Market Trends of Insurance Brokerage Industry
Life Insurance is the Fastest Growing Segment By Type of Insurance.
Life Insurance is the fastest-growing segment by insurance type. Growing awareness and customized options in the life insurance sector people are getting attracted to buying life insurance. Digitalization in insurance and other sectors is growing due to various factors, such as the growing adoption of AI. The insurance industry is dependent on human agents, but due to the pandemic, companies were unable to visit clients physically. Insurance companies have started digital platforms, which are changing the way customers interact and the way businesses operate. Life Insurance has also become a necessity in today's world. Countries in the Asia Pacific and North America have also seen an increase in requirements for life insurance.
Asia Pacific is the Largest Market and is Driving the Insurance Brokerage Market
China has the largest population of 1.4 billion in the Asia-Pacific region, followed by India, Indonesia, and Pakistan; this will drive the insurance companies to focus on these countries and expand their network. The lower penetration of Life and Non-Life Insurance in these high-population countries is expected to generate greater demand for insurance shortly. High mergers and acquisitions have also helped the market to grow across the globe. Merger and acquisition activities in the insurance industry have increased in the past few years. The M&A activity has been profitable for the insurance broker and insurance companies as it helps them capture more market share.
