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Insurance Brokerage Market to Reach $628.3 Billion, Globally, by 2032 at 9.3%% CAGR: Allied Market Research
The growth of the global insurance brokerage market is driven by increase in demand for insurance policies among the general public, expansion of digital brokers, and integration of IT & analytic solutions.
PORTLAND, Ore., Sept. 6, 2023 /PRNewswire/ — Allied Market Research published a report, titled, “Insurance Brokerage Market by Insurance Type (Life Insurance and Property & casualty Insurance) and Brokerage Type (Retail and Wholesale): Global Opportunity Analysis and Industry Forecast, 2023-2032″. According to the report, the global insurance brokerage industry generated at $259.7 billion in 2022, and is projected to reach $628.3 billion by 2032, growing at a CAGR of 9.3% from 2023 to 2032.
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Insurance brokerage offers financial protection to individuals, assets, and businesses against uncertain events, hence, plays a major role in economic growth of a nation. The insurance brokerage industry is transforming continuously with the adoption of digital tools and platforms.
Prime determinants of growth
The shift from physical to digital channels and growing awareness among increase in demand for insurance policies among the developing nations and integration of IT & analytics solutions by various insurance providers boost the growth of the insurance brokerage market. In addition, rise in demand for providing professional solutions and services to end users among the insurance companies positively impacts the growth of the market. However, direct purchase of insurance policies by customers and massive availability of alternative platform for purchasing insurance policy are expected to hamper the market growth. However, favorable government initiatives regarding insurance policies among the developing nations are expected to offer remunerative opportunities for the expansion of the market during the forecast period.
Report coverage & details:
|
Report Coverage |
Details |
|
Forecast Period  |
2023–2032 |
|
Base Year |
2022 |
|
Market Size in 2022 |
$259.7 billion |
|
Market Size in 2032 |
$628.3 billion |
|
CAGR |
9.3 % |
|
No. of Pages in Report |
257 |
|
Segments covered |
Insurance Type, Brokerage Type, and Region. |
|
Drivers |
Increase in demand for insurance policies among the general public Expansion of digital brokers Integration of IT & analytic solutions |
|
Opportunities |
Rise in personalized insurance policies Favorable government initiatives regarding insurance policies |
|
Restraints |
Availability of alternative platforms for purchasing insurance policy |
Covid-19 Scenario
- The pandemic-induced economic downturn led to reduced business activities, declining revenues, and heightened financial uncertainties for many industries. This directly affected insurance brokerage firms, as businesses scaled back operations, resulting in decreased demand for various insurance products.
- Overall, the pandemic heightened consumer uncertainty, leading to delayed purchasing decisions and hesitancy in committing to insurance coverage. Individuals and businesses were cautious about additional financial commitments due to the economic uncertainties, resulting in longer sales cycles and potentially reduced revenues for brokerages. Therefore, the COVID-19 pandemic had a negative impact on the insurance brokerage market.
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The property and casualty insurance segment to maintain its leadership status throughout the forecast period
Based on insurance type, the property and casualty insurance segment held the highest market share in 2022, accounting for more than half of the global insurance brokerage market revenue. This segment is also projected to manifest the highest CAGR of 10.4% from 2023 to 2032, due to the increasing frequency and severity of natural disasters have heightened awareness of the need for property insurance coverage. Consumers and businesses are seeking protection against events such as hurricanes, floods, and wildfires, thus driving the demand for comprehensive property insurance policies.
The retail segment to maintain its leadership status throughout the forecast period
Based on end user, the retail segment held the highest market share in 2022, accounting for around four-fifths of the global insurance brokerage market revenue, and is estimated to maintain its leadership status throughout the forecast period. This is because retail insurance brokerage providers offer products such as health, disability, and wellness-related insurance to cater to these preferences. However, the wholesale segment is projected to manifest the highest CAGR of 12.7% from 2023 to 2032, this is attributed to the fact that wholesale brokerage providers play a pivotal role in connecting retail agents and brokers with insurance carriers that offer specialized or hard-to-find coverage. They provide access to markets that may not be accessible to retail agents, helping them place coverage for unique risks.
North America to maintain its dominance by 2032
Based on region, North America held the highest market share in terms of revenue in 2022, accounting for nearly two-fifths of the global insurance brokerage revenue, owing to rise in adoption of insurance among the end users and increase in profit margins of insurance provider in the North America countries. However, the Asia-Pacific region is expected to witness the fastest CAGR of 12.4% from 2023 to 2032, and is likely to dominate the market during the forecast period, as various governments across Asia-Pacific are providing favorable government policies for new foreign insurance companies to settle their market in the country.
