Harrisburg, NC -- (SBWIRE) -- 10/23/2020 -- The Global Insurance Brokers & Agents Market Research Report 2020-2030 is a valuable source of insightful data for business strategists. It provides the industry overview with growth analysis and historical & futuristic cost, revenue, demand and supply data (as applicable). The research analysts provide an elaborate description of the value chain and its distributor analysis. This Market study provides comprehensive data which enhances the understanding, scope and application of this report.
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Market Segmentation
Top leading Companies of Global Insurance Brokers & Agents Market are – Marsh & McLennan Cos Inc; Willis Towers Watson PLC; Aon PLC; Arthur J Gallagher & Co; Brown & Brown Inc
Markets Covered:
1) By Type: Insurance Agencies; Insurance Brokers; Bancassurance; Other Intermediaries
2) By End User: Corporate; Individual
3) By Mode: Online; Offline
4) By Insurance: Life Insurance; Property & Casualty Insurance; Health & Medical Insurance
The insurance brokers and agents market consists of sales of insurance policies by entities (organizations, sole traders and partnerships) and individuals that act as intermediaries (i.e., agents, 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. This market excludes the direct selling of insurance products by insurance companies. The value of the market is based on the fees or commissions paid to brokers by the insured, both commercial and personal.
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 banks distribution network of agents and branches. 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.
The global insurance brokers & agents market is expected to decline from $362.7 billion in 2019 to $358.3 billion in 2020 at a compound annual growth rate (CAGR) of -1.2%. The decline is mainly due to economic slowdown across countries owing to the COVID-19 outbreak and the measures to contain it. The market is then expected to recover and grow at a CAGR of 6% from 2021 and reach $426.6 billion in 2023.
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What are the market factors that are explained in the report?
Executive Summary: It includes key trends of the global Insurance Brokers & Agents market related to products, applications, and other crucial factors. It also provides analysis of the competitive landscape and CAGR and market size of the global Insurance Brokers & Agents market based on production and revenue.
Production and Consumption by Region: It covers all regional markets focused in the research study. It discusses about prices and key players besides production and consumption in each regional market.
Key Players: Here, the report throws light on financial ratios, pricing structure, production cost, gross profit, sales volume, revenue, and gross margin of leading and prominent companies competing in the global Insurance Brokers & Agents market.
Market Segments: This part of the report discusses about product type and application segments of the global Insurance Brokers & Agents market based on market share, CAGR, market size, and various other factors.
Research Methodology: This section discusses about the research methodology and approach Insurance Brokers & Agents used to prepare the report. It covers data triangulation, market breakdown, market size estimation, and research design and/or programs.
Finally, Insurance Brokers & Agents Market report is the believable source for gaining the Market research that will exponentially accelerate your business. The report gives the principle locale, economic situations with the item value, benefit, limit, generation, supply, request and Market development rate and figure and so on. This report additionally Present new task SWOT examination, speculation attainability investigation, and venture return investigation.
Note: All the reports that we list have been tracking the impact of COVID-19. Both upstream and downstream of the entire supply chain has been accounted for while doing this. Also, where possible, we will provide an additional COVID-19 update supplement/report to the report in Q3, please check for with the sales team.
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