Insurance Brokerage Market – Global Industry Size, Share, Trends, Opportunity, and Forecast, Segmented By Insurance Type (Life Insurance, Property & Casualty Insurance), By Brokerage Type (Retail Brokerage, Wholesale Brokerage), By Region, By Competition, 2021-2031F

Forecast Period	2027-2031
Market Size (2025)	USD 312.01 Billion
CAGR (2026-2031)	4.29%
Fastest Growing Segment	Life Insurance
Largest Market	North America
Market Size (2031)	USD 401.44 Billion

Market Overview

The Global Insurance Brokerage Market will grow from USD 312.01 Billion in 2025 to USD 401.44 Billion by 2031 at a 4.29% CAGR. Insurance brokerage encompasses the professional intermediation where licensed entities negotiate and procure insurance policies on behalf of clients to manage risk and protect assets. The market expansion is primarily supported by the escalating complexity of global risk landscapes and the expanding regulatory requirements that necessitate specialized advisory services to ensure adequate coverage. According to The Council of Insurance Agents & Brokers, in 2024, commercial property and casualty premiums increased by an average of 5.1 percent across all account sizes during the third quarter, reflecting the sustained demand for these intermediary services.

However, the sector encounters a significant challenge arising from the intense pressure to modernize legacy technological infrastructures. The substantial capital expenditure required to integrate agile digital platforms capable of competing with direct distribution models creates a barrier to entry and hinders the operational scalability of traditional firms.

Key Market Drivers

Rapid adoption of digitalization and advanced analytics is fundamentally restructuring the operational landscape of the insurance brokerage sector. Brokers are increasingly leveraging artificial intelligence and predictive modeling to enhance underwriting precision, streamline claims processing, and deliver personalized risk assessments. This technological integration allows intermediaries to transition from purely transactional roles to value-driven advisory partners, thereby strengthening client retention in a highly competitive environment. The magnitude of this technological shift is evident in the substantial capital flowing into sector-specific innovation. According to Gallagher Re, August 2024, in the 'Global InsurTech Report for Q2 2024', global funding for InsurTech companies reached USD 1.27 billion in the second quarter, underscoring the massive financial commitment toward integrating next-generation digital tools within the insurance ecosystem.

Simultaneously, the surge in demand for cyber liability and climate risk management is acting as a critical catalyst for sustained market growth. As the frequency and severity of natural catastrophes and digital threats escalate, businesses are actively seeking specialized brokerage expertise to navigate complex exposures that standard policies often exclude. This trend compels brokers to develop niche competencies to structure comprehensive risk transfer solutions for volatile environments. Highlighting the financial impact of this environmental instability, according to Munich Re, January 2024, in the 'Natural Disasters 2023' report, global insured losses from natural catastrophes totaled USD 95 billion in 2023, creating an urgent necessity for adequate coverage negotiation. Reflecting the overall financial health driven by these high-demand segments, according to Marsh & McLennan, in 2024, consolidated revenue increased by 9 percent in the first quarter, demonstrating the sector's resilience and expanding economic footprint.

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Key Market Challenges

The substantial capital expenditure required to modernize legacy technological infrastructures represents a formidable obstacle to the growth of the Global Insurance Brokerage Market. Traditional firms are compelled to invest heavily in digital platforms to compete with direct distribution models, but these costs create a severe barrier to entry for new competitors and deplete the resources of existing small to mid-sized brokerages. Consequently, many market participants are unable to allocate funds toward business development or geographic expansion, as their capital is disproportionately tied to upgrading outdated systems.

This financial strain directly hampers operational scalability, preventing brokerages from efficiently managing the increasing volume of complex data associated with global risks. The industry clearly reflects this struggle in its operational priorities as firms attempt to maintain margins while navigating expensive digital transitions. According to the Independent Insurance Agents & Brokers of America, in 2024, 63 percent of independent agents cited identifying operational efficiencies as the most important function for their agency’s success. This data highlights that the market is currently stifled by inefficiencies inherent in older infrastructures, limiting the sector’s overall capacity to grow and adapt to client needs.

Key Market Trends

Strategic industry consolidation through mergers and acquisitions is reshaping the competitive hierarchy as dominant brokerages absorb mid-market agencies to leverage economies of scale. This trend allows major players to diversify portfolios and mitigate the rising operational costs that burden smaller competitors, ensuring resilience against economic volatility. Consequently, the market is witnessing a sustained concentration of power where entities combine resources to enhance geographic reach and specialized capabilities, moving beyond organic growth strategies. According to OPTIS Partners, October 2024, in the 'Q3 2024 Merger & Acquisition Update', there were 535 announced insurance agency mergers and acquisitions through the first three quarters of 2024, illustrating the persistent velocity of these unification activities.

