세계의 보험중개 시장 규모는 2023년 2,748억 3,000만 달러에서 2031년에 4,487억 3,000만 달러에 달할 것으로 예측되며, 예측 기간인 2024-2031년에 CAGR로 6.32%의 성장이 전망됩니다. 보험 산업은 적절한 보험의 중요성에 대한 인식이 높아지고 위험에 대한 이해도가 높아짐에 따라 상당한 성장세를 보이고 있습니다. 소비자의 지식이 높아짐에 따라 필요에 맞는 종합적인 보상에 대한 수요가 증가하고 있습니다. 또한 AI와 머신러닝을 포함한 기술의 발전은 프로세스를 간소화하고, 위험 평가를 강화하며, 보험을 더욱 친숙하게 만들어 시장 확대에 더욱 박차를 가하고 있습니다.
보험의 기술 혁신은 보험을 보다 접근하기 쉽고 효율적이며 사용자 친화적으로 만들어 이전에는 복잡했던 절차를 단순화하여 더 많은 고객층을 끌어들이고 있습니다. 기술이 가져온 혁명으로 인해 브로커는 고객의 다양한 요구와 선택에 대응하고 맞춤형 솔루션을 제공할 수 있게 되었습니다.
반대로, 고객의 선호도와 기술의 발전은 기존 보험사들에게 변화하는 수요에 대응할 수 있는 민첩한 공급업체를 요구하고 있습니다. 또한 규제 및 세제 변화로 인해 복잡성이 증가하고 있으며, 보험사들은 새로운 컴플라이언스, 데이터 보고, 가격 책정, 합병의 영향에 민첩하게 대응해야 합니다. 따라서 보험 브로커의 역할은 그 어느 때보다 복잡한 보험 선택을 통해 고객을 안내하고 변화하는 시장에서 적절한 보장을 보장하는 것입니다. 이러한 끊임없는 변화 속에서 보험사는 새로운 세제가 초래하는 재정적 복잡성에 적응하면서 혁신과 업무 효율성의 균형을 맞출 수 있는 민첩성이 요구됩니다. 이러한 복잡성으로 인해 보험 중재가 증가하고 있으며, 사람들은 자신의 필요에 따라 보험을 선택할 수 있는 안내가 필요합니다.
예를 들어 인도 정부는 2024년 9월부터 소득에 관계없이 70세 이상의 모든 노인에게 의료보험 가입을 의무화했습니다. 이를 통해 6,000만 명의 노인을 포함한 약 4,500만 가구에 가족당 최대 5,955달러(50만 루피)의 의료보험이 무료로 제공될 예정입니다. 이 조치는 사회경제적 지위에 관계없이 이 연령대의 모든 노인이 의료 서비스를 받을 수 있도록 보장합니다.
세계의 보험중개 시장에 대해 조사분석했으며, 시장 규모와 예측, 시장 역학, 주요 기업의 상황 등을 제공하고 있습니다.
Global insurance brokerage market is projected to witness a CAGR of 6.32% during the forecast period 2024-2031, growing from USD 274.83 billion in 2023 to USD 448.73 billion in 2031. The insurance coverage industry is experiencing significant growth, driven by rising awareness about the importance of adequate insurance and an increased understanding of risks. As consumers become more knowledgeable, the demand for tailored and comprehensive coverage is rising. Additionally, the evolution of technology, including AI and machine learning, has streamlined processes, enhanced risk assessment, and made insurance more accessible, further fueling the market's expansion.
The innovations behind insurance have made it accessible, efficient, and user-friendly, and this has attracted a broader client base by simplifying procedures that were previously complicated. The revolution started by technology now empowers brokers to meet a variety of needs and choices of their customers with tailor-made solutions.
