The Global Insurance brokerage market is anticipated to grow at a considerable CAGR of 6.6% during the forecast period. The market has experienced an increase in the demand for the insurance policies such as health insurance policies, general insurance policies, and life insurance policies, among others. According to data from the International Association of Insurance Supervisors (IAIS), the share of the reinsurance market in the global insurance market has increased in recent years. In 2020, the share was 6.4%, which increased to 7.9% in 2021, owing to the growing demand for risk mitigation among insurers and reinsurers. Moreover the key players operating in the market such as, Hub International Ltd., Willis Towers Watson, Beach & Associates Ltd and others are adopting various strategies such as acquisition, collaboration, new product launched and others which further drive the market growth. For instance, in January 2023, Hub International Ltd. acquired the assets of EST, Inc. which operates as Coast to Coast Insurance Brokers (CCIB) and Sage Risk Management (SRM). CCIB and SRM provide commercial insurance and risk management services to businesses, with a focus on industries such as pharmaceuticals/biotech, healthcare, staffing, and technology. The acquisition is expected to strengthen Hub’s Specialty practices and capabilities in the Greater Philadelphia region.
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As the insurance industry continues to grow, companies are innovating and shifting to digital platforms that cater to the changing requirements of customers. For instance, in November 2021 Willis Towers Watson and CodeEast partnered to offer a digital transformation solution for insurance companies and Managing General Agent (MGAs) . The partnership combines Willis Towers Watson’s Radar Live with CodeEast’s ONEview digital insurance platform, providing a solution that maximizes profit margins through real-time risk assessment and reduces operational costs through state-of-the-art insurance product distribution technology. The ONEview Digital Insurance Platform uses digital technology to automate complex processes involved in the sales, administration, and distribution of insurance products. The partnership aims to meet the demands of the insurance industry’s digital disruption, with speed, control, and agility being key drivers of success.
Global Insurance Brokerage Market Report Segment
By Type
- Life Insurance
- General Insurance
- Health Insurance
- Others (Auto Insurance, Homeowners Insurance, and Disability Insurance)
By Mode
- Online
- Offline
By End-User
- Corporate
- Individual
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Insurance Brokerage Market Report Segment by Region
North America
- United States
- Canada
Europe
- Germany
- United Kingdom
- France
- Spain
- Italy
- Rest of Europe
Asia-Pacific
- China
- Japan
- India
- Rest of Asia-Pacific
Rest of the World
- Middle East & Africa
- Latin America
Company Profiles
- Acrisure LLC
- Alliant Insurance Services, Inc.
- Aon Plc
- Arthur J. Gallagher & Co.
- Assured Partners, Inc.
- Beach & Associates Ltd.
- BMS Group Ltd.
- Edgewood Partners Insurance Center, Inc.
- Helios Insurance Broking Services Pvt. Ltd
- Higginbotham Insurance Group
- Integro Insurance Brokers
- JLT Specialty Ltd.
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