Insurance Brokerage

Global Insurance Brokerage Market to Reach US$379.9 Billion by 2030

The global market for Insurance Brokerage estimated at US$244.0 Billion in the year 2023, is expected to reach US$379.9 Billion by 2030, growing at a CAGR of 6.5% over the analysis period 2023-2030. Non-Life Insurance Brokerage, one of the segments analyzed in the report, is expected to record a 6.7% CAGR and reach US$229.9 Billion by the end of the analysis period. Growth in the Life Insurance Brokerage segment is estimated at 6.2% CAGR over the analysis period.

The U.S. Market is Estimated at US$64.1 Billion While China is Forecast to Grow at 6.3% CAGR

The Insurance Brokerage market in the U.S. is estimated at US$64.1 Billion in the year 2023. China, the world`s second largest economy, is forecast to reach a projected market size of US$60.7 Billion by the year 2030 trailing a CAGR of 6.3% over the analysis period 2023-2030. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at a CAGR of 6.1% and 5.5% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 5.2% CAGR.

Global Insurance Brokerage Market - Key Trends and Drivers Summarized

How Is the Insurance Brokerage Industry Evolving in the Face of Digitalization?

The insurance brokerage industry is undergoing a significant transformation as digitalization reshapes how brokers interact with clients, underwriters, and insurers. Traditionally, insurance brokers played a vital role as intermediaries between customers and insurers, offering personalized advice and tailored insurance solutions. While this remains a core function, the rise of digital platforms has introduced new ways for brokers to serve clients, leveraging advanced data analytics, artificial intelligence (AI), and cloud-based systems to offer more efficient, real-time insurance products. This shift has not only improved customer service but has also enabled brokers to access a broader range of insurance products and pricing models, ultimately improving client outcomes.

What Are the Major Segments in the Insurance Brokerage Market?

The insurance brokerage market is segmented by type, including life insurance brokerage, property and casualty insurance brokerage, and health insurance brokerage. Property and casualty insurance brokerage represents the largest market share, driven by the need for commercial insurance in industries such as construction, manufacturing, and real estate. Health insurance brokerage has seen significant growth, particularly in regions with complex healthcare systems like the U.S., where brokers help individuals and businesses navigate healthcare plans and coverage options. The market is also segmented by end-users, which include individuals, small businesses, and large enterprises. Large enterprises often engage with insurance brokers to handle complex, multi-country insurance portfolios, while small businesses and individuals rely on brokers for more personalized services.

How Are Digital Technologies Shaping the Future of Insurance Brokerage?

Digital technologies are rapidly changing the landscape of insurance brokerage by enhancing customer engagement, streamlining operations, and improving risk assessment capabilities. Brokers are increasingly using AI and machine learning to analyze vast amounts of data, enabling them to provide more accurate risk assessments and personalized insurance products. Automation in policy processing and claims management is reducing administrative costs and improving response times, while customer relationship management (CRM) tools are helping brokers build stronger, more personalized relationships with clients. The rise of InsurTech startups has also introduced new competition in the brokerage space, pushing traditional brokers to adopt innovative solutions, such as online quote comparison tools and digital policy management platforms, to remain competitive.

What Factors Are Driving the Growth in the Insurance Brokerage Market?

The growth in the insurance brokerage market is driven by several factors, including the increasing complexity of insurance products and the growing demand for personalized insurance solutions. The ongoing digital transformation of the insurance industry is enabling brokers to offer more efficient and tailored services, improving customer satisfaction and retention. Additionally, the rising demand for commercial insurance in sectors such as real estate, construction, and healthcare is boosting the need for specialized brokerage services. The growing awareness of cybersecurity risks and the rise in demand for cyber insurance have also created new opportunities for insurance brokers. Finally, the expansion of small and medium-sized enterprises (SMEs) globally is further driving demand for customized insurance brokerage services.

