Global Insurance Brokerage Market Size, Share, Growth Analysis Report - Forecast 2034

Global Insurance Brokerage Market: Industry Perspective

The global insurance brokerage market size was worth around USD 314.53 Billion in 2024 and is predicted to grow to around USD 758.37 Billion by 2034 with a compound annual growth rate (CAGR) of roughly 9.2% between 2025 and 2034. The report analyzes the global insurance brokerage market's drivers, restraints/challenges, and the effect they have on the demands during the projection period. In addition, the report explores emerging opportunities in the insurance brokerage industry.

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Global Insurance Brokerage Market: Overview

Insurance brokerage refers to the business of providing independent advice and related services to people in terms of insurance schemes available and their benefits. Insurance is a measure by which people can protect their financial interests, especially losses. Insurance brokerage involves two parties in which one provides the other with a nominal and regular fee in return for an agreement that the other party will compensate monetarily in case of certain events, loss of life, or health conditions. The process is conducted with the aid of an insurance broker who acts as an intermediary between the company and the client. Insurance brokers differ from insurance agents in the sense that the former acts on behalf of the client as they hold negotiations with multiple insurance-based companies whereas the latter acts as a salesperson on behalf of the company.

Global Insurance Brokerage Market: Growth Drivers

Growing uncertainties in terms of financial loss to restrict market expansion

The global insurance brokerage market is projected to benefit due to the uncertain situations arising due to multiple factors that can lead to severe financial losses. This includes all types of financial risks including the ones related to business or on the personal front, related to health conditions. Under such situations, more people are looking for ways to ensure that under certain conditions the business or the loved ones can be protected against severe financial strains. Leveraging the benefits offered by insurance brokers, insured entities or persons can benefit higher as opposed to situations where there is no role played by an insurance broker.

One of the key benefits is objective risk assessment since firms working in the global market work toward the benefit of the person who is undertaking the insurance. This means that insurance brokers assess all of the insurance services and provide the clients with a list that best meets their requirements. Such efficiency cannot be achieved by handling insurance that is worth millions of dollars alone or without external help.

Insurance Brokerage Market: Restraints

Partial reliance on insurance agents to restrict market expansion

Insurance brokers work for the insurance buyers and have only professional relationships with the insurance companies, the end-user may think of them as independent entities. However, this very aspect of insurance brokerage means that the people working as brokers have to partially rely on insurance agents, the people who work for the insurance companies. This is because insurance brokers lack the necessary authority to bind the coverage. This right is only present with insurance agents. The dependency of insurance brokers on insurance agents is a disadvantage for the global market players since the completion of the process ultimately lies in the hands of insurance agents, giving them a higher authority.

Insurance Brokerage Market: Opportunities

Growing demand for vehicle insurance to provide growth opportunities

The global insurance brokerage market is expected to benefit from the rising sales in the automotive segment, especially in the high-end, premium, or luxury sub-segment where the buyer prefers to get the vehicle insured for a nominal price. Buyers of luxury cars generally tend to spend on comprehensive insurance and even though the expense can be quite high, it is always recommended to get the vehicles insured. Furthermore, the same trend is currently being witnessed in the other automotive segments where certain countries mandate that every car has to be insured. For instance, in India, the motor vehicles act requires motor vehicles operating in public spaces to be insured.

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Insurance Brokerage Market: Challenges

Direct purchasing by consumers to act as a major challenge

One of the key challenges faced by the global market players is when consumers directly opt for insurance purchases without the assistance of a third party. This could be due to various factors like lack of knowledge about the benefits of intermediaries, lack of trust in intermediaries, the result in overall cost when insurance brokers come into the picture, and many other professional or personal reasons. However, the global market players have invested in exhaustive marketing strategies to spread more awareness amongst the population.