The adoption of embedded insurance partnerships is simultaneously redefining distribution by integrating coverage into non-insurance digital ecosystems. Brokers are increasingly collaborating with e-commerce and fintech platforms to offer point-of-sale protection via API connections, effectively accessing untapped customer segments with minimal friction. This integration delivers contextualized risk solutions that are distinct from traditional sales cycles, prioritizing convenience and relevance for the end-user. Underscoring the magnitude of this transition, according to Deloitte, September 2024, in the '2025 Global Insurance Outlook', forecasts suggest that embedded sales of property and casualty insurance could reach up to USD 700 billion globally by 2030, driving significant current investment in these channel capabilities.

Segmental Insights

Based on insights from leading market intelligence, the Life Insurance segment is currently positioning itself as the fastest-growing category within the Global Insurance Brokerage Market. This expansion is fundamentally driven by a shifting global demographic toward an aging population, which necessitates robust retirement planning and long-term wealth protection strategies. Furthermore, the inherent complexity of life insurance policies compels consumers to rely on professional brokers for expert advisory services and risk assessment rather than direct purchasing. Rising financial literacy and increasing disposable incomes in emerging economies also contribute significantly to this demand, reinforcing the essential role of intermediaries in securing family financial futures.

Regional Insights

North America maintains a leading position in the global insurance brokerage market due to favorable government policies and established financial infrastructure. The United States contributes significantly to this regional dominance through mandates like the Affordable Care Act, which drives sustained demand for health insurance intermediaries to navigate complex coverage options. Additionally, the presence of major multinational brokers facilitates extensive commercial risk management for various industries. Oversight from organizations such as the National Association of Insurance Commissioners supports a stable operating environment, ensuring consistent market activity across property, casualty, and health sectors.

Recent Developments

• In January 2025, Willis Towers Watson (WTW) expanded the availability of its "IMI Plus" product to clients in the United States, following its earlier debut in the United Kingdom and Canada. This unified insurance solution was developed to address the specific risk management needs of asset managers by combining multiple critical coverages, such as cyber liability and directors' and officers' liability, into a single policy. The Global Head of FINEX Financial Institutions at WTW explained that the product aimed to reduce administrative complexity and close potential coverage gaps. The launch allowed investment managers to streamline their insurance purchasing process while benefiting from the firm's expert claims advocacy and operational risk assessments.
• In December 2024, Arthur J. Gallagher & Co. announced that it had signed a definitive agreement to acquire AssuredPartners for a gross consideration of $13.45 billion. This acquisition was described as the largest sale of a U.S. insurance broker to a strategic buyer in the industry's history. The deal was designed to significantly expand the company's footprint in the domestic middle-market property, casualty, and employee benefits sectors. The Chairman and CEO of Arthur J. Gallagher & Co. highlighted that the merger would bring approximately 10,900 new employees and over 400 offices into the organization, further leveraging their combined global resources and data analytics capabilities.
• In November 2024, Marsh McLennan finalized the acquisition of McGriff Insurance Services, LLC, a prominent provider of insurance broking and risk management services in the United States. The transaction, valued at $7.75 billion, involved the integration of more than 3,500 employees into the Marsh McLennan Agency division. The President and CEO of Marsh McLennan stated that the addition of this specialized team would strengthen the firm's value proposition and extend its reach in the rapidly growing middle market. The acquisition was financed through a combination of cash and debt proceeds, enhancing the company's portfolio across commercial property, employee benefits, and personal lines.
• In April 2024, Aon plc formally completed the acquisition of NFP, a leading middle-market property and casualty broker, for a total estimated consideration of $13 billion. This strategic transaction, which was funded through a mix of $7 billion in cash and $6 billion in equity, allowed the acquired entity to operate as a distinct but connected platform within the parent company. The President of Aon noted that the integration would enhance the firm's ability to address complex risk and workforce issues for clients. The deal significantly expanded the company's presence in the middle-market segment, adding over 7,700 colleagues and strengthening its capabilities in wealth management and benefits consulting.

Key Market Players

• Acrisure LLC
• Aon Plc
• Brown & Brown, Inc.
• Arthur J Gallagher & Co
• HUB International Limited
• Lockton Companies Limited
• Marsh & McLennan Companies Inc
• Truist Insurance Holdings
• USI Insurance Services L.L.C
• Willis Towers Watson Plc

By Insurance Type	By Brokerage Type	By Region
Life Insurance Property & Casualty Insurance	Retail Brokerage Wholesale Brokerage	North America Europe Asia Pacific South America Middle East & Africa

Report Scope:

In this report, the Global Insurance Brokerage Market has been segmented into the following categories, in addition to the industry trends which have also been detailed below:

• Insurance Brokerage Market, By Insurance Type:

• Life Insurance
• Property & Casualty Insurance

• Insurance Brokerage Market, By Brokerage Type:

• Retail Brokerage
• Wholesale Brokerage

• Insurance Brokerage Market, By Region:

• North America
• United States
• Canada
• Mexico
• Europe
• France
• United Kingdom
• Italy
• Germany
• Spain
• Asia Pacific
• China
• India
• Japan
• Australia
• South Korea
• South America
• Brazil
• Argentina
• Colombia
• Middle East & Africa
• South Africa
• Saudi Arabia
• UAE