Report Overview

Europe Insurance Brokerage Market – Industry Trends & Forecast Report, 2029

Europe insurance brokerage market size is projected to grow at a CAGR of 5.84% during the forecast period between 2023 and 2029. The insurance brokerage market in Europe is expected to witness moderate growth in the coming years, driven by increasing demand for insurance products in various sectors, including automotive, healthcare, and real estate. The rise of Insurtech and digitalization is also expected to have a significant impact on the industry, with many brokers investing in technology to improve customer experience and streamline operations. Overall, the market is expected to remain competitive, with established players and new entrants vying for market share.

Europe Insurance Brokerage Market - Overview

Europe insurance brokerage market refers to the industry that provides insurance brokerage services in the European region. Insurance brokers act as intermediaries between insurance companies and clients, helping them find and purchase insurance policies that meet their needs. The market includes a range of brokerage firms, from large multinational corporations to smaller independent companies. The services offered by insurance brokers include risk assessment, policy selection, claims management, and other related services. The market is highly competitive, with brokers competing on factors such as pricing, service quality, and specialization in specific types of insurance.

Growth Drivers

Digitalization and Innovations

Europe insurance brokerage market is expected to grow significantly in the coming years, primarily driven by the increasing adoption of digitalization and innovation in the industry. With the rise of Insurtech, insurance brokers are embracing innovative technologies, such as artificial intelligence, blockchain, and data analytics, to provide personalized and efficient services to their clients. This, in turn, is expected to boost the growth of the insurance brokerage market in Europe by enhancing the customer experience and reducing operational costs. Also, the growing demand for insurance products and services due to the increasing awareness of risks and the need for financial protection is expected to fuel the growth of the market.

Restraints

Regulatory Challenges

Europe insurance brokerage market has faced significant regulatory challenges in recent years, hampering its growth potential. Stringent regulations on data protection, anti-money laundering, and cybersecurity have increased compliance costs and administrative burdens for insurance brokers, limiting their ability to expand and innovate. Also, the emergence of Insurtech startups has disrupted the traditional brokerage model, challenging established players to adapt and modernize their operations. Thus, many smaller insurance brokers struggle to compete in a rapidly evolving market. The industry must find ways to navigate these challenges to realize its full potential and better serve customers.

Impact of COVID-19 on Europe Insurance Brokerage Market

The COVID-19 pandemic adversely affected the Europe insurance brokerage market, as it affected the overall economic environment and consumer behavior. The insurance industry witnessed a surge in demand for certain types of insurance policies, such as health and life insurance, while demand for others, such as travel insurance, decreased significantly. The pandemic also forced many companies to adapt to remote work, which impacted the way insurance brokers operate and communicate with clients. Despite these challenges, the Europe insurance brokerage market is expected to recover as the region emerges from the pandemic, and brokers are adapting to the changing landscape by leveraging digital channels and technology.

Europe Insurance Brokerage Market

Segmental Coverage

Europe Insurance Brokerage Market - By Type

On the basis of type, Europe insurance brokerage market is divided into General Insurance, Life Insurance, and Health Insurance segments. General insurance, including property and casualty coverage, liability insurance, and other non-life insurance products, is the largest segment of the market. Life insurance, which includes policies that provide benefits upon death or disability, is the second-largest segment. Health insurance, which includes policies that cover medical expenses and other health-related costs, is the fastest-growing segment of the market. Insurance brokers play a crucial role in helping consumers and businesses navigate the complex landscape of insurance products and policies offered by various insurers.

Europe Insurance Brokerage Market – By Mode

On the basis of mode, Europe insurance brokerage market is divided into Online and Offline segments. The online segment is expected to grow at a faster pace due to the convenience and accessibility it offers to consumers. The online channel involves the use of digital platforms to purchase insurance policies, while the offline channel involves traditional methods, such as visiting a broker's office or calling them over the phone.

Europe Insurance Brokerage Market – By Commission

By commission, Europe insurance brokerage market is divided into Policy Basis, Premium Basis, and Fixed. The premium basis segment currently dominates the market. The premium basis is a fee-based model where brokers charge a flat fee or a percentage of the premium as their compensation. On the other hand, the policy basis segment is expected to grow at a faster CAGR. Policy basis refers to a commission-based model where brokers receive a percentage of the premium paid by the customer for their insurance policy.

