Insurance aggregators forecast $130b growth by 2031

APAC is set to see strong growth, particularly in India and China.

The global insurance aggregator market is projected to grow from $19.3b in 2021 to $130b by 2031, according to a new report by Allied Market Research. 

The sector is expected to expand at a compound annual growth rate (CAGR) of 21.2% from 2022 to 2031.

Insurance aggregators provide consumers with comparison quotes from multiple insurers through online platforms, offering convenience and cost transparency. 

Growth is being driven by rising internet use, the expansion of digital brokers, and increasing consumer preference for online services.

Life insurance currently holds the largest market share due to its role in improving risk assessments and decision-making. 

However, health insurance is expected to grow fastest, supported by digital adoption and data availability.

North America led the market in 2021, whilst Asia-Pacific is set to see strong growth, particularly in India and China. 

Challenges include low consumer awareness and a shortage of skilled workers, though increased digital literacy is creating new opportunities.