Broker market forecast to grow 9.1% annually to $653.4b

The industry was valued at $277b in 2025.

The global insurance brokers and agents market is expected to grow to $653.4b by 2035 from an estimated $299.6b in 2026, representing a compound annual growth rate (CAGR) of 9.1%.

The market was valued at $276.5b in 2025 and is being driven by rising demand for personalised insurance advice, more complex risk exposures, and wider use of digital distribution channels, according to Global Market Insights.

Asia Pacific is forecast to record the fastest growth, driven by rising insurance awareness, expanding middle-class populations, rapid digital adoption and regulatory reforms across markets including China, India, Japan and Southeast Asia.

North America remains the largest market for insurance brokers and agents, supported by high insurance penetration, established regulation and a strong advisory-based model. 

The report said brokers and agents are taking on a broader advisory role as businesses and consumers seek support in managing risks, arranging tailored insurance cover, and meeting changing regulatory requirements. 

Demand is increasing in areas such as cyber insurance, health insurance and commercial liability, where customers are looking for customised policies and ongoing advice.

Regulatory compliance is becoming a bigger focus as firms respond to stricter licensing, data protection and advisory requirements. 

The report said brokers are increasing spending on compliance systems, audit processes and staff training to manage legal and reputational risks.

Marsh McLennan was the largest player in the market in 2025 with a 5.27% share. The top five companies — Allianz, Aon, AXA, Brown & Brown and Marsh McLennan — together accounted for 19.97% of the global market.