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:
Market Size in 2022
Market Size in 2032
No. of Pages in Report
Insurance Type, Brokerage Type, and Region.
Increase in demand for insurance policies among the general public
Expansion of digital brokers
Integration of IT & analytic solutions
Rise in personalized insurance policies
Favorable government initiatives regarding insurance policies
Availability of alternative platforms for purchasing insurance policy
- 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
- 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.
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PTI Secures €1.2 Billion Multi-Jurisdiction Transaction
NEW YORK, Sept. 28, 2023 /PRNewswire/ — Phoenix Tower International, LLC (“PTI”), through its Spanish subsidiary (PTI Iberica V, S.A.) announced today that it has closed a new €1.2 billion senior credit facility in Europe to consolidate its existing loans and provide substantial additional capacity to support further growth both in existing and new markets in Europe.
The transaction comprised of the following senior secured facilities: (i) a €700 million term loan, (ii) a €400 million delayed draw term loan, (iii) a €50 million revolving credit facility, and (iv) a €50 million debt service reserve facility, all of which are due in September 2030 (7 years). Proceeds from the facilities will be used to: (i) repay existing indebtedness including related fees and expenses, (ii) fund capital expenditure requirements and acquisitions, including the recent acquisition of the French portfolio of wireless tower assets from Cellnex (1,226 sites hosting SFR), and (iii) fund working capital requirements.
“The multi-jurisdiction loan provides PTI with the flexibility to continue to grow our business across Europe with incremental liquidity available at our disposal. The financing will allow us to strengthen our commitment to the region, as we continue to construct and invest in digital infrastructure in markets that are experiencing a rising demand for connectivity and technological upgrades. We are excited to continue to expand our presence in Europe and deliver value-add infrastructure solutions to our customers”, said Dagan Kasavana, Chief Executive Officer of PTI.
“By providing a flexible financing covering multiple jurisdictions, PTI was able to simplify its capital structure, reduce pricing, and access incremental funds to support future growth. Raising €1.2 billion in the current market environment speaks to the strength of PTI’s business model and underscores the lender community’s appetite to support the expansion of digital connectivity. We are pleased to partner with such a strong lender group in this landmark transaction”, said Michael Bremer, Chief Financial Officer of PTI.
Natixis Corporate & Investment Banking (“Natixis”) acted as Structuring Bank. Natixis and Deutsche Bank AG acted as Lead Bookrunners and Mandated Lead Arrangers, ABN AMRO Bank N.V., ING Bank N.V., and Scotiabank (Ireland) Designated Activity Company acted as Mandated Lead Arrangers and Bookrunners, BNP Paribas and MUFG Bank acted as Mandated Lead Arrangers, and Citibank Europe PLC Dublin, Mizuho Bank Europe, and Toronto Dominion Bank acted as Participants. Natixis also acted as Facility Agent, Security Agent and Financial Modelling Bank, while ING Bank N.V. has been appointed as Sustainability Coordinator.
Freshfields Bruckhaus Deringer acted as external legal counsel of the company, and Allen & Overy acted as external legal counsel of the lenders.
PTI, through its subsidiaries, owns and operates over 22,000 telecom towers throughout Europe, the United States, Latin America and the Caribbean. In Europe, PTI is present in several countries including France, Italy, Ireland, Malta and Cyprus.
PTI was founded in 2013 with a mission to be a premier site provider to wireless operators across the world in high-growth markets. PTI’s investors include funds managed by Blackstone, Wren House and various members of the management team and is headquartered in Boca Raton, Florida. For more information, please visit www.phoenixintnl.com
BranchOut Food Inc. Expands Partnership with EnWave Corporation. Increasing Manufacturing Capacity by an Additional ~$15mm Annually & Secures Additional Product Exclusivities.
BEND, Ore, Sept. 28, 2023 /PRNewswire/ — BranchOut Foods Inc. (NASDAQ: BOF), the global trailblazer in GentleDried natural snacks and superfood ingredients, is proud to announce a significant expansion of its partnership with EnWave Corporation (TSX-V: ENW | FSE: E4U). BranchOut has agreed to purchase a second large-scale, continuous throughput dehydration machine from Enwave. Under the terms of the new Equipment Purchase Agreement (the “Agreement”), the 120kW REV™ machine is slated for delivery to BranchOut in late calendar 2024 and will add an additional $15mm in estimated topline capacity.