Select Competitors (Total 51 Featured) -
  • Alliant Insurance Services, Inc.
  • AmWINS Group
  • Aon PLC
  • Brown & Brown
  • Edgewood Partners Insurance Center (EPIC)
  • Funk Gruppe GmbH
  • Hub International Limited
  • Lockton, Inc.
  • Marsh & McLennan Companies, Inc.
  • Navnit Insurance Broking Pvt. Ltd
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I. METHODOLOGY
II. EXECUTIVE SUMMARY
1. MARKET OVERVIEW
Influencer Market Insights
World Market Trajectories
Impact of Covid-19 and a Looming Global Recession
Insurance Brokerage – Global Key Competitors Percentage Market Share in 2024 (E)
Competitive Market Presence - Strong/Active/Niche/Trivial for Players Worldwide in 2024 (E)
2. FOCUS ON SELECT PLAYERS
3. MARKET TRENDS & DRIVERS
Rising Complexity in Insurance Policies Drives Demand for Expert Insurance Brokerage Services
Increased Focus on Risk Management Propels Growth in Insurance Brokerage Solutions
Expansion of Digital Insurance Platforms Strengthens Business Case for Tech-Enabled Insurance Brokerage
Technological Advancements in Data Analytics Propel Growth of Smart and Predictive Insurance Brokerage Tools
Expansion of Small and Medium-Sized Enterprises (SMEs) Drives Demand for Commercial Insurance Brokerage
Rising Awareness of Cybersecurity Risks Strengthens Need for Cyber Insurance Brokerage Services
Increased Focus on Customer-Centric Insurance Solutions Generates Opportunities for Personalized Brokerage Models
Technological Integration in InsurTech Expands Addressable Market for Digital Insurance Brokers
Growth of Health and Life Insurance Products Propels Demand for Professional Brokerage Services
Rising Demand for International and Cross-Border Insurance Brokerage Solutions Sustains Market Growth
Expansion of Financial Literacy Initiatives Drives Demand for Advisory-Based Insurance Brokerage
Growing Trend of Consolidation and M&A Activities in Insurance Brokerage Industry Fuels Market Consolidation
4. GLOBAL MARKET PERSPECTIVE
TABLE 1: World Insurance Brokerage Market Analysis of Annual Sales in US$ Million for Years 2014 through 2030
TABLE 2: World Recent Past, Current & Future Analysis for Insurance Brokerage by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific and Rest of World Markets - Independent Analysis of Annual Sales in US$ Million for Years 2023 through 2030 and % CAGR
TABLE 3: World Historic Review for Insurance Brokerage by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific and Rest of World Markets - Independent Analysis of Annual Sales in US$ Million for Years 2014 through 2022 and % CAGR
TABLE 4: World 16-Year Perspective for Insurance Brokerage by Geographic Region - Percentage Breakdown of Value Sales for USA, Canada, Japan, China, Europe, Asia-Pacific and Rest of World Markets for Years 2014, 2024 & 2030
TABLE 5: World Recent Past, Current & Future Analysis for Non-Life Insurance Brokerage by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific and Rest of World Markets - Independent Analysis of Annual Sales in US$ Million for Years 2023 through 2030 and % CAGR
TABLE 6: World Historic Review for Non-Life Insurance Brokerage by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific and Rest of World Markets - Independent Analysis of Annual Sales in US$ Million for Years 2014 through 2022 and % CAGR
TABLE 7: World 16-Year Perspective for Non-Life Insurance Brokerage by Geographic Region - Percentage Breakdown of Value Sales for USA, Canada, Japan, China, Europe, Asia-Pacific and Rest of World for Years 2014, 2024 & 2030
TABLE 8: World Recent Past, Current & Future Analysis for Life Insurance Brokerage by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific and Rest of World Markets - Independent Analysis of Annual Sales in US$ Million for Years 2023 through 2030 and % CAGR
TABLE 9: World Historic Review for Life Insurance Brokerage by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific and Rest of World Markets - Independent Analysis of Annual Sales in US$ Million for Years 2014 through 2022 and % CAGR
TABLE 10: World 16-Year Perspective for Life Insurance Brokerage by Geographic Region - Percentage Breakdown of Value Sales for USA, Canada, Japan, China, Europe, Asia-Pacific and Rest of World for Years 2014, 2024 & 2030
III. MARKET ANALYSIS
UNITED STATES
Insurance Brokerage Market Presence - Strong/Active/Niche/Trivial - Key Competitors in the United States for 2024 (E)
TABLE 11: USA Recent Past, Current & Future Analysis for Insurance Brokerage by Type - Non-Life Insurance Brokerage and Life Insurance Brokerage - Independent Analysis of Annual Sales in US$ Million for the Years 2023 through 2030 and % CAGR
