Insurance advisory market to reach $20.4b by 2029

SMEs are a major growth driver, the report says.

The insurance advisory services sector is projected to grow from $13.67b in 2024 to $20.41b in 2029, The Business Research Company revealed.

This is also equivalent to a compound annual growth rate of 8.6%. For this year, the market is seen to bag $14.85b.

The report attributes this growth to increasingly complex regulations, the expanding range of insurance products, and the growing need for risk analysis and compliance reporting. 

Other drivers include the rising number of international insurance operations, economic expansion in emerging markets, and higher awareness of insurance as a tool for financial protection.

The report notes that small and medium-sized enterprises (SMEs) accelerate their digital adoption, and they are seeking advisory services to manage business risks, ensure adequate coverage, and mitigate potential financial disruptions.