Global Insurance Brokerage Market is expected to grow by $ 20.52 billion during 2021-2025, progressing at a CAGR of almost 6% during the forecast period. The market is driven by the increased demand for insurance policies and the implementation of distinct valuation strategies. In addition, the increased demand for insurance policies is anticipated to boost the growth of the market as well. The insurance brokerage market analysis includes the type segment and geographic landscape. Global insurance brokerage market is anticipated to witness a striking growth during the forecast period, 2021-2028. Property & casualty sub-segment is expected to hold largest market share. Retail brokerage sub-segment is expected to be the most profitable. The North America region is expected to dominate the market.
Insurance brokers and agents are heavily investing in digital technologies to provide online assistance to customers and increase their sales and margins. The online platforms and other mobile applications are envisioned to improve business processing efficiency and decrease costs. These are the main factors responsible for the growth of the insurance brokerage market during the forecast period. The lack of knowledge in insurance brokers about the current technological trends may occur as a restraining factor of the market. A number of government bodies are taking major initiatives to support the insurance industry and allowing people to access a broad variety of services, which is creating many lucrative opportunities for the market.