Leading Market Players: –
- Acrisure, LLC
- Aon plc
- Brown & Brown, Inc
- Gallagher
- HUB International Limited
- Lockton companies
- Marsh & McLennan Companies Inc.
- Truist Insurance Holdings
- USI Insurance Services L.L.C
- Willis Towers Watson
The report provides a detailed analysis of these key players of the global insurance brokerage market. These players have adopted different strategies such as partnership, product launch, and expansion to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
Key Benefits for Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the insurance brokerage market forecast from 2022 to 2032 to identify the prevailing market opportunities.
- Market research is offered along with information related to key drivers, restraints, and opportunities of insurance brokerage market outlook.
- Porter’s five forces analysis highlights the potency of buyers and suppliers to enable stakeholders to make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the insurance brokerage market segmentation assists in determining the prevailing insurance brokerage market opportunity.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes an analysis of the regional as well as global insurance brokerage market trends, key players, market segments, application areas, and market growth strategies.
Want to Access the Statistical Data and Graphs, Key Players’ Strategies:
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About Us:
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
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Fintech PR
President Emmerson Mnangagwa met this week with Zambia’s former Vice President and Special Envoy Enoch Kavindele to discuss SADC’s candidate for the AfDB
President Mnangagwa, who is SADC Chairperson, reaffirmed his own country’s and SADC’s enthusiastic support for Zambian candidate Sam Maimbo
LUSAKA, Zambia, Dec. 20, 2024 /PRNewswire/ — Special Envoy Kavindele released the following statement following the meeting:
“I am elated to witness the growing success and momentum of Sam Maimbo’s candidacy to become the next President of the African Development Bank. I am filled with gratitude to our friends across both SADC and COMESA for their continued support and good wishes.
Sam has garnered such wide consensus due to his being uniquely qualified to deliver the transformative change and empowerment our continent needs. Sam’s 30 years in development work is defined by driving outcomes, improving processes, and investing in people. The AfDB needs a hands-on leader who is laser focused on delivering results and who is unafraid of making tough decisions in order to best serve our continent. Sam is that leader. Sam has the track record and experience to drastically enhance the pace, scale, and impact of the Bank’s work in service of the people and governments of Africa.
Our region has a proud history of supporting fellow Southern Africans. For example, we all recall Lusaka’s role in hosting the African National Congress’ headquarters during the dark days of Apartheid oppression.
It therefore gives me no pleasure to observe my South African brothers, who have themselves leant on Zambia’s steadfast friendship over many decades, fail to rally behind both SADC and COMESA’s chosen candidate for the AfDB. Africa’s urgent economic development challenges demand transformational leadership at the AfDB, it is all of our responsibility to put forward the best candidate for the job. This is not the time or place for a government to act with narrow self-interest, we all must act in the continent’s and AfDB’s best interest.
I thank Sam Maimbo for his lifelong service to our entire continent, and I am eager to witness his enormous impact as President of the AfDB.”
LONDON, Dec. 20, 2024 /PRNewswire/ — Heimdal Security shares a practical holiday cybersecurity checklist, offering expert insights to help businesses safeguard against cyber threats this festive season.
With reduced staffing, remote work setups, and a surge in online shopping creating heightened vulnerabilities, this guide offers actionable tips to enhance business security.
Going beyond basic advice, the checklist also highlights the most common holiday scams and features videos showcasing real-life examples of Christmas-themed cyber scams and effective prevention strategies.
Key Tips to Protect Businesses This Holiday Season:
- Strengthen endpoints: Ensure devices are updated with antivirus and endpoint protection software; consider Endpoint Detection and Response (EDR) and application whitelisting.
- Prepare for phishing spikes: Train staff to identify suspicious emails, enforce robust email filters, and establish protocols for reporting unusual activity.
- Secure remote access: Mandate VPN usage, monitor unusual logins, and deactivate inactive accounts temporarily.
- Segment and shield networks: Isolate sensitive areas, deploy DNS security and advanced firewalls, and maintain full visibility over network traffic.
- Apply timely patches: Regularly update all systems and test patches in a controlled environment to minimize disruptions.
- Mitigate supply chain risks: Assess vendors thoroughly and limit their access to essential systems.
- Have a response plan ready: Tailor incident protocols for the holidays, create an on-call rotation for the IT team, and enable rapid action against suspicious activity.