Europe Insurance Brokerage Market – By Country

The in-depth research report on the Europe insurance brokerage market covers markets across the regions major countries including Germany, United Kingdom, Italy, France, Spain, Belgium, Russia, the Netherlands, and Rest of Europe. In these countries, the insurance brokerage market is highly developed and competitive, with a large number of companies providing a wide range of insurance products and services. The United Kingdom is considered the largest insurance market in Europe, with London being the global hub for insurance and reinsurance.

Competitive Landscape

Major players in Europe insurance brokerage market include Marsh & McLennan Companies, Aon plc, Willis Towers Watson, Howden Group Holdings, BMS Group Limited, Arthur J. Gallagher & Co., Lockton Companies, Inc., JLT Group, RFIB Group Limited, UIB Holdings (UK) Limited, Ecclesiastical Insurance Office plc, Miller Insurance Services LLP, Oval Insurance Broking Limited, Towergate Insurance Brokers, and Bluefin Insurance Services Limited. The key strategies used by these market leaders are new product launches, mergers & acquisitions, and alliances. To grow their market share, these companies are also focusing on investing in innovations, collaborations, and expansions.

Recent Developments

• In February 2022 - Marsh, a leading global insurance broker and risk management firm, acquired Howden Group Holdings, a UK-based insurance broker. The deal is expected to expand Marsh's presence in Europe and strengthen its capabilities in the property and casualty insurance market.

• In January 2022 - Aon, a major global insurance broker, announced that had completed its acquisition of Willis Towers Watson, a leading insurance consulting and brokerage firm. The deal, which was first announced in March 2020, creates the world's largest insurance brokerage firm with significant operations in Europe.

