Auto Insurance Broker Market was valued at USD 40 Billion in 2022 and is projected to reach USD 60 Billion by 2030, growing at a CAGR of 6% from 2024 to 2030.
In 2023, the auto insurance broker market entered a new phase of evolution. With the global shift towards digital transformation and customer-centric services, brokers began leveraging cutting-edge technologies like telematics, which enables real-time data collection from vehicles to offer personalized pricing models based on driving behavior. This transition is expected to continue influencing the market significantly, as consumers demand more flexible, dynamic insurance products. Furthermore, there’s a rising preference for bundled policies and increased adoption of telematics-based usage-based insurance (UBI), which could dominate the sector by 2033. The market demand in the coming decade will also be shaped by the growing trend of electric vehicles (EVs), which introduces unique risk assessments and coverage needs, driving innovation among insurance brokers to accommodate these new vehicles and their specific requirements.
By 2033, the auto insurance broker market is expected to undergo a transformation, with substantial demand shifts. The forecasted growth is predicted to come from emerging markets, where increasing vehicle ownership and the rising middle class will drive new opportunities for brokers. While competition will remain fierce, brokers who can adopt emerging technologies like blockchain, IoT, and machine learning in underwriting processes are anticipated to gain significant market share. The increasing importance of sustainable insurance products, with policies catering to EV owners and those incorporating green technologies, will further contribute to the market’s growth.
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The global auto insurance broker market has witnessed substantial growth from 2018 to 2022. During this period, an increasing number of drivers sought out personalized auto insurance policies through brokers, driven by growing vehicle ownership, the rise of digital platforms, and an increase in the variety of coverage options available. According to reports, by 2022, the global market size reached approximately $150 billion, with significant expansion observed in North America and Europe, primarily due to technological advancements in AI and machine learning, making the process of comparing, quoting, and purchasing policies more efficient.
Allstate
Alpine Insurance
Keith Michaels
Excalibur Insurance
Inova Insurance Brokers
D A Insurance Brokers
Insurance Brokers of Minnesota
Goosehead
BrokerLink
Zebra
Insurance Brokers of Arizona
ANA Insurance Brokerage
AA
Lanhai
Hailin
Guangtai
By the year 2030, the scale for growth in the market research industry is reported to be above 120 billion which further indicates its projected compound annual growth rate (CAGR), of more than 5.8% from 2023 to 2030. There have also been disruptions in the industry due to advancements in machine learning, artificial intelligence and data analytics There is predictive analysis and real time information about consumers which such technologies provide to the companies enabling them to make better and precise decisions. The Asia-Pacific region is expected to be a key driver of growth, accounting for more than 35% of total revenue growth. In addition, new innovative techniques such as mobile surveys, social listening, and online panels, which emphasize speed, precision, and customization, are also transforming this particular sector.
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Growing demand for below applications around the world has had a direct impact on the growth of the Global Auto Insurance Broker Market
Risk Management
Insurance Sales
Accident Claims
Based on Types the Market is categorized into Below types that held the largest Auto Insurance Broker market share In 2023.
Car Insurance
Motorcycle Insurance
Special Vehicle
Global (United States, Global and Mexico)
Europe (Germany, UK, France, Italy, Russia, Turkey, etc.)
Asia-Pacific (China, Japan, Korea, India, Australia, Indonesia, Thailand, Philippines, Malaysia and Vietnam)
South America (Brazil, Argentina, Columbia, etc.)
Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria and South Africa)
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1. Introduction of the Global Auto Insurance Broker Market
Overview of the Market
Scope of Report
Assumptions
2. Executive Summary
3. Research Methodology of Verified Market Reports
Data Mining
Validation
Primary Interviews
List of Data Sources
4. Global Auto Insurance Broker Market Outlook
Overview
Market Dynamics
Drivers
Restraints
Opportunities
Porters Five Force Model
Value Chain Analysis
5. Global Auto Insurance Broker Market, By Type
6. Global Auto Insurance Broker Market, By Application
7. Global Auto Insurance Broker Market, By Geography
Global
Europe
Asia Pacific
Rest of the World
8. Global Auto Insurance Broker Market Competitive Landscape
Overview
Company Market Ranking
Key Development Strategies
9. Company Profiles
10. Appendix
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