Key Insights

• As per the analysis shared by our research analyst, the global insurance brokerage market is estimated to grow annually at a CAGR of around 9.2% over the forecast period (2025-2034).
• Regarding revenue, the global insurance brokerage market size was valued at around USD 314.53 Billion in 2024 and is projected to reach USD 758.37 Billion by 2034.
• The insurance brokerage market is projected to grow at a significant rate due to rising demand for personalized insurance solutions, growing complexity of insurance products, and digital transformation enabling efficient policy comparison and sales.
• Based on Insurance Type, the Life Insurance segment is expected to lead the global market.
• On the basis of Brokerage Type, the Retail Brokerage segment is growing at a high rate and will continue to dominate the global market.
• Based on the End-user, the Individuals segment is projected to swipe the largest market share.
• By Distribution Channel, the Online segment is expected to dominate the global market.
• Based on region, North America is predicted to dominate the global market during the forecast period.

Global Insurance Brokerage Market: Report Scope

Global Insurance Brokerage Market: Segmentation Analysis

The global insurance brokerage market is segmented based on Insurance Type, Brokerage Type, End-user, Distribution Channel, and region. All the segments have been analyzed based on present and future trends and the market is estimated from 2025 to 2034.

Based on Insurance Type, the global insurance brokerage market is divided into Life Insurance, Health Insurance, Property & Casualty Insurance, Travel Insurance, Auto Insurance, Others.

On the basis of Brokerage Type, the global insurance brokerage market is bifurcated into Retail Brokerage, Wholesale Brokerage.

By End-user, the global insurance brokerage market is split into Individuals, Small & Medium Enterprises, Large Enterprises, Government.

In terms of Distribution Channel, the global insurance brokerage market is categorized into Online, Offline.

The Regional, this segment includes the current and forecast demand for North America, Europe, Asia Pacific, Latin America,and the Middle East and Africa.

Global Insurance Brokerage Market: Regional Analysis

From 2025 to 2034, the insurance brokerage market is expected to witness significant regional variations in growth. North America remains the dominant region, driven by a mature insurance landscape, high awareness, and the growing demand for customized insurance solutions across health, auto, and commercial sectors. Europe follows closely, supported by stringent regulatory frameworks, digital transformation, and increasing adoption of risk management services. Meanwhile, the Asia-Pacific region is projected to experience the fastest growth due to expanding middle-class populations, rising insurance penetration in countries like India and China, and the digitalization of brokerage services. Latin America and the Middle East & Africa are also anticipated to show steady growth, fueled by economic reforms, infrastructure development, and a gradual increase in insurance literacy and access.

Global Insurance Brokerage Market: Competitive Analysis

The report provides a company market share analysis to give a broader overview of the key market players. In addition, the report also covers key strategic developments of the market, including acquisitions & mergers, new product launches, agreements, partnerships, collaborations & joint ventures, research & development, and regional expansion of major participants involved in the insurance brokerage market on a global and regional basis.

The global insurance brokerage market is dominated by players like:

• Marsh and McLennan Companies Inc.
• Alliant Insurance Services Inc.
• HUB International Ltd.
• Navnit Insurance Broking Pvt. Ltd.
• Mahindra Insurance Brokers Ltd.
• Truist Financial Corp.

Global Insurance Brokerage Market: Segmentation Analysis

The global insurance brokerage market is segmented as follows;

By Insurance Type

• Life Insurance
• Health Insurance
• Property & Casualty Insurance
• Travel Insurance
• Auto Insurance
• Others

By Brokerage Type

• Retail Brokerage
• Wholesale Brokerage

By End-user

• Individuals
• Small & Medium Enterprises
• Large Enterprises
• Government

By Distribution Channel

• Online
• Offline

Global Insurance Brokerage Market: Regional Segment Analysis

• North America
  • The U.S.
  • Canada
  • Mexico
• Europe
  • France
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • Australia
  • South Korea
  • Rest of Asia Pacific
• The Middle East & Africa
  • Saudi Arabia
  • UAE
  • Egypt
  • Kuwait
  • South Africa
  • Rest of the Middle East & Africa
• Latin America
  • Brazil
  • Argentina
  • Rest of Latin America