DUBLIN--(BUSINESS WIRE)--The "Insurance Agencies Global Market Report 2021: COVID-19 Impact and Recovery to 2030" report has been added to ResearchAndMarkets.com's offering.
Major players in the insurance agencies market are McGriff Insurance Services, Marsh & McLennan Agency LLC, Aon PLC, Brown & Brown Insurance Inc., and HUB International Ltd.
The global insurance agencies market is expected to grow from $109.91 billion in 2020 to $111.98 billion in 2021 at a compound annual growth rate (CAGR) of 1.9%.
The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges.
The market is expected to reach $135 billion in 2025 at a CAGR of 4.8%.
Introduction to technology-enabled services and platforms is a leading trend in the insurance agencies market. Insurance and technology companies are assisting insurance agencies by developing technology-enabled services and platforms for enhancing smooth customer experience and versatility.
For instance, in 2019, Nationwide and Bold Penguin partnered to launch the commercial digital storefront, to deliver an easy-to-use single-entry software that allows agents to reach the best markets in record time, and in July 2020 the companies are now validating an independent agent-facing commercial insurance quoting and sales platform. Furthermore, in April 2020, Aureus Analytics, an artificial intelligence technology company, partnered with HawkSoft to help independent insurance agents understand better how well their agency serves the insured.
The insurance agencies market covered in this report is segmented by insurance into life insurance; property & casualty insurance; health & medical insurance; others. It is also segmented by mode into online; offline and by end user into corporate; individual.
In March 2020, USI Insurance Services, a USA based consulting and insurance brokerage firm with expertise in risk management, employee benefit, and retirement plan consulting has acquired Full Service Insurance Agency, Inc. for an undisclosed amount. This acquisition is expected to expand USI Insurance Services' commercial, employee benefit, and personal risk expertise into Tennessee. Full Service Insurance, Inc., is a US-based insurance agency, concentrating on commercial insurance, employee benefits, and risk solutions for businesses and individuals.
Increased awareness about the benefits of insurance coverage is expected to drive the insurance agencies market. The pandemic has alerted the public and made them aware of the uncertainty, which led them towards opting for insurance to protect their and their families' lives. For instance, according to the Max Bupa survey on the difference of mindset of people before and after the COVID-19 onset, during pre-COVID times the percentage of buyers and planners for comprehensive plans was 32% and 41%, respectively.
The demand for insurance plans has seen a significant increase over the last few months, with the percentage of buyers and people intending to buy rising to 55% and 60%. The insurance agencies help the people in obtaining the best insurance policy as per their need and budget. Hence, a higher awareness rate among the public on the benefits of insurance coverage aids in the growth of the insurance agencies market.
Change in consumers' behavior of approaching the insurance providers directly for availing insurance policies instead of insurance agencies is expected to hinder the market growth. Customers feel empowered to forego agents and brokers as most of the insurance providers are providing online services.
Moreover, online term plans offered by life insurance companies are comparatively 20-30% cheaper than offline ones. Thus, changing customer-approach towards insurance agencies eliminates the involvement of agencies and brokers in the process of insurance purchase, which in turn is restricting the growth of the insurance agencies market.
Key Topics Covered:
1. Executive Summary
2. Insurance Agencies Market Characteristics
3. Insurance Agencies Market Trends and Strategies
4. Impact of COVID-19 on Insurance Agencies
5. Insurance Agencies Market Size and Growth
5.1. Global Insurance Agencies Historic Market, 2015-2020, $ Billion
5.1.1. Drivers of the Market
5.1.2. Restraints on the Market
5.2. Global Insurance Agencies Forecast Market, 2020-2025F, 2030F, $ Billion
5.2.1. Drivers of the Market
5.2.2. Restraints on the Market
6. Insurance Agencies Market Segmentation
6.1. Global Insurance Agencies Market, Segmentation by Insurance, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion
- Life Insurance
- Property & Casualty Insurance
- Health & Medical Insurance
6.2. Global Insurance Agencies Market, Segmentation by Mode, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion
6.3. Global Insurance Agencies Market, Segmentation by End User, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion
7. Insurance Agencies Market Regional and Country Analysis
7.1. Global Insurance Agencies Market, Split by Region, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion
7.2. Global Insurance Agencies Market, Split by Country, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion
- McGriff Insurance Services
- Marsh & McLennan Agency LLC
- Aon PLC
- Brown & Brown Insurance Inc.
- HUB International Ltd.
- USI Insurance Services
For more information about this report visit https://www.researchandmarkets.com/r/6wcefx