Insurance Brokerage Market Poised for Growth, Projected to Hit USD 155.75 Bn

Posted by nandini from the Technology category at 04 Feb 2025 06:06:32 am.

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Insurance Brokerage market was valued at USD 105.85 Bn in 2023 and is expected to reach USD 155.75 Bn by 2030, at a CAGR of 5.67 % during the forecast period.
Unlocking Future Potential: In-Depth Analysis of the Insurance Brokerage Market by Maximize Market Research
Maximize Market Research (MMR), a premier business consultancy firm, proudly announces the release of its latest market analysis on the Insurance Brokerage Market. This extensive report offers comprehensive insights, from pricing trends and demand fluctuations to key competitors’ strategies, while looking ahead to industry forecasts through 2030. As industries rapidly evolve, our analysis provides valuable data to help businesses capitalize on the latest trends and make data-driven decisions.
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Expanding Horizons with In-Depth Market Insights
This report’s scope and methodology are tailored to provide investors with actionable insights. By utilizing both SWOT and PESTLE analyses, combined with data-driven surveys, MMR’s methodology synthesizes a clear market picture. To truly understand what drives the Insurance Brokerage market, our experts utilize qualitative and quantitative approaches, shedding light on the impact of factors like consumer trends, R&D initiatives, and advancements in technology. By detailing key aspects like buyer behavior, market consolidation, and innovative trends, the report offers a strategic roadmap to navigate the market’s complexity.
Regional Insights: A Global Perspective
In today’s interconnected world, regional market insights are essential. MMR’s research dives into the unique characteristics of regions, including the Middle East, South America, Europe, Africa, and the Asia-Pacific region, providing a nuanced understanding of regional dynamics, export-import patterns, and growth trajectories. By analyzing these regions individually, the report highlights opportunities and potential risks that can shape the market's direction over the next few years.
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Segmenting the Insurance Brokerage Market:
by Product
Property and Casualty Insurance
Life and Health Insurance
Specialty Insurance
Others
The market for insurance brokerages is divided into various segments, including specialized insurance, life and health insurance, and property and casualty insurance. Commercial property, general liability insurance, and services pertaining to liability and property damage risks are all included in property and casualty insurance. Medical needs such as disability, health, and life insurance are covered by life and health insurance policies. Specialty insurance, such as professional indemnity insurance and cyber insurance, is insurance that is associated with certain markets and risks.
by Services
Risk Assessment and Management
Insurance Placement and Policy Selection
Claims Processing and Management
Consulting and Advisory Services
Others
by Distribution Channel
Retail Brokerage
Wholesale and Reinsurance Brokerage
Retail, wholesale, and reinsurance brokerages make up the different segments of the insurance brokerage sector. With a 2023 valuation of USD 73699.44 million, the retail brokerage held the largest market share in the insurance brokerage industry. It has direct interaction with small business and individual clients, which fosters loyalty and personal ties. It is anticipated that the retail brokerage service will provide a selection of insurance products that will help meet the needs of its clients. Due to the large number of individual and small company clients, they have a high volume of transactions.
by Customers
Individuals and Families
Small and Medium-sized Enterprises (SMEs)
Large Corporations and Institutions
The market for insurance brokerages is divided into three segments: small and medium-sized businesses (SMEs), major corporations and institutions, and individuals and families. With a 2023 valuation of USD 41440.98 million, the small and medium-sized business segment dominated the insurance brokerage market. It is anticipated that the proliferation of small and medium-sized businesses will propel the use of insurance brokerage. Numerous small and medium-sized businesses need a range of insurance coverages, including specialized insurance, life and health insurance, and property and casualty insurance.
by Industry Verticals
Healthcare
Manufacturing
Construction
Automotive
Others

The market for insurance brokerages is divided into several segments, including manufacturing, healthcare, construction, and automobiles. In 2023, the healthcare industry dominated with a value of 29002.77 million. Over the course of the forecast period, it is anticipated to increase at a CAGR of 5.69%. With a valuation of 24397.75 million, the manufacturing sector occupied the second-largest position in the insurance brokerage market. Because the healthcare sector is subject to strict regulations and compliance standards, insurance brokerage services are crucial for risk management.
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Key Players & Competitive Landscape :
1. Aon plc (United States)
2. Marsh & McLennan Companies, Inc. (United States)
3. Willis Towers Watson (United States)
4. Arthur J. Gallagher & Co. (United States)
5. Hub International Ltd. (United States)
6. Brown & Brown, Inc (United States)
7. Lockton Companies, LLC (United States)
8. Gallagher Bassett Services, Inc. (United States)
9. Integro Insurance Brokers (United States)
10. USI Insurance Services LLC (United States)
11. The Hylant Group (United States)
12. AssuredPartners, Inc. (United States)
13. Oswald Companies (United States)
14. Jardine Lloyd Thompson Group Ltd. (United Kingdom)
15. Ed Broking Group Ltd. (United Kingdom)
16. BMS Group Ltd. (United Kingdom)
17. JLT Specialty Limited (United Kingdom)
18. Bluefin Insurance Services Limited (United Kingdom)
19. Al Futtaim Willis (UAE)
20. Howden Insurance Brokers (South Africa)
21. Alexander Forbes Group Holdings Limited (South Africa)
22. AJG International B.V. (South Africa)
23. Griffiths & Armour (South Africa)

Seeking deep market knowledge? The summary offers critical insights:https://www.maximizemarketresearch.com/market-report/insurance-brokerage-market/215727/
Critical Questions & Key Findings

What is the growth trajectory for the Insurance Brokerage Market?
Which factors will drive market expansion in the coming years?
What are the most promising opportunities and emerging trends in this industry?
Who are the primary players, and what are their competitive strengths?

These critical questions, among others, are thoroughly addressed, along with projections of CAGR, market segmentation, and revenue streams. This report doesn’t just reveal the current market landscape but also serves as a strategic tool to anticipate market shifts.
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With our diverse team of experts across various sectors—including technology, medical devices, pharmaceuticals, automotive, and more—MMR provides trusted, industry-verified market research and consulting services. From trend analysis to competitor benchmarking, our goal is to empower businesses to make informed, forward-thinking decisions.
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