Insurance brokers
play a vital role in the Insurance industry; they act as an intermediary
between the policyholders and the insurers. They provide professional and
technical advice to their clients about insurance products from a range of
Insurance carriers according to their clients’ needs. The major insurance
products sold by the insurance brokers include property and casualty, health,
and medical insurance. The revenue of insurance brokerage firms are dependent
on the demand for insurance and the popularity of using brokers as channel for
distributing and purchasing insurance.
Analysts forecast
the Global Insurance
Brokerage market to grow at a
CAGR of 4.07 percent over the period 2013-2018.
The report recognizes
the following companies as the key players in the Global Insurance Brokerage
Market: Aon plc, Arthur J. Gallagher & Co., Marsh & McLennan Cos. And
Willis Group Holdings Ltd.
Other Prominent
Vendors in the market are: BB&T Insurance Services, Brown & Brown, HUB
International, Jardine Lloyd Thompson Group, Meadowbrook Insurance Group,
National Financial Partners and Wells Fargo Insurance Services.
One of the major
trends upcoming in the market is an increased consolidation in the industry.
Intense competition in the market and a decline in organic growth, has forced
large brokerage firms to pursue M&A strategies in order to retain and
expand their market shares.
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Covered in this Report
Global Insurance
Brokerage Market 2014-2018, has been prepared based on an in-depth market
analysis with inputs from industry experts. The report covers North America, Europe,
and the ROW; it also covers the Global Insurance Brokerage market landscape and
its growth prospects in the coming years. The report also includes a discussion
of the key vendors operating in this market.
According to the
report, the demand for insurance brokerage services depends on consumers'
income and business activity. When an economy expands, there is a rise in
consumer income and business activity, which ultimately increases the demand
for insurance products.
Further, the report
states that slow growth in mature markets acts as an obstacle for the growth of
the Global Insurance Brokerage market. A fall in demand for insurance products
and economic volatility in Europe and other mature markets has directly
affected insurance brokerage services.
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