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Europe Insurance Brokerage Market Size (2024 - 2029)

The European insurance brokerage sector is poised for significant growth, with its market size expanding over the forecast period. This growth is driven by the essential role of insurance brokers in facilitating transactions and understanding customer needs, which is particularly crucial in regions with limited broker involvement. The industry is adapting to major trends such as climate change and digitalization, which are reshaping distribution channels and the operational landscape for brokers. Additionally, the impact of Brexit adds a layer of complexity for brokerage firms operating across the EU and UK, necessitating careful navigation of regulatory and business challenges.

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Market Size of Europe Insurance Brokerage Industry

Europe Insurance Brokerage Market Summary
Study Period 2020 - 2029
Base Year For Estimation 2023
Market Size (2024) USD 261.19 Billion EUR
Market Size (2029) USD 370.90 Billion EUR
CAGR (2024 - 2029) 7.27 %
Market Concentration Medium

Major Players

Europe Insurance Brokerage Market Major Players

*Disclaimer: Major Players sorted in no particular order

Europe Insurance Brokerage Market Analysis

The Europe Insurance Brokerage Market size in terms of gross written premiums value is expected to grow from EUR 261.19 billion in 2024 to EUR 370.90 billion by 2029, at a CAGR of 7.27% during the forecast period (2024-2029).

Insurance brokerage is a type of activity currently serving about 80% of insurance operations in the developed world. Insurance brokers who know the insurance market, its products, prices, and providers and understand the needs of insurance customers will gain a unique role. After looking at the practice of several European countries without insurance brokers, a very small number of insurance contracts were concluded.

The COVID-19 pandemic is pressing insurance companies to respond urgently to megatrends, most importantly, climate change and digitalization. The industry is starting to understand the physical transition more precisely and the liability risks of climate change and is revising underwriting and investments.

Given the importance of brokerage companies, the digitalization of the insurance industry also impacts the distribution channels. Aggregators, i.e., online brokers, have had their place in Europe for the past 20 years. The technological advancements ultimately shape the future of brokerage firms in Europe in the critical roles of brokers.

Brexit has an everlasting impact on every possible industry in the European Union and the United Kingdom. Brokerage firms with EU and UK operations are not exempt from this. From registration to business profitability, insurance brokers have to work more cautiously.

Europe Insurance Brokerage Industry Segmentation

The report includes a detailed note on the importance of insurance brokers across various insurance products in the region. An understanding of the present status of the European insurance markets to correlate that with the evolving brokerage firms' business models across the region, detailed market segmentation, current market trends, changes in market dynamics, and growth opportunities. In-depth analysis of the market size and forecast for the various segments. The report offers market size and forecasts in value (USD billion) for all the above segments. 

By Type of Insurance
Life Insurance
Non-life Insurance
By Country
Germany
United Kingdom
France
Italy
Belgium
Spain
Other Countries*
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Europe Insurance Brokerage Market Size Summary

The European insurance brokerage market is poised for significant growth, driven by the increasing importance of brokers in navigating the complex insurance landscape. As a critical component of the insurance industry, brokers play a vital role in connecting customers with suitable insurance products, leveraging their knowledge of market trends, products, and provider offerings. The market is experiencing a transformation due to the dual pressures of climate change and digitalization, prompting brokers to adapt their strategies and offerings. The rise of digital platforms and aggregators has reshaped distribution channels, with online brokers becoming a dominant force in the market. This shift is further influenced by demographic changes, such as the growing populations of baby boomers and millennials, which present new opportunities for insurance products like medical, life, and accidental insurance.

The market landscape is characterized by an oligopoly, with major players such as Marsh & McLennan Co., Willis Towers Watson Plc, and Arthur J. Gallagher & Co. holding significant market shares. These companies are actively expanding their capabilities and geographic reach, as evidenced by recent strategic moves like Aon's acquisition of the actuarial software platform Tyche. The impact of Brexit continues to be felt, requiring brokers to navigate regulatory and operational challenges across the EU and UK. Despite these challenges, the demand for personalized financial services and innovative insurance policies remains strong, driving the growth of the brokerage market. The report highlights the evolving role of aggregators, who have become integral to the customer engagement strategy, offering profitable business models that benefit both brokers and insurers.

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Europe Insurance Brokerage Market Size - Table of Contents

  1. 1. MARKET INSIGHTS AND DYNAMICS

    1. 1.1 Market Overview

      1. 1.1.1 Historical Performance of the Insurance Industry in Europe, by Insurance Type

      2. 1.1.2 Distribution Channels for the Insurance Market across Europe

      3. 1.1.3 Prominence of Brokers - Market Share by Insurance Types

      4. 1.1.4 Prominence of Brokers - Market Share by Country

    2. 1.2 Digital Broking

      1. 1.2.1 A Brief about Aggregators in the European Insurance Market

      2. 1.2.2 Industry Perspective on the Evolution of Broker Technology

      3. 1.2.3 Automation of Underwriting and Lead Generation Through Digital Broking

    3. 1.3 Impact of Bexit on Insurance Broking in Europe

      1. 1.3.1 Changes in Business Models of Insurance Brokers with EU Ties due to Brexit

      2. 1.3.2 Impact on Broking Business due to Brexit, by Insurance Type

    4. 1.4 Market Drivers

    5. 1.5 Market Restraints

    6. 1.6 A Brief on Evolving Regulatory Landscape in the Region

    7. 1.7 Porter's Five Forces Analysis

      1. 1.7.1 Threat of New Entrants

      2. 1.7.2 Bargaining Power of Buyers/Consumers

      3. 1.7.3 Bargaining Power of Suppliers

      4. 1.7.4 Threat of Substitute Products

      5. 1.7.5 Intensity of Competitive Rivalry

    8. 1.8 Impact of COVID-19 on the Market

  2. 2. MARKET SEGMENTATION

    1. 2.1 By Type of Insurance

      1. 2.1.1 Life Insurance

      2. 2.1.2 Non-life Insurance

    2. 2.2 By Country

      1. 2.2.1 Germany

      2. 2.2.2 United Kingdom

      3. 2.2.3 France

      4. 2.2.4 Italy

      5. 2.2.5 Belgium

      6. 2.2.6 Spain

      7. 2.2.7 Other Countries*

Europe Insurance Brokerage Market Size FAQs

The Europe Insurance Brokerage Market size is expected to reach EUR 261.19 billion in 2024 and grow at a CAGR of 7.27% to reach EUR 370.90 billion by 2029.

In 2024, the Europe Insurance Brokerage Market size is expected to reach EUR 261.19 billion.

Europe Insurance Brokerage Market Report Snapshots

Insurance Brokerage Market in Europe Size - Industry Report on Share, Growth Trends & Forecasts Analysis (2024 - 2029)