Insurance Brokerage Market to Surpass $628.3 Bn by 2032, Projected to Grow at a CAGR of 9.3% | Acrisure, Gallagher – Insurance News
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Insurance Brokerage Market to Surpass
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Insurance brokerage offers financial protection to individuals, assets, and businesses against uncertain events, hence, plays a major role in economic growth of a nation. The insurance brokerage industry is transforming continuously with the adoption of digital tools and platforms.
Prime determinants of growth
The shift from physical to digital channels and growing awareness among increase in demand for insurance policies among the developing nations and integration of IT & analytics solutions by various insurance providers boost the growth of the insurance brokerage market. In addition, rise in demand for providing professional solutions and services to end users among the insurance companies positively impacts the growth of the market. However, direct purchase of insurance policies by customers and massive availability of alternative platform for purchasing insurance policy are expected to hamper the market growth. However, favorable government initiatives regarding insurance policies among the developing nations are expected to offer remunerative opportunities for the expansion of the market during the forecast period.
Covid-19 Scenario
The pandemic-induced economic downturn led to reduced business activities, declining revenues, and heightened financial uncertainties for many industries. This directly affected insurance brokerage firms, as businesses scaled back operations, resulting in decreased demand for various insurance products.
Overall, the pandemic heightened consumer uncertainty, leading to delayed purchasing decisions and hesitancy in committing to insurance coverage. Individuals and businesses were cautious about additional financial commitments due to the economic uncertainties, resulting in longer sales cycles and potentially reduced revenues for brokerages. Therefore, the COVID-19 pandemic had a negative impact on the insurance brokerage market.
๐ธ๐๐ซ๐๐ ๐ญ๐ก๐ ๐จ๐ฉ๐ฉ๐จ๐ซ๐ญ๐ฎ๐ง๐ข๐ญ๐ฒ !!! ๐๐๐๐๐๐๐-๐๐๐๐ ๐๐
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The property and casualty insurance segment to maintain its leadership status throughout the forecast period
Based on insurance type, the property and casualty insurance segment held the highest market share in 2022, accounting for more than half of the global insurance brokerage market revenue. This segment is also projected to manifest the highest CAGR of 10.4% from 2023 to 2032, due to the increasing frequency and severity of natural disasters have heightened awareness of the need for property insurance coverage. Consumers and businesses are seeking protection against events such as hurricanes, floods, and wildfires, thus driving the demand for comprehensive property insurance policies.
The retail segment to maintain its leadership status throughout the forecast period
Based on end user, the retail segment held the highest market share in 2022, accounting for around four-fifths of the global insurance brokerage market revenue, and is estimated to maintain its leadership status throughout the forecast period. This is because retail insurance brokerage providers offer products such as health, disability, and wellness-related insurance to cater to these preferences. However, the wholesale segment is projected to manifest the highest CAGR of 12.7% from 2023 to 2032, this is attributed to the fact that wholesale brokerage providers play a pivotal role in connecting retail agents and brokers with insurance carriers that offer specialized or hard-to-find coverage. They provide access to markets that may not be accessible to retail agents, helping them place coverage for unique risks.
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Based on region,
Leading Market Players: –
Gallagher
Lockton companies
USI Insurance Services L.L.C
The report provides a detailed analysis of these key players of the global insurance brokerage market. These players have adopted different strategies such as partnership, product launch, and expansion to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
๐ธ๐๐๐ช๐ฎ๐๐ฌ๐ญ ๐๐ฎ๐ฌ๐ญ๐จ๐ฆ๐ข๐ณ๐๐ญ๐ข๐จ๐ง ๐๐ ๐ฉ๐ซ๐จ๐ฏ๐ข๐๐ ๐๐ฎ๐ฌ๐ญ๐จ๐ฆ๐ข๐ณ๐๐ ๐ซ๐๐ฉ๐จ๐ซ๐ญ ๐๐ฌ ๐ฉ๐๐ซ ๐ฒ๐จ๐ฎ๐ซ ๐ซ๐๐ช๐ฎ๐ข๐ซ๐๐ฆ๐๐ง๐ญ :
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Key Benefits for Stakeholders
This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the insurance brokerage market forecast from 2022 to 2032 to identify the prevailing market opportunities.
Market research is offered along with information related to key drivers, restraints, and opportunities of insurance brokerage market outlook.
Porter’s five forces analysis highlights the potency of buyers and suppliers to enable stakeholders to make profit-oriented business decisions and strengthen their supplier-buyer network.
In-depth analysis of the insurance brokerage market segmentation assists in determining the prevailing insurance brokerage market opportunity.
Major countries in each region are mapped according to their revenue contribution to the global market.
Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
The report includes an analysis of the regional as well as global insurance brokerage market trends, key players, market segments, application areas, and market growth strategies.
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