DUBLIN, April 11, 2023 /PRNewswire/ — The “Insurance Agencies Global Market Report 2023” report has been added to ResearchAndMarkets.com’s offering.
This report provides strategists, marketers and senior management with the critical information they need to assess the market.
The global insurance agencies market will grow from $125.59 billion in 2022 to $132.27 billion in 2023 at a compound annual growth rate (CAGR) of 5.3%. The insurance agencies market is expected to grow to $156.46 billion in 2027 at a CAGR of 4.3%.
Major players in the market are McGriff Insurance Services, Marsh & McLennan Agency LLC, Aon PLC, Brown & Brown Insurance Inc., HUB International Ltd., and USI Insurance Services.
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The insurance agencies market consists of sales of insurance products by entities that act as agents in selling annuities and insurance policies. This market excludes the direct selling of insurance products by insurance companies.
The value of the market is based on the fees or commissions paid to brokers by the insured, both commercial and personal. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.
An insurance agency is a business or individual authorized by an insurance company to sell their insurance products on their behalf. They find, write, and bind policies between their clients and insurance companies.
North America was the largest region in the insurance agencies accounting for in 2022. Western Europe was the second largest region in the insurance agencies market. The regions covered in the insurance agencies market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The main types of insurance agencies are life insurance, property and casualty insurance, health and medical insurance, and other insurance. Life insurance refers to the contract between the insurer and the insurance policyholder that promises to pay a total sum of money upon the death of an insured person. The services are provided in various modes, such as online, offline. These are used by corporations and individuals.
Increased awareness about the benefits of insurance coverage is expected to drive the insurance agency’s market. The pandemic has alerted the public and made them aware of the uncertainty, which led them towards opting for insurance to protect their and their family’s lives.
For instance, according to the Max Bupa survey on the difference of mindset of people before and after the COVID-19 onset, during pre-COVID times the percentage of buyers and planners for comprehensive plans was 32% and 41%, respectively. The demand for insurance plans has seen a significant increase over the last few months, with the percentages of buyers and people intending to buy rising to 55% and 60%, respectively.
These insurance agencies help the people in obtaining the best insurance policy as per their needs and budget. Hence, a higher awareness rate among the public on the benefits of insurance coverage aids in the growth of the insurance agencies market.
Change in consumers’ behavior of approaching the insurance providers directly for availing insurance policies instead of insurance agencies is expected to hinder the market growth. Customers feel empowered to forego agents and brokers as most of the insurance providers are providing online services.
According to Capgemini and Efma’s World Insurance Report 2020, people of all ages are now adopting a millennial mentality where they trust their research through a variety of channels, primarily digital channels to gather information and directly purchase insurance products online.
Moreover, online term plans offered by life insurance companies are comparatively 20-30% cheaper than offline ones. Thus, changing customer approach towards insurance agencies eliminates the involvement of agencies and brokers in the process of insurance purchase, which in turn is restricting the growth of the insurance agencies market.
Introduction to technology-enabled services and platforms is a leading trend in the insurance agencies market. Insurance and technology companies are assisting insurance agencies by developing technology-enabled services and platforms for enhancing smooth customer experience and versatility.
The countries covered in the insurance agencies market are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, and USA.
Key Topics Covered:
1. Executive Summary
2. Insurance Agencies Market Characteristics
3. Insurance Agencies Market Trends And Strategies
4. Insurance Agencies Market – Macro Economic Scenario
4.1 COVID-19 Impact On Insurance Agencies Market
4.2 Ukraine-Russia War Impact On Insurance Agencies Market
4.3 Impact Of High Inflation On Insurance Agencies Market
5. Insurance Agencies Market Size And Growth
5.1. Global Insurance Agencies Historic Market, 2017-2022, $ Billion
5.1.1. Drivers Of The Market
5.1.2. Restraints On The Market
5.2. Global Insurance Agencies Forecast Market, 2022-2027F, 2032F, $ Billion
5.2.1. Drivers Of The Market
5.2.2. Restraints On the Market
6. Insurance Agencies Market Segmentation
6.1. Global Insurance Agencies Market, Segmentation By Insurance, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
6.2. Global Insurance Agencies Market, Segmentation By Mode, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
6.3. Global Insurance Agencies Market, Segmentation By End User, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
7. Insurance Agencies Market Regional And Country Analysis
7.1. Global Insurance Agencies Market, Split By Region, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
7.2. Global Insurance Agencies Market, Split By Country, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
For more information about this report visit https://www.researchandmarkets.com/r/rmqg3u
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