On the contrary, customer preferences and evolving technology are putting pressure on legacy insurers to compromise agile suppliers that are responsive to changing demands. Further, changes in regulations and taxes increase the complexity, implying that insurers have to be agile in responding to new compliance, data reporting, pricing, and merger implications. These add up to the increasing role of insurance brokers who can guide clients through ever more complex insurance choices and secure relevant coverage in this fast-changing market. This constant change requires that insurers be agile and able to balance innovation and operational efficiency while adapting to the financial intricacies that new tax provisions introduce. All these complexities lead to a rise in insurance brokerage, with people needing help navigating insurance to choose according to their needs.
For instance, in September 2024, the Indian government made health insurance mandatory for all senior citizens aged 70 and above, regardless of their income. This expansion aims to provide free health insurance coverage of up to USD 5,955 (INR 5 lakh) per family to around 4.5 crore families, including six crore senior citizens. This move ensures that every senior citizen in this age group has access to healthcare services, regardless of their socio-economic status.
Rising Awareness of Adequate Insurance Coverage to Drive Market Growth
A few major contributing factors have been identified in raising awareness of the need for adequate insurance coverage. These include improved public awareness through advocacy campaigns, rising economic instability, and risks of globalization, such as global warming and cybercrime. In addition, technology has made it easier for consumers to seek out and compare various types of insurance online, hence an increased uptake. The ongoing global health crisis, in particular the COVID-19 pandemic, has brought a focus on health and medical insurance in safeguarding people and organizations against potential financial exposures and health risks. Moreover, support from governments and regulatory bodies, in the form of policies encouraging the acquisition of insurance, has further contributed to the increase in recognition of the need for full coverage. In combination, these factors have enhanced the public's perception of the role of insurance in the protection of financial security. The laws often mandate insurance, such as auto insurance or workers' compensation for businesses. These legal requirements ensure a baseline level of demand, further boosting the need for insurance services.
For instance, in October 2024, the National Health Insurance Authority (NHIA) of Ghana expanded its presence in Volta by opening two new district offices, a newly constructed NHIS Ho West District office, and a temporary office provided by the North Dayi District Assembly. This brings the total number of new NHIA district offices in the region to five, aimed at improving accessibility to the National Health Insurance Scheme (NHIS) services.
In recent years, the Ghanaian government has made significant efforts to increase public awareness about the benefits of health insurance. These efforts include community outreach programs, public service announcements, and educational campaigns in schools and workplaces. As a result, the enrolment rate in the NHIS has increased substantially, providing more Ghanaians with access to essential healthcare services.
Insurance Brokerage to Grow Due to the Evolution of Nature and Technology
With an elevated complexity and uncertainty in risks and empowered consumers through generative AI tools, insurers need to look beyond their traditional risk assessment practices. They need to enhance technological and operational excellence, innovate product solutions, and expand the value proposition of insurance. The modernization of infrastructure and operations is a catalyst for progressive insurers to go ahead with the management of risks. The demand for tailored and niche offerings drives market growth. Consumers increasingly seek tailored insurance products and services, either for business or personal usage, tailored to their specific needs. Insurance brokers are well-equipped to answer this need since they can offer niche products and services. Customization is the buzzword driving the growth of brokerage firms, which have a history of offering products and services such as cyber insurance and environmental liability.
For instance, in August 2024, Amazon Web Services posted about new technology in modern insurance, i.e., automated insurance claims processing, using Amazon Bedrock, Knowledge Base, and Agents. This approach leverages Generative AI and Large Language Models (LLMs) to streamline the entire claims processing lifecycle. By integrating these technologies, insurance companies can automate tasks such as claim assessment, verification, and payment issuance, significantly reducing the processing time and improving customer experience.
Property and Casualty Insurance to Dominate Market Share
The demand for property and casualty insurance in the insurance brokerage market can contribute to a few key elements. The need to cover assets such as homes, cars, and businesses against potential risks provides high demand. There is a correlation between economic growth and assets that need to be covered. Regulatory requirements are, in many locations, mandating property and casualty insurance for specific assets, thus generating market demand. The wide cover that such policies offer concerning insurance against a very wide range of risks creates clients. Improvements in risk assessment and underwriting processes have been possible through technological advancements with the integration of AI and big data analytics, thereby making insurance more efficient. Consequently, insurance brokers have effectively penetrated the market with tailored products, making it easier for clients to secure the right coverage.
