The global insurance brokerage market was valued at about USD 970 billion in 2016 and is expected to surpass USD 1191 billion by 2021.
Procurement market intelligence analysts have announced its latest market research report on insurance brokerage for the period 2017-2021. This market study discusses the major drivers and key emerging trends that will affect the growth of the insurance brokerage market during the forecast period. Some of the top vendors listed in this industry analysis include Marsh & McLennan, Aon, Willis Tower Watson, Arthur J Gallagher, and Jardine Lloyd.
In terms of geographical analysis, APAC is considered to be the fastest-growing region in the global market, at a Y-o-Y growth rate of around 11%. The consistent industrial growth, strengthening economic activity, and increased awareness about the importance of insurance will boost the development of this region.
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According to Angad Singh, a procurement specialist at Technavio for research on category spend intelligence, “The increasing use of automation and artificial intelligence by suppliers will fuel the growth of the global insurance brokerage market. Automation and AI offer better customer satisfaction and help reduce administration costs. Various suppliers in the industry are adopting automation and data analytics tools to automate the business process in the insurance value chain. These techniques help policy acquisition-compliance check of customer’s data and claim to service- online tracking of claims status.”
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The new procurement market intelligence report analyzes some of the key drivers and trends responsible for the growth of this market and its sub-segments.
Increase in environmental uncertainty
The increase in the need for insurance services is propelled by the rising number of environmental uncertainty such as climatic and political instability. The growth of the risk environment globally is encouraging various companies to opt for insurance services. The businesses need to protect themselves from these risks, resulting in direct demand for insurance brokerage services.
Growing reliance on technology
Several leading companies across the globe are adopting technologies in their value chain to reduce the high OPEX and enhance their service capabilities. The rising reliance on technology is creating a new set of risks, and some of these risks include cyber-attack and nanotechnology. The risks associated with technologies is encouraging companies to invest in insurance services such as cyber insurance. The growing requirement for insurance will increase the demand for insurance brokers as they provide risk management services for these companies.
Rise in middle-income group
The growing middle-class income group globally, especially from Asian countries such as India and China, is predicted to drive the insurance brokerage market. The developments in these emerging nations will increase the employment opportunities and raise the spending on property, which, in turn, will increase the demand for insurance services.
A more detailed analysis is available in the procurement market intelligence report titled, ‘Global Insurance Brokerage Market – Procurement Market Intelligence Report 2017-2021.’
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