The global insurance brokers and agents market is expected to see steady growth, rising from US$467.3 billion in 2024 to US$496.3 billion in 2025, according to The Insurance Brokers & Agents Market Report 2025 published by ResearchAndMarkets.com.
By 2029, the market is projected to hit US$636.9 billion, reflecting a compound annual growth rate (CAGR) of 6.4%.
Growth drivers include economic expansion in emerging markets, rising healthcare costs, and insurance reforms. Longer-term demand is also supported by the spread of chronic diseases, an expanding middle class, and the ongoing impact of COVID-19 on risk awareness.
Technology adoption is accelerating across the sector, with 39% of agencies now offering online services and 78% leveraging social media for client outreach. Major players such as Marsh & McLennan, Aon, Willis Towers Watson, Arthur J. Gallagher, and Brown & Brown are investing in digital portals and platforms to boost efficiency and strengthen customer engagement.
Innovation is also driving change. Willis Towers Watson’s Neuron platform is enhancing connectivity between brokers and insurers, while partnerships such as Bold Penguin’s collaboration with Darkhorse Insurance Services are streamlining commercial insurance workflows. Artificial intelligence, data-driven underwriting, and advanced analytics are becoming essential tools in both retail and wholesale broking.
Large intermediaries are pursuing mergers and acquisitions to scale operations and expand offerings. Arthur J. Gallagher, Truist Insurance Holdings, Lockton, and HUB International are among those actively building capabilities in health, specialty lines, and digital services. Analysts note that consolidation is not only boosting scale but also reshaping competition in mature markets.
North America remains the largest market, followed by Western Europe, but the strongest growth opportunities are in Asia-Pacific and South America. The US, China, and India are expected to be leading demand centers, driven by regulatory reforms and rising insurance penetration. However, global trade tensions, including US tariffs that increase technology import costs, could pressure commission margins and dampen profitability, underscoring the need for diversification and digital acceleration.
