Contribution of Key Players Drives the Growth of the Insurance Brokerage Market

Published: May 2023

The Global Insurance brokerage market is anticipated to grow at a considerable CAGR of 6.6% during the forecast period (2023-2030). The market has experienced an increase in the demand for the insurance policies such as health insurance policies, general insurance policies, and life insurance policies, among others. According to data from the International Association of Insurance Supervisors (IAIS), the share of the reinsurance market in the global insurance market has increased in recent years. In 2020, the share was 6.4%, which increased to 7.9% in 2021, owing to the growing demand for risk mitigation among insurers and reinsurers. Moreover the key players operating in the market such as, Hub International Ltd., Willis Towers Watson, Beach & Associates Ltd and others are adopting various strategies such as acquisition, collaboration, new product launched and others which further drive the market growth. For instance, in January 2023, Hub International Ltd. acquired the assets of EST, Inc. which operates as Coast to Coast Insurance Brokers (CCIB) and Sage Risk Management (SRM). CCIB and SRM provide commercial insurance and risk management services to businesses, with a focus on industries such as pharmaceuticals/biotech, healthcare, staffing, and technology. The acquisition is expected to strengthen Hub's Specialty practices and capabilities in the Greater Philadelphia region. 

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As the insurance industry continues to grow, companies are innovating and shifting to digital platforms that cater to the changing requirements of customers. For instance, in November 2021 Willis Towers Watson and CodeEast partnered to offer a digital transformation solution for insurance companies and  Managing General Agent (MGAs) . The partnership combines Willis Towers Watson's Radar Live with CodeEast's  ONEview digital insurance platform, providing a solution that maximizes profit margins through real-time risk assessment and reduces operational costs through state-of-the-art insurance product distribution technology. The ONEview Digital Insurance Platform uses digital technology to automate complex processes involved in the sales, administration, and distribution of insurance products. The partnership aims to meet the demands of the insurance industry's digital disruption, with speed, control, and agility being key drivers of success.

Market Coverage

The market number available for – 2022-2030

Base year- 2022

Forecast period- 2023-2030

Segment Covered- 

o By Type

o By Mode

o By End-user Industry

Regions Covered-

o North America

o Europe

o Asia-Pacific

o Rest of the World

Competitive Landscape- Brown & Brown Inc., HUB International Ltd., Northwestern Mutual Inc., Marsh & McLennan Companies Inc., Willis Towers Watson, and others.

 Key questions addressed by the report

What is the market growth rate?

Which segment and region dominate the market in the base year?

Which segment and region will project the fastest growth in the market?

Who is the leader in the market?

How players are addressing challenges to sustain growth?

Where is the investment opportunity?

Global Insurance Brokerage Market Report Segment

By Type

  • Life Insurance
  • General Insurance
  • Health Insurance
  • Others (Auto Insurance, Homeowners Insurance, and Disability Insurance)

By Mode

  • Online
  • Offline

By End-User

  • Corporate 
  • Individual

Global Insurance Brokerage Market Report Segment by Region

North America

United States

Canada

Europe

UK

Germany

Italy

Spain

France

Rest of Europe 

Asia-Pacific

China

India

Japan

South Korea

Rest of Asia-Pacific 

Rest of the World

Latin America 

Middle East & Africa


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