For instance, in 2023, The UNCTAD reports that 57% of the global population currently resides in urban areas, and in the next 25 years, the world's population is expected to increase by 1.6 billion people. Urban areas are particularly susceptible to specific risks, including heavy traffic congestion, property theft, and natural disasters, which create a strong need for comprehensive property and casualty (P&C) insurance. As urbanization continues, the growing demand for insurance in these areas drives market expansion, with insurers adapting to the evolving risks associated with urban living.
North America to Dominate Insurance Brokerage Market Share
Factors that have led to North America's market dominance in the insurance brokers market include the prevalence and acceptance of policies in the sector, such as life, health, property, and personal possessions, which shows an upward trend in market demand. The market harbors many companies and agents offering schemes tailored to the potential buyer. The region is growing in emerging markets, where there are rising middle-income groups and new opportunities. Technological improvement includes modern tools and digital systems that upgrade customer experience. In North America, the strong public healthcare system, along with inclusive insurance policies, provides support to market growth. Meanwhile, Europe experiences steady growth, where insurance agents play a crucial role in simplifying complex insurance structures for the public.
For instance, in October 2024, Brown & Brown, Inc., a leading insurance brokerage firm located in Florida, North America, acquired the assets of The Canopy Group. The Canopy Group is a multiline insurance agency focusing primarily on personal lines, commercial property, and casualty for small businesses. Based in Le Sueur, Minnesota, The Canopy Group serves over 16,000 customers throughout Minnesota.
Future Market Scenario (2024 - 2031F)
Insurance brokers are expected to expand their presence in emerging markets, targeting the rising middle-income groups and increasing demand for insurance products.
As more need arises for adapted insurance solutions tailored to specific needs for commercial or personal purposes, brokerage houses offering special products and services are expected to increase.
Modifications in regulations and policies will significantly influence the insurance brokerage market, necessitating brokers to adapt and ensure compliance with the newly established standards.
Value-based care models will transform the insurance brokerage market as brokers have to offer financial solutions accommodating enhanced patient outcomes and more cost-effective care.
Key Players Landscape and Outlook
Brokerage companies compete in the global insurance brokerage market based on several key factors, including service quality. Firms are looking to provide tailored, personal risk consulting services, superior customer support, and simple, fast, and highly efficient claims handling. Another area of significance is technological innovation, leveraging AI, big data, and digital platforms to enhance service delivery and streamline operations. Companies with strong global reach and extensive networking can better serve many different client bases and come into new markets. Professional insurance sectors and industries, including healthcare or technology, form differentiation among providers. Cost efficiency is another competitive edge for firms, as they continually operate at value-driven quality. Adherence to regulatory compliance, locally and internationally, is essential for building trust and avoiding legal challenges.
In September 2024, Marsh & McLennan Companies, Inc. announced that it reached an agreement through its Marsh McLennan Agency business to acquire McGriff Insurance Services, LLC, an affiliate of TIH Insurance Holdings, Inc. The transaction will enhance Marsh McLennan Agency's capabilities across commercial property and casualty, employee benefits, management liability, and personal lines.
In June 2024, Lockton launched a new global space practice. The new team will offer a suite of products specifically tailored to individual client needs across the full breadth of the space industry. Core coverages include transit and pre-launch, launch and initial in-orbit, subsequent in-orbit, space third-party liabilities, and loss of revenue. The practice will enhance Lockton's space capabilities throughout its network of global offices.
All segments will be provided for all regions and countries covered
Companies mentioned above DO NOT hold any order as per market share and can be changed as per information available during research work.