portland.or, March 24, 2021 (GLOBE NEWSWIRE) – According to the report published by Allied Market Research, the global insurance brokerage market generated $ 265.03 billion in 2019 and is expected to reach $ 395.04 billion by 2027, witness a CAGR of 7.3% between 2020 and 2027. The report provides a detailed analysis of the changing market dynamics, top segments, key investment steps, value chain, competition scenario, and regional landscape.
The rising demand for insurance policies, the provision of professional solutions and services, and the integration of IT and analytical solutions are driving the growth of the global insurance brokerage market. However, direct purchase of insurance policies by customers and the availability of different platforms to use an insurance policy hinder market growth. In addition, implementation of technologies in current products and service lines and supporting government insurance initiatives would provide lucrative opportunities in the coming years.
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- The decline in consumer demand for insurance, the closure of several insurance brokers in developing countries and the withdrawal of contributions by shareholders of the listed insurance brokers had an impact on the insurance brokerage market.
- The need for insurance brokers among insurance companies has increased significantly due to the decline in auto and home claims during the Covid-19 pandemic. In addition, leading insurance companies are increasingly hiring insurance brokers to improve their business processes and provide immediate insurance services worldwide.
The report provides a detailed segmentation of the global insurance brokerage market based on insurance type, broker type, and region.
Based on the type of insurance, the property and casualty insurance (P&C) segment accounted for the largest market share, with more than half of the total share in 2019, and is expected to maintain its leading position over the forecast period. In addition, this segment is expected to display the highest CAGR of 7.9% from 2020 to 2027. The study also analyzes the life insurance segment.
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Based on brokerage type, the retail brokerage segment contributed to the largest market share in 2019, accounting for more than four-fifths of the global insurance brokerage market, and is estimated to maintain its dominance over the forecast period. Additionally, this segment is estimated to grow at the fastest CAGR of 7.5% between 2020 and 2027.
Based on the region, North America had the highest share in 2019, accounting for more than two-fifths of the total share, and is estimated to maintain its leading status by 2027. However, Asia-Pacific is expected to witness the highest CAGR of 9.3% during the forecast period.
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Leading players of the global insurance brokerage market discussed in the survey include Acrisure, LLC, Brown & Brown, Inc., Aon plc, HUB International Limited, Gallagher, Marsh & McLennan Companies Inc., Lockton companies, USI Insurance Services LLC, Truist Insurance Holdings, and Willis Towers Watson.
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