Global Insurance Brokers Market

Dublin, July 29, 2022 (GLOBE NEWSWIRE) — The “Insurance Brokers Global Market Opportunities And Strategies To 2031” report has been added to ResearchAndMarkets.com’s offering.

The global insurance brokers market reached a value of nearly $128,210.3 million in 2021, having increased at a compound annual growth rate (CAGR) of 2.5% since 2016. The market is expected to grow from $128,210.3 million in 2021 to $187,982.0 million in 2026 at a rate of 8.0%. The market is then expected to grow at a CAGR of 8.2% from 2026 and reach $278,308.9 million in 2031.

Growth in the historic period, from strong economic growth in emerging markets, government led insurance reforms, increasing healthcare costs, and impact of COVID-19. Factors that negatively affected growth in the historic period were self-insuring, low insurance penetration, falling life insurance penetration rates and lack of awareness.

Going forward, an increase in chronic diseases and disabilities, growth of the middle-class in emerging markets, and increasing mergers and acquisitions will drive market growth. Factors that could hinder the growth of the insurance brokers market in the future include direct sales by insurance providers, additional charges by insurance brokers and consumers considering insurance as non-investment grade.

Market-trend-based strategies for the insurance brokers market include technologies to aid automation of insurance, adaptation of insurance portals and digital distribution channels for efficiency, entry of nontraditional firms in the insurance brokers market, and increasing mergers and acquisitions.

Player-adopted strategies in the insurance brokers market include focus on expanding operational presence through acquisitions, focus on strengthening business through expansion and digitization of existing manual operations.

Scope
Markets Covered:

1. By Type: Life Insurance; General Insurance; Health Insurance; Other Types

2. By Mode: Offline; On line

3. By End User: Corporate; Individuals

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Key Topics Covered:

1.