Scope of the Report

By Type

• General Insurance

• Life Insurance

• Health Insurance

• Others

By Mode

• Online

• Offline

By Commission

• Policy Basis

• Premium Basis

• Fixed

By Country

• Germany

• United Kingdom

• Italy

• France

• Spain

• Belgium

• Russia

• Netherlands

• Rest of Europe

1. Research Framework
   1. Research Objective
   2. Technology Overview
   3. Market Segmentation
2. Executive Summary
3. Europe Insurance Brokerage Market Insights
   1. Industry Value Chain Analysis
   2. DROC Analysis
      1. Growth Drivers
         1. Increasing demand for insurance products due to the rise in risk factors
         2. Technological advancements in the insurance industry
         3. Growing awareness among consumers about the benefits of insurance policies
      2. Restraints
         1. Intense competition in the insurance brokerage market
         2. Lack of transparency in insurance policies and complex regulatory requirements
      3. Opportunities
         1. The rise of Insurtech startups and their potential to disrupt the traditional insurance brokerage market
         2. Increasing demand for corporate insurance policies
      4. Challenges
         1. Managing risk associated with insuring emerging industries and technologies
   3. Technology Advancements/Recent Developments
   4. Regulatory Framework
   5. Porter’s Five Forces Analysis
      1. Bargaining Power of Suppliers
      2. Bargaining Power of Buyers
      3. Threat of New Entrants
      4. Threat of Substitutes
      5. Intensity of Rivalry
4. Europe Insurance Brokerage Market Overview
   1. Market Size & Forecast, 2019–2029
      1. By Value (USD Million)
      2. Market Share and Forecast
      3. By Type
         1. General Insurance
         2. Life Insurance
         3. Health Insurance
         4. Others
      4. By Mode
         1. Online
         2. Offline
      5. By Commission
         1. Policy Basis
         2. Premium Basis
         3. Fixed
      6. By Country
         1. Germany
         2. United Kingdom
         3. Italy
         4. France
         5. Spain
         6. Belgium
         7. Russia
         8. Netherlands
         9. Rest of Europe
5. Germany Insurance Brokerage Market Overview
   1. Market Size & Forecast, 2019–2029
      1. By Value (USD Million)
   2. Market Share & Forecast
      1. By Type
      2. By Mode
      3. By Commission
6. United Kingdom Insurance Brokerage Market Overview
   1. Market Size & Forecast, 2019–2029
      1. By Value (USD Million)
   2. Market Share & Forecast
      1. By Type
      2. By Mode
      3. By Commission
7. Italy Insurance Brokerage Market Overview
   1. Market Size & Forecast, 2019–2029
      1. By Value (USD Million)
   2. Market Share & Forecast
      1. By Type
      2. By Mode
      3. By Commission
8. France Insurance Brokerage Market Overview
   1. Market Size & Forecast, 2019–2029
      1. By Value (USD Million)
   2. Market Share & Forecast
      1. By Type
      2. By Mode
      3. By Commission
9. Spain Insurance Brokerage Market Overview
   1. Market Size & Forecast, 2019–2029
      1. By Value (USD Million)
   2. Market Share & Forecast
      1. By Type
      2. By Mode
      3. By Commission
10. Belgium Insurance Brokerage Market Overview
    1. Market Size & Forecast, 2019–2029
       1. By Value (USD Million)
    2. Market Share & Forecast
       1. By Type
       2. By Mode
       3. By Commission
11. Russia Insurance Brokerage Market Overview
    1. Market Size & Forecast, 2019–2029
       1. By Value (USD Million)
    2. Market Share & Forecast
       1. By Type
       2. By Mode
       3. By Commission
12. Netherlands Insurance Brokerage Market Overview
    1. Market Size & Forecast, 2019–2029
       1. By Value (USD Million)
    2. Market Share & Forecast
       1. By Type
       2. By Mode
       3. By Commission
13. Rest of Europe Insurance Brokerage Market Overview
    1. Market Size & Forecast, 2019–2029
       1. By Value (USD Million)
    2. Market Share & Forecast
       1. By Type
       2. By Mode
       3. By Commission
14. Competitive Landscape
    1. List of Key Players and Their Offerings
    2. Europe Insurance Brokerage Market Share Analysis, 2022
    3. Competitive Benchmarking, By Operating Parameters
    4. Key Strategic Developments (Mergers, Acquisitions, Partnerships, etc.)
15. Impact of Covid-19 on Europe Insurance Brokerage Market
16. Company Profile (Company Overview, Financial Matrix, Competitive Landscape, Key Personnel, Key Competitors, Contact Address, Strategic Outlook, SWOT Analysis)
    1. Marsh & McLennan Companies
    2. Aon plc
    3. Willis Towers Watson
    4. Howden Group Holdings
    5. BMS Group Limited
    6. Arthur J. Gallagher & Co.
    7. Lockton Companies, Inc.
    8. JLT Group
    9. RFIB Group Limited
    10. UIB Holdings (UK) Limited
    11. Ecclesiastical Insurance Office plc
    12. Miller Insurance Services LLP
    13. Oval Insurance Broking Limited
    14. Towergate Insurance Brokers
    15. Bluefin Insurance Services Limited
    16. Other Prominent Players
17. Key Strategic Recommendations
18. Research Methodology
    1.    Qualitative Research
       1.  Primary & Secondary Research
    2.    Quantitative Research
    3.    Market Breakdown & Data Triangulation
       1.  Secondary Research
       2.  Primary Research
    4.    Breakdown of Primary Research Respondents, By Region
    5.    Assumptions & Limitations

*Financial information in case of non-listed companies can be provided as per availability.

**The segmentation and the companies are subject to modifications based on in-depth secondary research for the final deliverable

List of Figures

Figure 1       Europe Insurance Brokerage Segmentation

Figure 2       Europe Insurance Brokerage Market Value Chain Analysis

Figure 3       Company Market Share Analysis, 2022

Figure 4       Europe Insurance Brokerage Market Size, By Value (USD Million), 2019–2029

Figure 5       Europe Insurance Brokerage Market Share, By Type, By Value, 2019–2029

Figure 6       Europe Insurance Brokerage Market Share, By Mode, By Value, 2019–2029

Figure 7       Europe Insurance Brokerage Market Share, By Commission, By Value, 2019–2029

Figure 8       Germany Insurance Brokerage Market Size, By Value (USD Million), 2019–2029

Figure 9       Germany Insurance Brokerage Market Share, By Type, By Value, 2019–2029

Figure 10     Germany Insurance Brokerage Market Share, By Mode, By Value, 2019–2029

Figure 11     Germany Insurance Brokerage Market Share, By Commission, By Value, 2019–2029

Figure 12     United Kingdom Insurance Brokerage Market Size, By Value (USD Million), 2019–2029

Figure 13     United Kingdom Insurance Brokerage Market Share, By Type, By Value, 2019–2029

