Impact Analysis of COVID-19 on the Insurance Brokerage Market
During the COVID-19 pandemic, the worldwide market for insurance brokerage is expected to be affected adversely. Due to a decline in consumer demand for insurance, different insurance brokerage firms in developing countries have closed, and shareholders of public trading insurance brokerage firms are withholding their contributions from the company in order to raise funds to meet their daily and conventional needs.
The insurance brokerage market has grown significantly in recent years; however, due to the outbreak of the COVID-19 pandemic, the market is expected to experience a minor decline in 2020. This is attributed to the execution of curfew by government bodies in most nations, as well as the closure of businesses and private & public companies around the globe, in order to avoid the virus from spreading.
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Global Insurance Brokerage Market Analysis
Increased demand for insurance programs, integration of analytical solutions and IT, and provision of professional services and solutions are the major factors driving the global insurance brokerage market's growth. Furthermore, direct customer purchases of insurance policies, as well as the widespread availability of alternative platforms for purchasing insurance policies, stifle market growth. The incorporation of new technologies into existing products and service lines, as well as government initiatives concerning insurance policies, are expected to provide lucrative opportunities for the insurance brokerage market during the forecast period.
Several government agencies are launching massive initiatives to promote insurance plans and give customers access to a variety of coverage options. Furthermore, through data collection and publication, governments have made clients aware of the various possibilities and risk protections that could be protected under an insurance scheme. Furthermore, customers' direct purchases of insurance policies, as well as the availability of multiple platforms for obtaining insurance products, may limit market expansion. These technologies provide insurance brokerage firms with extensive data and insights about their clients, allowing them to provide timely relevant coverage based on individual needs. Lack of knowledge about current technological trends may make it difficult for salespeople, insurance agents, or brokers to market their product to customers. Furthermore, customers' direct purchases of insurance policies, as well as the availability of multiple platforms for obtaining insurance products, may limit market expansion.
Global Insurance Brokerage Market, Segmentation
The global insurance brokerage market is segmented based on insurance type, brokerage type, and region.
Insurance Type:
The insurance type sub-segment is further classified into life insurance and property & casualty insurance. Among these, the life insurance sub-segment is anticipated to have the fastest growth and surpass $236.0 billion by 2028, with an increase from $125.8 billion in 2020.
The age of a policyholder is the most important factor influencing his or her life insurance premiums. A young person, according to the insurer, has a better chance of keeping the life insurance policy for many years. He or she is also less likely to die from an age-related disease prematurely.
Brokerage Type:
The brokerage segment is further divided into retail brokerage and wholesale brokerage. The retail brokerage sub-segment is anticipated to have a dominating market share in the global market and register a revenue of $367.5 billion during the analysis timeframe.
Because of the increased penetration of the internet and 5G and 4G services, online retailing brokerage has become critical. Mobile-first websites, dedicated apps, emerging payment methods, and other tools are making smartphone retail brokerage much easier. These technological factors are propelling the growth of the sub-segments.
Region:
The insurance brokerage market for the North American region is projected to witness rapid growth. This market generated a revenue of $146.8 billion in 2020 and is further projected to reach up to $227.8 billion by 2028.
North America dominated the global insurance market with the highest market share due to increased awareness of the benefits of insurance coverage and government initiatives to cover all residents under insurance coverage. Furthermore, North America, particularly the United States, has a well-organized public healthcare infrastructure, making the United States the largest market in the North American health insurance market.
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Key Players in the Global Insurance Brokerage Market
Some of the leading global insurance brokerage market players 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
- Willis Towers Watson
Along with the company profiles of the key players in the market, the report includes the Porter’s five forces model that gives deep insights into the competitive environment of the market.
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