Insurance Brokers Market 2022: Market Size, Trends, And Forecast To 2026

The Business Research Company’s Insurance Brokers Market 2022: Market Size, Trends, And Forecast To 2026

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Insurance brokers are increasingly adopting advanced technologies to automate the insurance process, reduce the cost of operations and improve efficiency. These technologies include artificial intelligence (AI) applications such as robot-advisors, robotic process automation and block chain, a distributed decentralized ledger and the underlying technology of bitcoin (a cryptocurrency), not managed by a central authority. These technologies help in the automation of risky and complex p2rocesses, providing scope for machine learning, avoiding repetitive and time taking processes, providing quick and error-free services, and for secure sending, receiving and storing of information. In February 2022, Digital insurance marketplace, RenewBuy, acquired Bengaluru-based fintech start-up, Artivatic.AI, to scale up business and improve technology solutions to better serve customers in insurance claim settlements, risk assessment and underwriting.

Read more on the Global Insurance Brokers Market Report
https://www.thebusinessresearchcompany.com/report/insurance-brokers-market

The global insurance brokers market size is expected to grow from $128.21 billion in 2021 to $187.98 billion in 2026 at a rate of 8.0%. The global insurance brokers market share is then expected to grow at a CAGR of 8.2% from 2026 and reach $278.31 billion in 2031.

The insurance brokers market is expected to be driven by increased incidence rates of chronic diseases and physical disabilities. The market is driven by the increased fear of chronic diseases, which forces parents of young children to opt for term life insurance. The increasing need of insurance will increase the need of insurance brokers. According to the United Nations, the proportion of total global deaths due to chronic diseases is expected to increase to 70% and the global burden of chronic diseases is expected to reach about 60% by 2030. According to a UN report on world population aging, by 2050, one in six people in the world will be over age 65 (16%), up from one in 11 in 2019 (9%). By 2050, one in four persons living in Europe and Northern America could be aged 65 or above. Growth of the aging population and rising chronic disease incidence will contribute to increased fear for the dependents, thereby increasing demand for life insurance and thereby insurance brokers driving the insurance brokers market.

Major players covered in the global insurance brokers industry are Marsh & McLennan Cos Inc., Aon PLC, Arthur J Gallagher & Co, Willis Towers Watson PLC, Acrisure LLC.

TBRC’s insurance brokers market report is segmented by type into life insurance, general insurance, health insurance, other types, by mode into offline, online, by end-user into corporate, individuals.

Insurance Brokers Market 2022 – By Type (Life Insurance, General Insurance, Health Insurance, Other Types), By Mode (Offline, Online), By End-User (Corporate, Individuals), And By Region, Opportunities And Strategies – Global Forecast To 2031 is one of a series of new reports from The Business Research Company that provides a insurance brokers market overview, forecast insurance brokers market size and growth for the whole market, insurance brokers market segments, geographies, insurance brokers market trends, insurance brokers market drivers, restraints, leading competitors’ revenues, profiles, and market shares.

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