Figure 14     United Kingdom Insurance Brokerage Market Share, By Mode, By Value, 2019–2029

Figure 15     United Kingdom Insurance Brokerage Market Share, By Commission, By Value, 2019–2029

Figure 16     Italy Insurance Brokerage Market Size, By Value (USD Million), 2019–2029

Figure 17     Italy Insurance Brokerage Market Share, By Type, By Value, 2019–2029

Figure 18     Italy Insurance Brokerage Market Share, By Mode, By Value, 2019–2029

Figure 19     Italy Insurance Brokerage Market Share, By Commission, By Value, 2019–2029

Figure 20     France Insurance Brokerage Market Size, By Value (USD Million), 2019–2029

Figure 21     France Insurance Brokerage Market Share, By Type, By Value, 2019–2029

Figure 22     France Insurance Brokerage Market Share, By Mode, By Value, 2019–2029

Figure 23     France Insurance Brokerage Market Share, By Commission, By Value, 2019–2029

Figure 24     Spain Insurance Brokerage Market Size, By Value (USD Million), 2019–2029

Figure 25     Spain Insurance Brokerage Market Share, By Type, By Value, 2019–2029

Figure 26     Spain Insurance Brokerage Market Share, By Mode, By Value, 2019–2029

Figure 27     Spain Insurance Brokerage Market Share, By Commission, By Value, 2019–2029

Figure 28     Belgium Insurance Brokerage Market Size, By Value (USD Million), 2019–2029

Figure 29     Belgium Insurance Brokerage Market Share, By Type, By Value, 2019–2029

Figure 30     Belgium Insurance Brokerage Market Share, By Mode, By Value, 2019–2029

Figure 31     Belgium Insurance Brokerage Market Share, By Commission, By Value, 2019–2029

Figure 32     Russia Insurance Brokerage Market Size, By Value (USD Million), 2019–2029

Figure 33     Russia Insurance Brokerage Market Share, By Type, By Value, 2019–2029

Figure 34     Russia Insurance Brokerage Market Share, By Mode, By Value, 2019–2029

Figure 35     Russia Insurance Brokerage Market Share, By Commission, By Value, 2019–2029

Figure 36     Netherlands Insurance Brokerage Market Size, By Value (USD Million), 2019–2029

Figure 37     Netherlands Insurance Brokerage Market Share, By Type, By Value, 2019–2029

Figure 38     Netherlands Insurance Brokerage Market Share, By Mode, By Value, 2019–2029

Figure 39     Netherlands Insurance Brokerage Market Share, By Commission, By Value, 2019–2029

Figure 40     Rest of Europe Insurance Brokerage Market Size, By Value (USD Million), 2019–2029

Figure 41     Rest of Europe Insurance Brokerage Market Share, By Type, By Value, 2019–2029

Figure 42     Rest of Europe Insurance Brokerage Market Share, By Mode, By Value, 2019–2029

Figure 43     Rest of Europe Insurance Brokerage Market Share, By Commission, By Value, 2019–2029

List of Tables

Table 1        Europe Insurance Brokerage Market Size, By Value (USD Million), 2019–2029

Table 2        Europe Insurance Brokerage Market Size, By Type, By Value, 2019–2029

Table 3        Europe Insurance Brokerage Market Size, By Mode, By Value, 2019–2029

Table 4        Europe Insurance Brokerage Market Size, By Commission, By Value, 2019–2029

Table 5        Germany Insurance Brokerage Market Size, By Value (USD Million), 2019–2029

Table 6        Germany Insurance Brokerage Market Share, By Type, By Value, 2019–2029

Table 7        Germany Insurance Brokerage Market Share, By Mode, By Value, 2019–2029

Table 8        Germany Insurance Brokerage Market Share, By Commission, By Value, 2019–2029

Table 9        United Kingdom Insurance Brokerage Market Size, By Value (USD Million), 2019–2029

Table 10      United Kingdom Insurance Brokerage Market Share, By Type, By Value, 2019–2029

Table 11      United Kingdom Insurance Brokerage Market Share, By Mode, By Value, 2019–2029

Table 12      United Kingdom Insurance Brokerage Market Share, By Commission, By Value, 2019–2029

Table 13      Italy Insurance Brokerage Market Size, By Value (USD Million), 2019–2029

