the result in overall cost when insurance brokers come into the picture, and many other professional or personal reasons. However, the global market players have invested in exhaustive marketing strategies to spread more awareness amongst the population.

Global Insurance Brokerage Market: Segmentation

Based on mode, the global market is divided into online and offline

Based on end-user, the global market is divided into individuals and corporate

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List of Key Players in Insurance Brokerage Market:

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Recent Developments

Regional Dominance:

The global insurance brokerage market is projected to be dominated by North America during the forecast period with more than 41.2% of the global market share. The US is anticipated to become the leading contributor to the regional market since the country has one of the most advanced and deeply penetrated financial services sectors across the globe. It is also home to some of the leading names in the global market that have constantly re-innovated their programs and services to stay relevant and ahead in the game. Furthermore, the highly advanced infrastructure and availability of technical services which largely contribute to the growth of any business in the modern digital age act as contributing factors for the high regional revenue. Canada is also registered to grow at a high CAGR. In the country, insurance brokers have self-governing bodies that are responsible for the overall licensing and regulating processes.  

Global Insurance Brokerage Market is segmented as follows:

Insurance Brokerage Market: By Mode Outlook (2022-2030)

Insurance Brokerage Market: By Type Outlook (2022-2030)

Insurance Brokerage Market: By End User Outlook (2022-2030)

Insurance Brokerage Market: By Region Outlook (2022-2030)

North America

Europe

Asia Pacific

Latin America

Middle East & Africa

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