Global Insurance Brokerage Market to Reach US$379.9 Billion by 2030
The global market for Insurance Brokerage estimated at US$261.5 Billion in the year 2024, is expected to reach US$379.9 Billion by 2030, growing at a CAGR of 6.4% over the analysis period 2024-2030. Non-Life Insurance Brokerage, one of the segments analyzed in the report, is expected to record a 6.6% CAGR and reach US$229.9 Billion by the end of the analysis period. Growth in the Life Insurance Brokerage segment is estimated at 6.1% CAGR over the analysis period.
The U.S. Market is Estimated at US$69.5 Billion While China is Forecast to Grow at 6.3% CAGR
The Insurance Brokerage market in the U.S. is estimated at US$69.5 Billion in the year 2024. 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 2024-2030. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at a CAGR of 6.0% and 5.4% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 5.1% 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.
SCOPE OF STUDY:TARIFF IMPACT FACTOR
Our new release incorporates impact of tariffs on geographical markets as we predict a shift in competitiveness of companies based on HQ country, manufacturing base, exports and imports (finished goods and OEM). This intricate and multifaceted market reality will impact competitors by artificially increasing the COGS, reducing profitability, reconfiguring supply chains, amongst other micro and macro market dynamics.
We are diligently following expert opinions of leading Chief Economists (14,949), Think Tanks (62), Trade & Industry bodies (171) worldwide, as they assess impact and address new market realities for their ecosystems. Experts and economists from every major country are tracked for their opinions on tariffs and how they will impact their countries.
We expect this chaos to play out over the next 2-3 months and a new world order is established with more clarity. We are tracking these developments on a real time basis.
As we release this report, U.S. Trade Representatives are pushing their counterparts in 183 countries for an early closure to bilateral tariff negotiations. Most of the major trading partners also have initiated trade agreements with other key trading nations, outside of those in the works with the United States. We are tracking such secondary fallouts as supply chains shift.
To our valued clients, we say, we have your back. We will present a simplified market reassessment by incorporating these changes!
APRIL 2025: NEGOTIATION PHASE
Our April release addresses the impact of tariffs on the overall global market and presents market adjustments by geography. Our trajectories are based on historic data and evolving market impacting factors.
JULY 2025 FINAL TARIFF RESET
Complimentary Update: Our clients will also receive a complimentary update in July after a final reset is announced between nations. The final updated version incorporates clearly defined Tariff Impact Analyses.
Reciprocal and Bilateral Trade & Tariff Impact Analyses:
USA
CHINA
MEXICO
CANADA
EU
JAPAN
INDIA
176 OTHER COUNTRIES.
Leading Economists - Our knowledge base tracks 14,949 economists including a select group of most influential Chief Economists of nations, think tanks, trade and industry bodies, big enterprises, and domain experts who are sharing views on the fallout of this unprecedented paradigm shift in the global econometric landscape. Most of our 16,491+ reports have incorporated this two-stage release schedule based on milestones.
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