Insurance brokers and agents are licensed professionals who assist individuals and businesses in obtaining insurance coverage. Insurance agents typically represent one insurer or a limited group of insurers and sell their policies, while insurance brokers act independently on behalf of clients, comparing policies from multiple insurers to find suitable coverage. The primary purpose of insurance brokers and agents is to advise clients, assess risk needs, and facilitate the purchase and management of insurance policies.
The insurance brokers and agents market consists of sales, by entities (organizations, sole traders, or partnerships) that act as intermediaries (agents and brokers) in selling annuities and insurance policies. They represent consumers or insurance providers or both in insurance premium collection. Insurance brokers and agents can be contracted with single or multiple insurance companies as they try to meet different client needs with available insurance products.
The global insurance brokers and agents market was valued at $340,026.8 million in 2020 which grew till 2025 at a compound annual growth rate (CAGR) of more than 7.00%.
Increased Awareness Of Insurance Benefits
During the historic period, the insurance brokers and agents market was significantly driven by the increased awareness of insurance benefits. As individuals and businesses became more conscious of financial protection, risk mitigation, and long-term security, demand for insurance products expanded across life, health, and property and casualty segments. This growing awareness increased the need for professional guidance to understand policy features, coverage limitations, exclusions, and premium structures. For example, in September 2021, according to a survey of over 5,000 Indian policyholders, conducted by Insurance Regulatory and Development Authority, an India-based autonomous and statutory body under the Ministry of Finance, 79 % of respondents were unsure whether their insurance policies offered adequate coverage. The survey also found that around 71 % of individuals held between two and five active insurance policies and that 65 % admitted to limited or no comprehension of key policy details such as benefits, exclusions, and claims processes. Therefore, the insurance brokers and agents market was significantly driven by the increased awareness of insurance benefits.
Growing Focus On Customer-Centric Advisory And Value-Added Services By Insurance Intermediaries
Key players operating in the insurance brokers and agents market are focusing on the growing emphasis on customer-centric advisory and value-added services. This trend reflects intermediaries' strategic efforts to deepen relationships by offering tailored guidance, integrated policy insights, and support mechanisms that enhance customer experience and loyalty throughout the insurance lifecycle. For instance, in November 2025, Zurich Insurance Asia Pacific, a Switzerland-based multinational insurer firm, launched Zurich Edge Assist, a new module of its Zurich Edge platform developed in collaboration with agents and brokers to deliver seamless omnichannel experiences, connect intermediaries with smarter servicing tools, and enable more responsive, personalized support for policyholders across Asia Pacific.
The global insurance brokers and agents market is fairly fragmented, with a large number of small players operating in the market. The top ten competitors in the market made up to 14.0% of the total market in 2024.
Insurance Brokers And Agents Global Market Opportunities And Strategies To 2035 from The Business Research Company provides the strategists; marketers and senior management with the critical information they need to assess the global insurance brokers and agents as it emerges from the COVID-19 shut down.
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Where is the largest and fastest-growing market for insurance brokers and agents? How does the market relate to the overall economy; demography and other similar markets? What forces will shape the market going forward? The insurance brokers and agents market global report from The Business Research Company answers all these questions and many more.
The report covers market characteristics; size and growth; segmentation; regional and country breakdowns; competitive landscape; market shares; trends and strategies for this market. It traces the market's history and forecasts market growth by geography. It places the market within the context of the wider insurance brokers and agents market; and compares it with other markets.
The report covers the following chapters
- Introduction and Market Characteristics: - Brief introduction to the segmentations covered in the market, definitions and explanations about the segment by type, by mode, by end user and by insurance.
- Key Trends: - Highlights the major trends shaping the global market. This section also highlights likely future developments in the market.
- Growth Analysis And Strategic Analysis Framework: - Analysis on PESTEL, end use industries, market growth rate, global historic (2020-2025) and forecast (2025-2030, 2035F) market values and drivers and restraints that support and control the growth of the market in the historic and forecast periods, forecast growth contributors and total addressable market (TAM).
- Regional And Country Analysis: - Historic (2020-2025) and forecast (2025-2030, 2035F) market values and growth and market share comparison by region and country.
- Market Segmentation: - Contains the market values (2020-2025) (2025-2030, 2035F) and analysis for each segment by type, by mode, by end user and by insurance in the market. Historic (2020-2025) and forecast (2020-2025) and (2020-2025) market values and growth and market share comparison by region market.
- Regional Market Size And Growth: - Regional market size (2025), historic (2020-2025) and forecast (2025-2030, 2035F) market values and growth and market share comparison of countries within the region. This report includes information on all the regions Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa and major countries within each region.
- Competitive Landscape: - Details on the competitive landscape of the market, estimated market shares and company profiles of the leading players.
- Other Major And Innovative Companies: - Details on the company profiles of other major and innovative companies in the market.
- Competitive Benchmarking: - Briefs on the financials comparison between major players in the market.
- Competitive Dashboard: - Briefs on competitive dashboard of major players.
- Key Mergers And Acquisitions: - Information on recent mergers and acquisitions in the market covered in the report. This section gives key financial details of mergers and acquisitions, which have shaped the market in recent years.
- Recent Developments: - Information on recent developments in the market covered in the report
- Market Opportunities And Strategies Describes market opportunities and strategies based on findings of the research, with information on growth opportunities across countries, segments and strategies to be followed in those markets.
- Conclusions And Recommendations This section includes recommendations for insurance brokers and agents providers in terms of product/service offerings geographic expansion, marketing strategies and target groups.
- Appendix: - This section includes details on the NAICS codes covered, abbreviations and currencies codes used in this report.
Markets Covered:
- 1) By Type: Insurance Agencies; Insurance Brokers; Bancassurance; Other Intermediaries
- 2) By Mode: Online; Offline
- 3) By End User: Corporate; Individual
- 4) By Insurance: Life Insurance; Property And Casualty Insurance; Health And Medical Insurance
- Companies Mentioned: Marsh & McLennan Companies; Arthur J. Gallagher & Co.; Aon plc; Hub International Ltd.; Willis Towers Watson (WTW)
- Countries: China; India; Japan; Australia; Indonesia; Bangladesh; Thailand; Vietnam; Malaysia; Singapore; Philippines; Hong Kong; New Zealand; South Korea; USA; Canada; Mexico; Brazil; Chile; Argentina; Colombia; Peru; UK; Germany; France; Italy; Spain; Austria; Belgium; Denmark; Finland; Ireland; Netherlands; Norway; Portugal; Sweden; Switzerland; Russia; Czech Republic; Poland; Romania; Ukraine; Saudi Arabia; Israel; Iran; Turkey; UAE; Egypt; Nigeria; South Africa
- Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
- Time-series: Five years historic and ten years forecast.
- Data: Ratios of market size and growth to related markets; GDP proportions; expenditure per capita; insurance brokers and agents comparison.
- Data segmentations: country and regional historic and forecast data; market share of competitors; market segments.
- Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes'