Insurance Brokers and Agents Market Analysis

Insurance Brokers and Agents Market Analysis

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The property & casualt insurance segment held a major market share and is expected to grow significantly. The surging frequency of severe natural disasters due to climate change has prompted the higher demand for insurance coverage against events, such as hurricanes, wildfires, and floods. The increasing rate of urbanization worldwide and the presence of denser populations is further augmenting the need for insurance coverage against property damage and accidents. Changing demographics, lifestyle choices and income levels are other factors driving the segment growth.
 

The individual segment held captured 58% market share in 2023. This growth can be attributed to the rising demand for tailored insurance solutions to match unique requirements for ensuring adequate coverage while considering budget constraints. Brokers and agents provide personalized service and take time for understanding individual needs and circumstances. The ease of building long-term relationships will also play a key role in the market expansion.
 

North America insurance brokers and agents market size crossed USD 76.4 billion in 2023, driven by the shifting inclination to digitization and technology adoption in the region. The emergence of innovative insurance startups and the scaling investments have made way for agile and customer-friendly approaches. For instance, Insurtech startup Functional Finance, in August 2023, secured $8 million for further expanding the operational efficiency for the insurance domain. The growing interest in sustainable and ethical business practices is another major driver impacting the regional market growth.