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Insurance Brokers and Agents Market Trends

Report ID: GMI7740
Published Date: Dec 2023
Report Format: PDF

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Insurance Brokers and Agents Market Trends

The rising incidences of cyber threats and the subsequently growing focus on cyber insurance will play a prominent role for the industry expansion. As per the latest Cyber Crime Statistics by AAG IT Services, around 212,485 cyber crimes were reported in India during the first 2 months of 2022. To that end, brokers and agents are increasingly educating clients about cyber risks and offering specialized policies for protecting against data breaches and cyberattacks.

Authors: Preeti Wadhwani

Frequently Asked Questions (FAQ) :

The market valuation of the insurance brokers and agents was reached USD 240.5 billion in 2023 and is anticipated to register over 9% CAGR between 2024 and 2032, attributed to the growing imperative towards digital customer engagement, such as online platforms, mobile apps, and chatbots may significantly influence the industry growth.

The individual segment held around 58% market share in 2022 and is poised for significant growth attributed to the rising demand for tailored insurance solutions to match unique requirements for ensuring adequate coverage while considering budget constraints.

North America insurance brokers and agents market size exceeded USD 76.4 billion in 2023 and is poised for significant growth, driven by the shifting inclination to digitization and technology adoption in the region.

Acrisure LLC, Aon plc, Arthur J. Gallagher & Co., Brown & Brown, Inc., Hub International Limited, Lockton Companies, Marsh & McLennan Companies, Inc., and Willis Towers Watson.