Insurance Broker Market Size and Analysis by Region, Regulatory Trends, Competitive Landscape and Forecast to 2028

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Reasons to buy the Insurance Broker market report:

  • Get a comprehensive understanding of the insurance broker market around the world.
  • Access historical values for the global and regional insurance brokers for the report’s review period and projected figures for the forecast period.
  • Obtain a detailed analysis of the regional insurance brokers and market forecasts for 2028.
  • Explore key market trends in the global insurance brokers market.
  • Study the rankings, premiums, and market share of top global and regional insurers brokers and analyze the competitive landscape.

How is our Insurance Broker report unique from other reports in the market?

  • Make strategic business decisions using in-depth historical and forecast market data related to the global and regional insurance brokers.
  • Gain in-depth market analysis, information, and insights into the global insurance brokers’ market.
  • Analyze the competitive landscape and top 20 regional markets to gain an edge.
  • Understand the key dynamics, trends, and growth opportunities in the global and regional insurance brokers’ market.
  • Identify key regulatory developments impacting market growth.

We recommend this valuable source of information to anyone involved in:

  • ​Insurance Companies and Start-Ups
  • Brokers/Agents, Financial Advisors; Underwriters/Insurers/Reinsurers
  • Insight Managers/Marketing Executives/Strategy Teams/ Investment Analysts and Portfolio Managers
  • Business Development and Market Intelligence
  • Professional Services – Investment Banks, PE/VC firms
  • M&A/Investment, Management Consultants and Consulting Firms

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Insurance Broker Market Overview

Brokers’ written premiums are estimated to be $1,341.2 billion in 2024. The growing complexity of risks and disruptions and the launch of data-driven products and services leveraging innovative technologies will promote the brokers’ written premium growth at a CAGR of more than 7% during 2024-2028. Currently, brokers actively incorporate environmental, social, and governance (ESG) principles into their businesses to cater to clients. Brokers such as Marsh, WTW, Truist Insurance Holdings, and Gallagher have committed to net-zero carbon/greenhouse gas emissions by 2050.

Insurance Broker Market Outlook, 2024-2028 ($ Billion)

Insurance Broker Market Outlook, 2024-2028 ($ Billion)

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The insurance broker market research report provides in-depth market analysis, information, and insights into the global and regional insurance brokers along with key lines of business, key trends, drivers, challenges, regulatory overview, and developments in the industry. It provides values for key performance indicators such as written premiums and claims during the review period and forecast period. The report is a source of information on the key technological developments impacting global insurance brokers. It analyzes the competitive landscape, overview, and comparative analysis of leading companies and top insurance markets’ premium and profitability trends for every region. The report also brings together GlobalData’s research, modeling, and analysis expertise, giving insurers access to information on Insurance brokers in the country.

Insurance Written Premium (2024) $1341.2 billion
CAGR (2024-2028) >7%
Historical Period 2019-2023
Forecast Period 2024-2028
Key Regions ·       Americas

·       Europe

·       Asia-Pacific

·       Middle East and Africa

Leading Players •         Marsh McLennan

•         Aon

•         WTW

•         Gallagher

•         Hub International

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Insurance Broker Key Market and Regulatory Trends

  • Brokers are embracing the changing digital landscape, including technologies such as artificial intelligence (AI), machine learning, the Internet of Things, and intelligent automation, to provide enhanced personalized offers and recommendations. Leading brokers such as Marsh McLennan, Aon, WTW, and Gallagher are introducing various digital tools to optimize processes and reduce costs.
  • Enhanced market conduct standards are one of the key regulatory trends. Regulatory authorities are issuing new updated guidelines for the licensing of (re)insurance brokers. For instance, on February 29, 2024, Bank Negara Malaysia (Malaysia’s central bank) issued an Exposure Draft introducing new and enhanced disclosure requirements. These requirements are designed to ensure that product disclosures continue to aid consumers in evaluating the suitability of products and making informed financial decisions.

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Insurance Broker Market Analysis by Regions

The regional distribution of brokers’ written premiums includes the Americas, Europe, the Asia-Pacific, and the Middle East and Africa. Americas accounted for the highest share of the written premium generated by brokers in 2023. In the US, the largest global insurance industry, brokers accounted for an estimated 89% of life insurance premiums and 46% of general insurance premiums in 2023.

Insurance Broker Market Analysis by Regions, 2023 (%)

Insurance Broker Market Analysis by Regions, 2023 (%)

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Insurance Brokers - Competitive Landscape

Marsh McLennan had the highest brokerage revenue in 2022

A few of the top insurance brokers in the market are:

  • Marsh McLennan
  • Aon
  • WTW
  • Gallagher
  • Hub International

Marsh McLennan: Marsh aims to become carbon neutral across its business by 2050 and runs carbon credit payments to promote and reward clients. Additionally, it plans to expand digital trading across its UK specialty and international placement businesses. In February 2023, Marsh announced the next phase of its digital trading initiative for risks placed in the London insurance market.

Insurance Brokers Market Analysis by Players, 2022 (%)

Insurance Brokers Market Analysis by Players, 2022 (%)

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Segments Covered in the Report

Insurance Brokers Regional Outlook (Value, $ Billion, 2019-2028)

  • Americas
  • Europe
  • Asia-Pacific
  • Middle East and Africa

Key Highlights

  • Key insights and dynamics of the insurance brokers.
  • Insights on key market trends in the insurance brokers.
  • Insights on key growth and profitability challenges in the insurance brokers.
  • Comparative analysis of leading insurance brokers.
  • In-depth analysis of regional markets.
  • Insight on the future growth trend and market outlook.

Marsh McLennan
Hub International
Brown & Brown
Howden Group
Edgewood Partners Insurance Center

Table of Contents

Executive Summary

Key Market Trends

Key Regulatory Trends

Global Overview

Competitive Landscape

Company Profiles



Middle East and Africa


Company Profiles


Frequently asked questions

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