1.1 Presentation and market definition
1.2 A fast-growing global market
The global insurance market was valued at *** billion USD in ****, with an expected CAGR of *.*% until ****, to reach nearly *** billion USD [***].
Size of the global Insurance Brokerage market World, ****-*****, in billion USD Source: ****
The geographical region that is expected to experience the strongest growth in this period is Asia-Pacific, with ...
1.3 The well-established British market
Indirectly, it is estimated that the insurance brokerage industry contributed **.* billion GBP to the British economy in ****. Directly, however, the industry provided ** billion GBP to the British GDP in the same year [***].
The insurance brokerage market in the UK has reached its maturity and has not been growing at strong pace. ...
1.4 The impacts of the Covid-19 pandemic
As a result of the Covid-** pandemic, the British Insurance industry is expected to have to pay more than £*.* billion in insurance claims [***].
While most insurance policies do not cover for pandemics, they cover other aspects that were impacted by the pandemic:
Medical expenses as part of a travel insurance Employers' ...
2.1 Understanding the demand drivers
The European insurance market is extremely diverse. Over the last decades, the population of European insurance intermediaries has fluctuated to meet the demand of the specific national populations, making it difficult to identify a general trend.
2.2 A growing number of SME's to stimulate the market
A very important aspect of the insurance brokerage market is the number of companies operating in a country and whether or not this number is growing. This is because businesses (***) are exposed to a wide range of risks on a daily basis that they need to be insured for.
While the ...
2.3 The interaction between clients and insurance brokers
A study conducted by PKF Littlejohn helps to understand the expectations that clients have from their insurance brokers, as well as the interactions between both of them.
The study shows that the main thing clients get from their insurance brokers is the feeling that they are getting the best value product ...
2.4 A sector that is expected to be disrupted
Although the insurance brokerage market is one that does not tend change too much over time, recent innovations and investments into technology are slowly changing the sector.
Since ****, the number of deals and the amount of money invested into insurance technology has been growing. In fact, while in **** there were ** deals ...
3.1 Insurance brokerage players
As of ****, it is estimated that there are *,*** companies operating in the insurance brokerage market in the UK. These companies are responsible for **,*** jobs [***].
There are * key players that dominate the market:
Aon Marsh & Mclennan Companies JLT Group Willis Arthur J Gallagher International
With the exception of JLT Group, which has ...
3.2 A market that is becoming less concentrated
The insurance brokerage market in the UK has traditionally been controlled primarily by a small number of big and powerful firms. However, times are changing. Smaller businesses (***) have been gaining market share at the expense of bigger players.
In fact, while in **** the market share of big insurance brokers was of ...
3.3 The growing role of insurance broking software
With the growing importance of technology in the insurance brokerage industry, we must certainly understand what are the main players that are innovating in this industry and providing insurance broking software to their clinets.
There are four main firms which can be considered the leaders in this segment in the British ...
4.1 The different types of insurance available
In the insurance sector, the main distinction is between life insurance and non-life insurance. As far as non-life insurance is concerned, the offer is very diversified, as shown in the table below summarising the different offers:
In particular, we can observe the following trends in the offer:
Enrichment, especially in the ...
4.2 The offers of insurance brokers
Insurance brokers thrive on uncertainty. The more risks an industry provides to a business, the more desired the services of an insurance broker becomes to the business in question. This is why the services of insurance brokers appeal greatly to bigger businesses - businesses that have more complex operations.
In general, ...
4.3 New offers to face the Covid-19 pandemic
The insurance industry has implemented new measures to provide support for the COVID-** pandemic. These include: the suspension, extension and deferment of premiums for life insurance policies, non-auto damages and auto coverage, the blocking of all actions to recover unpaid premiums and deductibles, the extension of existing guarantees with specific clauses, ...
The activity of insurance brokers in the UK is governed by the Financial Conduct Authority (***).
Due to the UK leaving the European Union, EU regulations no longer apply to British companies operating in this sector. This is why new rules will be soon coming into place to regulate this industry.
- Aon plc
- Marsh & Mclennan Companies
- Jardine Lloyd Thompson Group
- Open GI
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What is in this market study?
- What are the figures on the size and growth of the market?
- What is driving the growth of the market and its evolution?
- What are the latest trends in this market?
- What is the positioning of companies in the value chain?
- How do companies in the market differ from each other?
- Access company mapping and profiles.
- Data from several dozen databases
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chargé d'études économiques, Xerfi
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Ross Alumni Club France
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Amaury de Balincourt
Project Finance Analyst, Consulting
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Market Research Analyst
Market Research Analyst @Businesscoot
Market Research Analyst @Businesscoot