Eric Healy, CEO of BranchOut Food Inc., emphasized, “We are confident that this increased capacity will align perfectly with our growth trajectory, especially in light of our recent commitments from major retailers and the substantial sales pipeline we have established.”
Enwave’s Radiant Energy Vacuum (REV™) technology and associated patent portfolio was previously licensed to BranchOut along with exclusivity for its original core products. Under the new Agreement, the product exclusives have been significantly expanded to encompass the new and innovative products BranchOut has recently developed and will be launching in the very near future.
About BranchOut Food Inc.: BranchOut is an international food-tech company delivering truly great natural snacks and real superfood ingredients enabled by their licensed dehydration technology. BranchOut Food is a leading provider of high-quality dehydrated fruit and vegetable-based products and its commitment to quality and innovation sets it apart as a trusted brand and private label supplier. For more information about BranchOut Food Inc. and its products, please visit www.branchoutfood.com.
About EnWave: EnWave Corporation stands as a global leader in vacuum microwave dehydration innovation and application. Operating from its headquarters in Vancouver, BC, EnWave boasts an impressive intellectual property portfolio and has refined its Radiant Energy Vacuum (REV™) technology into a proven, consistent, and scalable drying solution. This revolutionary technology outperforms traditional drying methods in terms of efficiency, capacity, product quality, and cost.
BranchOut Food Inc.
Email: [email protected]
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SIGMA Financial AI unveils Akili-AI: Cutting-Edge, AI-based, no-code suite of tools for traders
– Augments trader’s interactions and transforms decision-making capabilities
– Handles the full extent of structured to unstructured financial data
– Mitigates portfolio exposure risk and accelerates speed to market
LONDON, Sept. 28, 2023 /PRNewswire/ — SIGMA Financial AI, an innovator in developing AI-driven trading solutions, launches Akili-AI*, a sophisticated suite of enterprise-ready trading strategy tools. Akili-AI is a cutting-edge, no-code solution enabling data-driven insights to support the specialist needs of the global financial services trading community.
Akili-AI incorporates machine learning (ML) and natural language processing (NLP) to deliver agile tools which are more intelligent, faster and easier to use, enabling traders to create strategies at a scale and speed unachievable without AI support. Completely asset-class and instrument-agnostic, the Akili-AI system streams real-time trading data, allowing users to screen, test and design complex trading strategies promptly.
Their SaaS-based Pattern matching platform (Patterns as a Service) helps traders monitor thousands of instruments in real-time, scanning charts for momentum changes, technical signals, support, and resistance zones. The NLP research function supports fundamental and technical qualifications from thousands of news, social media and traders’ data. Akili-AI’s flexible modular architecture, built using modern protocols, is cloud-based and scales to support the largest trading enterprises.
Andy Simpson, Co-founder and CEO, commented, “Traders are having to cope with a constant squeeze on their book; this, combined with a huge increase in data volumes, has created the need for transformative solutions which can help them find an edge. They need the ability to find new liquidity fast, enhance their trade execution capabilities, and reduce portfolio risk; Akili-AI can deliver all this at a lower cost point and faster than ever.”
“Akili-AI transforms market interaction and improves productivity by liberating traders from the constraints imposed by long-established, outdated working practices and legacy technology infrastructures. Accelerated speed to market is crucial in an industry where every second counts. Our mission is to provide AI-based solutions which enhance the human experience – not replace them – helping to generate more revenue and increased profitability,” Andy continued.
Rob Maunder, Co-founder and Chief Commercial Officer, said, “Our pioneering and creative team is an unusual blend of deep financial services experience, phenomenal engineering and world-class AI technologists who bring an unrivalled track record of developing new platforms at pace. We break the mould by delivering incredible engineering of low-latency, highly scalable systems drawing on more than a decade of generative AI experience in the social media and music industries.”
Andy concluded, “Akili-AI is the start of a refreshingly different journey of technological change; watch this space. There is much more to come.”
*Akili is the Swahili word for intelligence.
About SIGMA Financial AI:
We provide traders with a set of tools that are faster, smarter and easier to use. Our AI machine learning product suite unlocks trading opportunities through real-time analytics underpinned by world-leading, scalable, ultra-low latency architecture.
Note to Editors: For more information about SIGMA Financial AI, please visit www.sigmafinancial.ai.
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