Insurance Brokers And Agents Market Research Shows Over 9% Growth Rate

The global insurance brokers and agents market size is expected to grow from $374.2 billion in 2021 to $409.15 billion in 2022 at a compound annual growth rate (CAGR) of 9.3%. The global insurance broker and agent market size is expected to grow to $551.88 billion in 2026 at a CAGR of 7.8%.

Request a free sample of the Insurance Brokers and Agents Market Report

Market Segments

The insurance brokers and agents market is segmented by type into insurance agencies, insurance brokers, bancassurance and other intermediaries. The insurance agencies market was the largest segment of the insurance brokers and agents market by type, accounting for 39.5% of the total market in 2021. The bancassurance market is expected to be the fastest-growing segment by type, going forward at a CAGR of 9.1% during 2021-2026 period.

The insurance brokers and agents market is also segmented by end-user into corporate, individual, by mode into online, offline, and by insurance into life insurance, property and casualty insurance, health and medical insurance.

Global Outlook

North America has the largest insurance brokers and agents market value, accounting for 42.6% of the global market in 2021. It was followed by Western Europe, Asia Pacific and the other regions. Going forward, the fastest growing regions in the insurance brokers and agents market will be South America and the Africa, where growth will be at CAGRs of 12.2% and 9.3% respectively from 2021-2026.

Competitive Landscape

Merger and acquisition activity in the insurance brokers and agents market remained at a high level in the last four years. Some of the notable deals include those completed by Alliance Group, Acrisure, Arthur J Gallagher, Coverys European Holdings (CEH), Howden, Huron Capital Partners and others.

Major companies with an insurance brokers and agents market share include Marsh & McLennan, Chubb Limited, Toyota Motor Corp, Arthur J. Gallagher & Co., Bank of China, Hub international, Willis Towers Watson, Brown & Brown, BB&T Insurance Holdings Inc, and Jardine Matheson.

See more on the Insurance Brokers and Agents Market Report

Check out similar market reports:

Insurance, Reinsurance And Insurance Brokerage Global Market Report 2022 – By Type (Insurance, Insurance Brokers And Agents, Reinsurance), By Mode (Online, Offline), By End User (Corporate, Individual) – Market Size, Trends, And Global Forecast 2022-2026

Insurance Agencies Market Report 2022 – By Insurance (Life Insurance, Property And Casualty Insurance, Health And Medical Insurance), By Mode (Online, Offline), By End User (Corporate, Individual) – Market Size, Trends, And Global Forecast 2022-2026

Insurance (Providers, Brokers and Re-Insurers) Market Report 2022 – By Type (Insurance Providers, Insurance Brokers And Agents, Reinsurance Providers), By Mode (Online, Offline), By End User (Corporate, Individual) – Market Size, Trends, And Global Forecast 2022-2026

Interested to know more about The Business Research Company?

The Business Research Company is a market intelligence firm that excels in company, market, and consumer research. Located globally, it has strategy enablement specialists in a wide range of industries including manufacturing, healthcare, financial services, chemicals, and technology.

The World's Most Comprehensive Database

The Business Research Company's flagship product, Global Market Model, is a market intelligence platform covering various macroeconomic indicators and metrics across 60 geographies and 27 industries. The Global Market Model covers multi-layered datasets which help its users assess supply-demand gaps.

Contact Information

The Business Research Company
Europe: +44 207 1930 708
Asia: +91 8897263534
Americas: +1 315 623 0293
Email: [email protected]
LinkedIn: https://in.linkedin.com/company/the-business-research-company
Twitter: https://twitter.com/tbrc_info
YouTube: https://www.youtube.com/channel/UC24_fI0rV8cR5DxlCpgmyFQ
Blog: http://blog.tbrc.info/

Logo: https://mma.prnewswire.com/media/1751581/tbrc_logo.jpg