Table 14      Italy Insurance Brokerage Market Share, By Type, By Value, 2019–2029

Table 15      Italy Insurance Brokerage Market Share, By Mode, By Value, 2019–2029

Table 16      Italy Insurance Brokerage Market Share, By Commission, By Value, 2019–2029

Table 17      France Insurance Brokerage Market Size, By Value (USD Million), 2019–2029

Table 18      France Insurance Brokerage Market Share, By Type, By Value, 2019–2029

Table 19      France Insurance Brokerage Market Share, By Mode, By Value, 2019–2029

Table 20      France Insurance Brokerage Market Share, By Commission, By Value, 2019–2029

Table 21      Spain Insurance Brokerage Market Size, By Value (USD Million), 2019–2029

Table 22      Spain Insurance Brokerage Market Share, By Type, By Value, 2019–2029

Table 23      Spain Insurance Brokerage Market Share, By Mode, By Value, 2019–2029

Table 24      Spain Insurance Brokerage Market Share, By Commission, By Value, 2019–2029

Table 25      Belgium Insurance Brokerage Market Size, By Value (USD Million), 2019–2029

Table 26      Belgium Insurance Brokerage Market Share, By Type, By Value, 2019–2029

Table 27      Belgium Insurance Brokerage Market Share, By Mode, By Value, 2019–2029

Table 28      Belgium Insurance Brokerage Market Share, By Commission, By Value, 2019–2029

Table 29      Russia Insurance Brokerage Market Size, By Value (USD Million), 2019–2029

Table 30      Russia Insurance Brokerage Market Share, By Type, By Value, 2019–2029

Table 31      Russia Insurance Brokerage Market Share, By Mode, By Value, 2019–2029

Table 32      Russia Insurance Brokerage Market Share, By Commission, By Value, 2019–2029

Table 33      Netherlands Insurance Brokerage Market Size, By Value (USD Million), 2019–2029

Table 34      Netherlands Insurance Brokerage Market Share, By Type, By Value, 2019–2029

Table 35      Netherlands Insurance Brokerage Market Share, By Mode, By Value, 2019–2029

Table 36      Netherlands Insurance Brokerage Market Share, By Commission, By Value, 2019–2029

Table 37      Rest of Europe Insurance Brokerage Market Size, By Value (USD Million), 2019–2029

Table 38      Rest of Europe Insurance Brokerage Market Share, By Type, By Value, 2019–2029

Table 39      Rest of Europe Insurance Brokerage Market Share, By Mode, By Value, 2019–2029

Table 40      Rest of Europe Insurance Brokerage Market Share, By Commission, By Value, 2019–2029

Table 41      Marsh & McLennan Companies Company Overview

Table 42      Marsh & McLennan Companies Financial Overview

Table 43      Aon plc Company Overview

Table 44      Aon plc Financial Overview

Table 45      Willis Towers Watson Company Overview

Table 46      Willis Towers Watson Financial Overview

Table 47      Howden Group Holdings Company Overview

Table 48      Howden Group Holdings Financial Overview

Table 49      BMS Group Limited Company Overview

Table 50      BMS Group Limited Financial Overview

Table 51      Arthur J. Gallagher & Co. Company Overview

Table 52      Arthur J. Gallagher & Co. Financial Overview

Table 53      Lockton Companies, Inc. Company Overview

Table 54      Lockton Companies, Inc. Financial Overview

Table 55      JLT Group Company Overview

Table 56      JLT Group Financial Overview

Table 57      RFIB Group Limited Company Overview

Table 58      RFIB Group Limited Financial Overview

Table 59      UIB Holdings (UK) Limited Company Overview

Table 60      UIB Holdings (UK) Limited Financial Overview

Table 61      Ecclesiastical Insurance Office plc Company Overview

Table 62      Ecclesiastical Insurance Office plc Financial Overview

Table 63      Miller Insurance Services LLP Company Overview

Table 64      Miller Insurance Services LLP Financial Overview

Table 65      Oval Insurance Broking Limited Company Overview

Table 66      Oval Insurance Broking Limited Financial Overview

Table 67      Towergate Insurance Brokers Company Overview

Table 68      Towergate Insurance Brokers Financial Overview

Table 69      Bluefin Insurance Services Limited Company Overview

Table 70      Bluefin Insurance Services Limited Financial Overview