NEW YORK, Aug. 24, 2022 /PRNewswire/ — The “Insurance Brokerage Market in Europe Growth, Size, Trends, Analysis Report by Type, Application, Region and Segment Forecast 2022-2026” report has been added to Technavio’s offering. The report expects the market to observe an incremental growth of USD 7.60 billion between 2021 and 2026, accelerating at a CAGR of 5.98% during the forecast period. The analysts at Technavio have considered various aspects such as the consumer base, adoption rate, average selling price, revenue generated by vendors, and the food preferences across regions to estimate the market size. Download Sample PDF Report
Technavio categorizes the insurance brokerage market in Europe as a part of the global specialized consumer services market within the global diversified consumer services market. The parent global specialized consumer services market covers revenue generated by the consumer service providers, including residential services, home security services, legal services, personal services, renovation, and interior design services, consumer auction services, wedding services, and funeral services.
The insurance brokerage market in Europe is fragmented. The presence of numerous players in the market has led to intense rivalry among vendors. High exit barriers and intense competition among market players are some of the factors that increase competition among vendors during the forecast period. The aforementioned factors imply that the threat of rivalry is moderate. Therefore, the threat of rivalry was moderate in 2021, and it is expected to remain the same during the forecast period.
The report identifies AmWINS Group Inc., Aon Plc, Arthur J. Gallagher and Co., Assured Partners Inc., Blythin and Brown Ltd., HUB International Ltd., Lockton Companies, Marsh and McLennan Companies Inc., NFP Corp., and Willis Towers Watson Public Ltd. Co. as some of the major market participants . Although the increased demand for insurance will offer immense growth opportunities, conflicts between insurance brokers and customers will challenge the growth of the market participants. To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
The insurance brokerage market in Europe is segmented as below:
The retail segment will account for the maximum market share. Business owners are significantly adopting retail insurance brokerage due to various benefits such as gathering insurance premiums, collecting data for insurance underwriters, renewing or revising existing policies for customers, and others. This is the key factor driving the growth of the segment.
- Rest Of Europe
The UK will emerge as the key market for insurance brokerage in Europeoccupying 35% of the total market share. The presence of low-interest rates is the key factor driving the growth of the regional market. The increased population of working women is another major factor driving the growth of the insurance brokerage market in the UK .
Technavio presents a detailed picture of the market by the way of study, synthesis, and summation of data from multiple sources. Our insurance brokerage market in Europe report covers the following areas:
- Insurance Brokerage Market Size
- Insurance Brokerage Market Trends
- Insurance Brokerage Market Industry Analysis
We provide a detailed analysis of around 25 vendors operating in the insurance brokerage market in Europe. Backed with competitive intelligence and benchmarking, our research report on the insurance brokerage market in Europe is designed to provide entry support, customer profile, and M&As as well as go-to-market strategy support.
- CAGR of the market during the forecast period 2022-2026
- Detailed information on factors that will assist insurance brokerage market growth during the next five years
- Estimation of the insurance brokerage market size and its contribution to the parent market
- Predictions on upcoming trends and changes in consumer behavior
- The growth of the…