An insurance broker is an intercessor who sells, asks, or negotiates for insurance policies on behalf of their clients with multiple insurers. An insurance broker is completely different from an insurance agent. It is advisable to consumers and business owners to go for insurance policies through broker rather than on own because brokers have the experience to guide their clients to the right policies with the proper level of coverage. Furthermore, digital platforms are being deployed by insurance brokerage firms for brand promotion and trust-building in a competitive market. Insurance brokers need to educate themselves about technology in order to essentially evolve their role as experts and trusted advisors who foresee and minimize risks. In this way insurance broker can play a balancing role between physical clients and digital technologies.
Increased demand for insurance policies, integration of IT & analytic solutions, and providing professional solutions and services are the major factors that drive the growth of the global insurance brokerage market. Moreover, direct purchases of insurance policies by customers and massive availability of alternative platforms for purchasing insurance policy hamper the growth of the market. Furthermore, implementation of technologies in existing products and service lines and government initiatives regarding insurance policies are expected to provide lucrative opportunity for the market expansion during the forecast period.
The global insurance brokerage market is segmented on the basis of insurance type, brokerage type, and region. In terms of types, it is fragmented into life insurance and P&C insurance. Depending on brokerage type, it is bifurcated into retail brokerage and wholesale brokerage. Region wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

The key players profiled in the insurance brokerage market report are Acrisure, LLC, Aon plc, Brown & Brown, Inc, Gallagher, HUB International Limited, Lockton companies, Marsh & McLennan Companies Inc., Truist Insurance Holdings, USI Insurance Services L.L.C, and Willis Towers Watson. These players have adopted various strategies to increase their market penetration and strengthen their position in the industry.
Key Benefits For Stakeholders
- The study provides an in-depth analysis of the global insurance brokerage market along with the current trends and future estimations to elucidate the imminent investment pockets.
- Information about key drivers, restraints, and opportunities and their impact analysis on the global insurance brokerage market size is provided in the report.
- Porters five forces analysis illustrates the potency of the buyers and suppliers operating in the industry.
- The quantitative analysis of the market from 2019 to 2027 is provided to determine the market potential.

Key Market Segments
By Insurance Type
- Life Insurance
- Property & Casualty Insurance
By Brokerage Type
- Retail Brokerage
- Wholesale Brokerage
By Region
- North America
o U.S.
o Canada

- Europe
o Germany
o France
o UK
o Italy
o Spain
o Rest of Europe


- Asia-Pacific
o China
o Japan
o India
o Australia
o South Korea
o Singapore
o Rest of Asia-Pacific

- LAMEA
o Latin America
o Middle East
o Africa

Key Market Players
- Acrisure, LLC
- Aon plc
- Brown & Brown, Inc
- Gallagher
- HUB International Limited
- Lockton Companies
- Marsh & McLennan Companies Inc.
- Truist Insurance Holdings
- USI Insurance Services LLC
- Wills Towers Watson