“ Cybercriminals thrive on holiday distractions, but with proactive measures like phishing training, secure endpoints, and network segmentation, businesses can stay ahead of potential threats,” said Alex Panait, System Administrator at Heimdal Security.
Common Holiday Scams That Businesses Should Watch For:
Cybercriminals often tailor their tactics to exploit the festive season. The most common scams include:
- Spear phishing: Emails disguised as holiday bonuses or event invitations that steal credentials or spread malware.
- Malicious holiday E-Cards: Festive greetings that contain links deploying ransomware or spyware.
- Fake E-Commerce sites: Fraudulent websites offering discounts to steal payment information.
- Insider threats: Distracted or disgruntled employees mishandling or exploiting sensitive data.
- Corporate travel scams: Fake booking platforms targeting business travelers.
- Business email compromise (BEC): Fraudulent requests for urgent wire transfers during year-end financial rushes.
For more, read the full article here or watch the video on YouTube to see how these threats unfold and learn actionable prevention strategies.
About Heimdal:
Established in Copenhagen in 2014, Heimdal® empowers CISOs, security teams, and IT administrators to improve their security operations, reduce alert fatigue, and implement proactive measures through a unified command and control platform.
Heimdal’s award-winning cybersecurity solutions span the entire IT estate, addressing challenges from endpoint to network levels, including vulnerability management, privileged access, Zero Trust implementation, and ransomware prevention.
For further press information:
Madalina Popovici
Media Relations Manager
[email protected]
View original content:https://www.prnewswire.co.uk/news-releases/stay-cyber-safe-this-holiday-season-heimdals-checklist-for-business-security-302337465.html
Fintech PR
According to Tickmill survey, 3 in 10 Britons in economic difficulty: Purchasing power down 41% since 2004
The people who have the most problems are women (30%) and are between 35 and 49 years old (39%)
ROME, Dec. 20, 2024 /PRNewswire/ — The purchasing power in the UK has dropped by 41% over the last 20 years. Today, £100,000 left in a bank account since 2004 without being invested would now be worth £59,021.
This figure is one of the findings from a study conducted by Tickmill, an international online trading broker that compared the economic situation in the UK and the European Union through the infographic “Purchasing Power and Cost of Living: UK vs EU”.
The analysis reveals a slight decline of 0.4% in the UK’s purchasing power, which currently stands at £41,573. In contrast, the European Union has seen a modest rise of 0.1%, reaching £40,874.
Why is purchasing power declining in the UK? One key factor is the cost of living. If the UK were still part of the European Union, it would rank as the fifth most expensive country, behind Ireland, Luxembourg, Denmark, and the Netherlands.
Unsurprisingly, 3 in 10 Britons are struggling with the cost of living. Women (3 in 10, compared to 25% of men), those aged between 35 and 49 (4 in 10), households earning less than £15,000 (6 in 10), and single parents (1 in 2) are among the most affected groups.
Among UK nations, Northern Ireland is the hardest hit, with 34% of its population facing financial difficulties, followed by Wales (31%), England (28%), and Scotland (22%). In England, the North East has the highest percentage of people struggling, with 4 in 10 residents affected. Even in London, the high costs impact 1 in 4 adults.
In response to these challenges, Britons are making significant adjustments:
- 53% have cut back or delayed spending on smaller items like eating out, entertainment, subscriptions, clothing, toys, books, etc.;
- 52% have reduced household energy consumption;
- 48% have decreased their grocery spending;
- 41% have scaled back or postponed major expenditures, such as holidays, cars, and weddings;
- 26% are working longer hours, taking on overtime, or pursuing additional jobs to earn extra income.
The British also made changes on the financial side. One in four adults has been forced to dip into their savings or investments to cover daily expenses. Moreover, 44% have stopped saving or investing entirely or have reduced their savings and investments—a 4% increase compared to 2023.
The lack of investment is another critical factor contributing to the decline in purchasing power. It is estimated that 13 million UK residents hold £430 billion in cash deposits but do not invest. The reasons? Seventy-four percent say they cannot compare investment products effectively, and 43% are afraid of losing their money.
A lack of knowledge and fear are preventing many savers from taking advantage of an important opportunity: preserving or increasing their purchasing power in the long term.
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President Emmerson Mnangagwa met this week with Zambia’s former Vice President and Special Envoy Enoch Kavindele to discuss SADC’s candidate for the AfDB