Insurance Brokerage Market Size Worth USD 614.50 Billion by 2032 | CAGR: 9.0%

The global insurance brokerage market size is expected to reach USD 614.50 billion by 2032, according to a new study by Polaris Market Research. The report “Insurance Brokerage Market Size, Share, Trends, Industry Analysis Report: By Insurance (Life Insurance and Property & Casualty Insurance), Brokerage, End User, and Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa) – Market Forecast, 2024–2032” gives a detailed insight into current market dynamics and provides analysis on future market growth.

The rising industrialization drives the insurance brokerage market. Industrialization results in the creation and growth of different sectors, including manufacturing and technology. These sectors encounter multiple potential hazards, including property loss, legal responsibility, and operational disruptions, necessitating specific commercial insurance protection. To tackle these risks, businesses enlist the assistance of insurance brokers to recognize and secure suitable insurance plans.

The growing adoption of automobiles is propelling the insurance brokerage market. There is an increase in the need for auto insurance as the number of people buying cars grows. Individuals and businesses rely on insurance brokers to assist them in understanding the different auto insurance choices and selecting policies that suit them best. Consequently, the market is expanding due to the increasing use of automobiles.

The increasing population worldwide fuels the global insurance brokerage market. The rise in the population usually results in a higher need for life insurance to safeguard families and those who rely on them. Personalized life insurance solutions are offered by insurance brokerage firms to address these requirements. Therefore, the growing population leads to an increased need for insurance brokerage firms.

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The growth of the insurance brokerage market is being fueled by the increasing disposable income. High disposable income enables individuals and businesses to have more financial flexibility to purchase different types of insurance, including life, health, property, and liability insurance.

Insurance Brokerage Market Report Highlights

• The life insurance segment, based on insurance, is expected to experience a substantial growth rate during the forecast period. The insurance brokerage market for this segment is growing due to the rising aging population, increasing health awareness, and advances in life insurance products such as those integrating health and wellness incentives.
• In terms of end user, the individual segment dominated the insurance brokerage market owing to the growing emphasis on long-term planning and increasing awareness of personal financial security.
• In the global market, North America holds the largest revenue share due to the presence of prominent market players, advanced technological infrastructure, high insurance penetration rates, and ongoing trend of mergers and acquisitions.
• WTW; Marsh & McLennan Companies, Inc.; Arthur J. Gallagher & Co.; Aon plc; Lockton Companies; Alliant Insurance Services, Inc.; Edgewood Partners Insurance Center; HUB International Limited; USI Insurance Services; Brown & Brown, Inc.; and TIH are among the global key market players.

Polaris Market Research has segmented the Insurance Brokerage market report on the basis of insurance, brokerage, end user, and region:

By Insurance Outlook (Revenue – USD Billion, 2019–2032)

• Life Insurance
• Property & Casualty Insurance

By Brokerage Outlook (Revenue – USD Billion, 2019–2032)

• Retail
• Wholesale

By End User Outlook (Revenue – USD Billion, 2019–2032)

• Individual
• Corporate

By Regional Outlook (Revenue – USD Billion, 2019–2032)

• North America

• US
• Canada

• Europe

• Germany
• UK
• France
• Italy
• Spain
• Russia
• Netherlands
• Rest of Europe

• Asia Pacific

• China
• India
• Japan
• South Korea
• Indonesia
• Malaysia
• Australia
• Rest of APAC

• Latin America

• Argentina
• Brazil
• Mexico
• Rest of Latin America

• Middle East & Africa

• UAE
• Saudi Arabia
• Israel
• South Africa
• Rest of MEA

Insurance Brokerage Report Scope