TABLE 12: USA Historic Review for Insurance Brokerage by Type - Non-Life Insurance Brokerage and Life Insurance Brokerage Markets - Independent Analysis of Annual Sales in US$ Million for Years 2014 through 2022 and % CAGR
TABLE 13: USA 16-Year Perspective for Insurance Brokerage by Type - Percentage Breakdown of Value Sales for Non-Life Insurance Brokerage and Life Insurance Brokerage for the Years 2014, 2024 & 2030
CANADA
TABLE 14: Canada Recent Past, Current & Future Analysis for Insurance Brokerage by Type - Non-Life Insurance Brokerage and Life Insurance Brokerage - Independent Analysis of Annual Sales in US$ Million for the Years 2023 through 2030 and % CAGR
TABLE 15: Canada Historic Review for Insurance Brokerage by Type - Non-Life Insurance Brokerage and Life Insurance Brokerage Markets - Independent Analysis of Annual Sales in US$ Million for Years 2014 through 2022 and % CAGR
TABLE 16: Canada 16-Year Perspective for Insurance Brokerage by Type - Percentage Breakdown of Value Sales for Non-Life Insurance Brokerage and Life Insurance Brokerage for the Years 2014, 2024 & 2030
JAPAN
Insurance Brokerage Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Japan for 2024 (E)
TABLE 17: Japan Recent Past, Current & Future Analysis for Insurance Brokerage by Type - Non-Life Insurance Brokerage and Life Insurance Brokerage - Independent Analysis of Annual Sales in US$ Million for the Years 2023 through 2030 and % CAGR
TABLE 18: Japan Historic Review for Insurance Brokerage by Type - Non-Life Insurance Brokerage and Life Insurance Brokerage Markets - Independent Analysis of Annual Sales in US$ Million for Years 2014 through 2022 and % CAGR
TABLE 19: Japan 16-Year Perspective for Insurance Brokerage by Type - Percentage Breakdown of Value Sales for Non-Life Insurance Brokerage and Life Insurance Brokerage for the Years 2014, 2024 & 2030
CHINA
Insurance Brokerage Market Presence - Strong/Active/Niche/Trivial - Key Competitors in China for 2024 (E)
TABLE 20: China Recent Past, Current & Future Analysis for Insurance Brokerage by Type - Non-Life Insurance Brokerage and Life Insurance Brokerage - Independent Analysis of Annual Sales in US$ Million for the Years 2023 through 2030 and % CAGR
TABLE 21: China Historic Review for Insurance Brokerage by Type - Non-Life Insurance Brokerage and Life Insurance Brokerage Markets - Independent Analysis of Annual Sales in US$ Million for Years 2014 through 2022 and % CAGR
TABLE 22: China 16-Year Perspective for Insurance Brokerage by Type - Percentage Breakdown of Value Sales for Non-Life Insurance Brokerage and Life Insurance Brokerage for the Years 2014, 2024 & 2030
EUROPE
Insurance Brokerage Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Europe for 2024 (E)
TABLE 23: Europe Recent Past, Current & Future Analysis for Insurance Brokerage by Geographic Region - France, Germany, Italy, UK and Rest of Europe Markets - Independent Analysis of Annual Sales in US$ Million for Years 2023 through 2030 and % CAGR
TABLE 24: Europe Historic Review for Insurance Brokerage by Geographic Region - France, Germany, Italy, UK and Rest of Europe Markets - Independent Analysis of Annual Sales in US$ Million for Years 2014 through 2022 and % CAGR
TABLE 25: Europe 16-Year Perspective for Insurance Brokerage by Geographic Region - Percentage Breakdown of Value Sales for France, Germany, Italy, UK and Rest of Europe Markets for Years 2014, 2024 & 2030
TABLE 26: Europe Recent Past, Current & Future Analysis for Insurance Brokerage by Type - Non-Life Insurance Brokerage and Life Insurance Brokerage - Independent Analysis of Annual Sales in US$ Million for the Years 2023 through 2030 and % CAGR
TABLE 27: Europe Historic Review for Insurance Brokerage by Type - Non-Life Insurance Brokerage and Life Insurance Brokerage Markets - Independent Analysis of Annual Sales in US$ Million for Years 2014 through 2022 and % CAGR
TABLE 28: Europe 16-Year Perspective for Insurance Brokerage by Type - Percentage Breakdown of Value Sales for Non-Life Insurance Brokerage and Life Insurance Brokerage for the Years 2014, 2024 & 2030
FRANCE
Insurance Brokerage Market Presence - Strong/Active/Niche/Trivial - Key Competitors in France for 2024 (E)
TABLE 29: France Recent Past, Current & Future Analysis for Insurance Brokerage by Type - Non-Life Insurance Brokerage and Life Insurance Brokerage - Independent Analysis of Annual Sales in US$ Million for the Years 2023 through 2030 and % CAGR
TABLE 30: France Historic Review for Insurance Brokerage by Type - Non-Life Insurance Brokerage and Life Insurance Brokerage Markets - Independent Analysis of Annual Sales in US$ Million for Years 2014 through 2022 and % CAGR
