Global Insurance Brokers and Agents Market to Reach US$378.2 Billion by 2030

The global market for Insurance Brokers and Agents estimated at US$254.3 Billion in the year 2024, is expected to reach US$378.2 Billion by 2030, growing at a CAGR of 6.8% over the analysis period 2024-2030. Life insurance, one of the segments analyzed in the report, is expected to record a 5.7% CAGR and reach US$249.3 Billion by the end of the analysis period. Growth in the Property & Casualty Insurance segment is estimated at 9.3% CAGR over the analysis period.

The U.S. Market is Estimated at US$69.3 Billion While China is Forecast to Grow at 10.5% CAGR

The Insurance Brokers and Agents market in the U.S. is estimated at US$69.3 Billion in the year 2024. China, the world`s second largest economy, is forecast to reach a projected market size of US$77.9 Billion by the year 2030 trailing a CAGR of 10.5% over the analysis period 2024-2030. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at a CAGR of 3.5% and 6.6% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 4.5% CAGR.

Global Insurance Brokers and Agents Market – Key Trends & Drivers Summarized

What Is Driving the Growth of the Insurance Brokers and Agents Market?

The insurance brokers and agents market is expanding rapidly, driven by rising consumer demand for personalized insurance solutions and increasing complexity in the insurance landscape. As businesses and individuals seek tailored policies to mitigate financial risks, the role of brokers and agents has become more crucial in helping clients navigate a wide range of insurance options, including life, health, property, casualty, and specialty insurance. Unlike direct insurers, brokers and agents offer advisory services, comparing multiple policy options to ensure clients receive the best coverage at competitive rates.

Additionally, the growth of commercial insurance for businesses, including liability insurance, cyber insurance, and business interruption coverage, has further fueled demand for expert brokerage services. With companies facing heightened risks due to globalization, regulatory changes, and emerging cyber threats, brokers are playing an essential role in structuring comprehensive risk management strategies. Furthermore, the increasing complexity of health insurance policies—including private health plans, government-backed insurance, and employer-sponsored coverage—has driven individuals and organizations to rely on brokers for policy selection and cost management.

How Are Technological Advancements Transforming Insurance Brokerage?

Technology is reshaping the insurance brokerage industry, enhancing efficiency, customer experience, and risk assessment capabilities. One of the most significant advancements is the adoption of InsurTech (Insurance Technology) solutions, which leverage AI, big data analytics, and machine learning to provide real-time risk analysis, automated policy comparisons, and personalized insurance recommendations. Brokers and agents are increasingly using digital platforms and AI-driven chatbots to streamline client interactions, making the policy selection and claims process faster and more transparent.

Another major technological trend is the integration of blockchain technology for secure and tamper-proof insurance transactions. Blockchain is revolutionizing the industry by enhancing policy verification, fraud detection, and smart contract execution, reducing paperwork and administrative inefficiencies. Additionally, the use of predictive analytics is enabling brokers to assess customer risk profiles more accurately, allowing for better underwriting decisions and customized policy offerings. The rise of digital insurance marketplaces, where customers can compare policies from multiple providers in real-time, is also transforming the traditional role of brokers, prompting them to offer value-added advisory services rather than just policy sales.

What Are the Emerging Trends Expanding the Role of Insurance Brokers and Agents?

The insurance brokerage industry is evolving beyond traditional policy sales, with brokers expanding their services to meet changing market demands. One emerging trend is the rise of embedded insurance, where brokers partner with digital platforms, e-commerce companies, and financial institutions to offer seamless, integrated insurance solutions. For example, travel insurance is now embedded directly into airline booking platforms, and auto insurance is integrated into car dealership transactions. This shift is making insurance more accessible while creating new revenue streams for brokers.

Another notable trend is the increasing demand for specialty insurance, including climate risk insurance, cyber liability insurance, and gig economy worker coverage. With businesses facing new and emerging risks, brokers are diversifying their offerings to cater to niche markets. Additionally, the rise of subscription-based and usage-based insurance models—such as pay-as-you-go auto insurance and on-demand health coverage—is transforming how policies are structured and sold. Brokers and agents are adapting to these changes by leveraging data-driven insights to personalize insurance products for customers.

The expansion of international insurance brokerage services is also contributing to market growth. As businesses expand globally, the need for cross-border insurance solutions is increasing. Brokers specializing in multinational corporate insurance, expatriate health insurance, and global supply chain risk management are in high demand. The adoption of virtual insurance consultations and AI-powered risk assessment tools is enabling brokers to serve international clients more efficiently, further driving market expansion.

What Are the Key Growth Drivers Shaping the Future of Insurance Brokers and Agents?

The growth in the insurance brokers and agents market is driven by several key factors, including regulatory changes, evolving consumer preferences, and digital transformation. One of the primary drivers is the increasing complexity of regulatory compliance in the insurance sector. Governments worldwide are implementing stricter consumer protection laws, making it more challenging for individuals and businesses to navigate the insurance landscape on their own. As a result, brokers and agents are playing a critical role in ensuring compliance with industry regulations, legal requirements, and policy renewals.

Another significant growth driver is the expansion of digital insurance distribution channels. With the rise of online insurance platforms, brokers and agents are leveraging omnichannel strategies to reach customers through web portals, mobile apps, and social media. The integration of AI-powered customer insights is allowing brokers to provide more tailored policy recommendations, improving customer satisfaction and retention.

Additionally, the growing awareness of risk management and financial security is fueling demand for expert insurance advisory services. As individuals and businesses seek long-term financial stability, the need for customized insurance planning is increasing. Brokers and agents who offer comprehensive financial risk assessments and insurance portfolio optimization services are gaining a competitive edge.

The increasing penetration of insurance in emerging markets is another key factor shaping the future of the industry. Countries in Asia-Pacific, Latin America, and Africa are experiencing a surge in insurance adoption, driven by rising incomes, urbanization, and government-led financial inclusion initiatives. Brokers and agents in these regions are expanding their reach through microinsurance, digital-first insurance models, and rural penetration strategies, creating new opportunities for market growth.

As the insurance brokerage industry continues to evolve, the convergence of technology, regulatory compliance, and personalized risk management will shape its future. Companies that embrace digital transformation, enhance customer engagement, and diversify their product offerings will remain at the forefront of this dynamic and rapidly growing market.