LONDON--(BUSINESS WIRE)--The insurance brokerage market is expected to grow by USD 13.84 billion during 2020-2024. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. We expect the impact to be significant in the first quarter but gradually lessen in subsequent quarters – with a limited impact on the full-year economic growth.
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The global insurance brokerage market is witnessing an increase in the demand for accidental insurance, life insurance, medical insurance, vehicle insurance, liability insurance, and property insurance. This is due to the expanding population of baby boomers and millennials worldwide, which is providing significant growth opportunities for market players. Besides, many insurance firms are actively investing in innovative insurance products and services and increasing awareness to tap the potential in emerging markets. These factors are expected to fuel the growth of the global insurance brokerage market.
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As per Technavio, the consolidation of the brokerage industry will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Insurance Brokerage Market: Consolidation of the Brokerage Industry
Major insurance firms in the market are partnering with local players to expand their geographical presence and increase their revenue. For instance, In August 2018, CIPRES Assurances acquired Axelliance, a direct broker and insurance company. Similarly, in April 2019, Marsh & McLennan acquired Jardine Lloyd Thomson, a multinational insurance, reinsurance, and brokerage services company based in the UK. Many such M&A activities are expected to have a positive impact on the growth of the global insurance brokerage market.
“Integration of IT and analytic solutions and the emergence of digital marketing platforms will further boost market growth during the forecast period”, says a senior analyst at Technavio.
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Insurance Brokerage Market: Segmentation Analysis
This market research report segments the insurance brokerage market by type (non-life insurance and life insurance) and geography (APAC, Europe, MEA, North America, and South America).
The North American region led the insurance brokerage market in 2019, followed by Europe, APAC, South America, and MEA respectively. During the forecast period, North America is expected to register the highest incremental growth due to the growth of the working capital population in the region.
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Some of the key topics covered in the report include:
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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