The insurance brokers and agents
market is primarily engaged in acting as intermediaries (i.e., agents, brokers)
in selling annuities and insurance policies. They represent consumers in
insurance transactions. Insurance brokers and agents can be contracted with
single or multiple insurance companies as they try to meet different client
needs with suitable insurance products. This market excludes the direct selling
of insurance products by insurance companies.
The insurance brokers and agents
market in this report is segmented into agencies, brokers, bancassurance and
other intermediaries.
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The global insurance brokers and agents market
has been growing in the past years with a CAGR of almost 4%. TBRC’s latest
report show the historic and future trends in the market for each year with
sourced reasons to support the growth claims.
The report also shows the global
insurance brokers and agents market to grow at a higher CAGR by 2021 as
compared to 2017, along with geographies best suited for investments with
highest return rate.
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Bancassurance is gaining prominence
within the insurance intermediation industry. This distribution channel is
being used by banks to cross-sell its products and services and generate
additional revenue. Bancassurance also benefits the insurance company by
providing an exposure to a wider customer base via the bank’s distribution
network of agents and branches.cx The adoption of more diversified and enhanced
products offered by banks is expected to drive the bancassurance market at a
CAGR of nearly 8% to 2019.
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Companies included in the report
are Marsh & McLennan Cos. Inc., Willis Towers Watson P.L.C., Aon P.L.C.,
Arthur J. Gallagher & Co., and Brown & Brown Inc.
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