TABLE 31: France 16-Year Perspective for Insurance Brokerage by Type - Percentage Breakdown of Value Sales for Non-Life Insurance Brokerage and Life Insurance Brokerage for the Years 2014, 2024 & 2030
GERMANY
Insurance Brokerage Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Germany for 2024 (E)
TABLE 32: Germany Recent Past, Current & Future Analysis for Insurance Brokerage by Type - Non-Life Insurance Brokerage and Life Insurance Brokerage - Independent Analysis of Annual Sales in US$ Million for the Years 2023 through 2030 and % CAGR
TABLE 33: Germany Historic Review for Insurance Brokerage by Type - Non-Life Insurance Brokerage and Life Insurance Brokerage Markets - Independent Analysis of Annual Sales in US$ Million for Years 2014 through 2022 and % CAGR
TABLE 34: Germany 16-Year Perspective for Insurance Brokerage by Type - Percentage Breakdown of Value Sales for Non-Life Insurance Brokerage and Life Insurance Brokerage for the Years 2014, 2024 & 2030
ITALY
TABLE 35: Italy Recent Past, Current & Future Analysis for Insurance Brokerage by Type - Non-Life Insurance Brokerage and Life Insurance Brokerage - Independent Analysis of Annual Sales in US$ Million for the Years 2023 through 2030 and % CAGR
TABLE 36: Italy Historic Review for Insurance Brokerage by Type - Non-Life Insurance Brokerage and Life Insurance Brokerage Markets - Independent Analysis of Annual Sales in US$ Million for Years 2014 through 2022 and % CAGR
TABLE 37: Italy 16-Year Perspective for Insurance Brokerage by Type - Percentage Breakdown of Value Sales for Non-Life Insurance Brokerage and Life Insurance Brokerage for the Years 2014, 2024 & 2030
UNITED KINGDOM
Insurance Brokerage Market Presence - Strong/Active/Niche/Trivial - Key Competitors in the United Kingdom for 2024 (E)
TABLE 38: UK Recent Past, Current & Future Analysis for Insurance Brokerage by Type - Non-Life Insurance Brokerage and Life Insurance Brokerage - Independent Analysis of Annual Sales in US$ Million for the Years 2023 through 2030 and % CAGR
TABLE 39: UK Historic Review for Insurance Brokerage by Type - Non-Life Insurance Brokerage and Life Insurance Brokerage Markets - Independent Analysis of Annual Sales in US$ Million for Years 2014 through 2022 and % CAGR
TABLE 40: UK 16-Year Perspective for Insurance Brokerage by Type - Percentage Breakdown of Value Sales for Non-Life Insurance Brokerage and Life Insurance Brokerage for the Years 2014, 2024 & 2030
REST OF EUROPE
TABLE 41: Rest of Europe Recent Past, Current & Future Analysis for Insurance Brokerage by Type - Non-Life Insurance Brokerage and Life Insurance Brokerage - Independent Analysis of Annual Sales in US$ Million for the Years 2023 through 2030 and % CAGR
TABLE 42: Rest of Europe Historic Review for Insurance Brokerage by Type - Non-Life Insurance Brokerage and Life Insurance Brokerage Markets - Independent Analysis of Annual Sales in US$ Million for Years 2014 through 2022 and % CAGR
TABLE 43: Rest of Europe 16-Year Perspective for Insurance Brokerage by Type - Percentage Breakdown of Value Sales for Non-Life Insurance Brokerage and Life Insurance Brokerage for the Years 2014, 2024 & 2030
ASIA-PACIFIC
Insurance Brokerage Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Asia-Pacific for 2024 (E)
TABLE 44: Asia-Pacific Recent Past, Current & Future Analysis for Insurance Brokerage by Type - Non-Life Insurance Brokerage and Life Insurance Brokerage - Independent Analysis of Annual Sales in US$ Million for the Years 2023 through 2030 and % CAGR
TABLE 45: Asia-Pacific Historic Review for Insurance Brokerage by Type - Non-Life Insurance Brokerage and Life Insurance Brokerage Markets - Independent Analysis of Annual Sales in US$ Million for Years 2014 through 2022 and % CAGR
TABLE 46: Asia-Pacific 16-Year Perspective for Insurance Brokerage by Type - Percentage Breakdown of Value Sales for Non-Life Insurance Brokerage and Life Insurance Brokerage for the Years 2014, 2024 & 2030
REST OF WORLD
TABLE 47: Rest of World Recent Past, Current & Future Analysis for Insurance Brokerage by Type - Non-Life Insurance Brokerage and Life Insurance Brokerage - Independent Analysis of Annual Sales in US$ Million for the Years 2023 through 2030 and % CAGR
TABLE 48: Rest of World Historic Review for Insurance Brokerage by Type - Non-Life Insurance Brokerage and Life Insurance Brokerage Markets - Independent Analysis of Annual Sales in US$ Million for Years 2014 through 2022 and % CAGR
TABLE 49: Rest of World 16-Year Perspective for Insurance Brokerage by Type - Percentage Breakdown of Value Sales for Non-Life Insurance Brokerage and Life Insurance Brokerage for the Years 2014, 2024 & 2030
IV. COMPETITION

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