UK Insurance Brokerage Market - Forecast(2024 - 2030)

The rise of automation has become one of the major challenges for the insurance brokerage market.  Developments in technology, such as artificial intelligence, have a posed a threat to the jobs of brokers. But technology also provides the opportunity to free up their time and help them focus on risk-based client management activities. The UK Insurance Brokerage market is expected to surpass $19.9 billion by 2024. The steady growth rate can be attributed to the increase in opportunities for healthcare insurance, accidental insurance, and many others. Also, the rise of the small and medium enterprises (SME) in the country is boosting the demand for insurance products. 

Insurance brokers are basically intermediaries between the policyholders and the insurers. Insurance brokers are specialized in insurance and risk management. They help the policy holders identify and decide on what to insure, how much to insure, and how to manage risks in different ways. In recent times, the advancements in machine learning and AI is enabling major players to increase their focus on business intelligence. This includes the process of converting raw data into key marketing insights and information. Using machine learning and AI can help brokers create data sets, and then create and share the relevant information to customers.  The brokers collect more data on different data points such as age, income, and location, and occupation, business intelligence can help in creating complex segmentations with highest return on investment. Financial and professional service insurance has major demand in the market and captive insurance management has high growth rate in the market.

According to IndustryARC, Healthcare Insurance has major share and expected to grow with a CAGR of 3.4%.Health insurance, also known as private medical insurance (PMI), covers the cost of private medical treatment for acute conditions. In U.K., healthcare insurance are provided by private insurance companies as well as by healthcare agents.

The U.K. is one of the leading countries for international traded insurance and reinsurance. It is the only country where the World’s 20 largest insurers have set up offices, and this acts as driving factor for the market. The increase in demand for accidental insurance, vehicle insurance, and medical insurance are further driving the market growth.

The major challenge for the U.K. Insurance brokerage market is the direct purchase of insurance policies by customers. Developments in technology, such as smartphones and the Internet, leads to direct sales of insurance policies.

 

 

The base year of the study is 2017, with forecast done up to 2024. The study presents a thorough analysis of the competitive landscape, taking into account the market shares of the leading companies. These provide the key market participants with the necessary business intelligence and help them understand the future of the U.K. Insurance Brokerage market. The assessment includes the forecast, an overview of the competitive structure, the market shares of the competitors, as well as the market trends, market demands, market drivers, market challenges, and its analysis. The market drivers and restraints have been assessed to fathom their impact over the forecast period. This report further identifies the key opportunities for growth while also detailing the key challenges and possible threats. The key areas of focus include the types of U.K. Insurance Brokerages, and their specific application.

Offering Types of U.K. Insurance Brokerage Market: Aerospace and Aviation Insurance & Risk Management, Captive Insurance Management, Cargo Insurance, Communication Technology and Media Insurance, Construction Insurance, Consumer, Affinity and SME Insurance, Credit, Political and Security Risk Based Insurance, Energy Insurance, Facultative Reinsurance, Financial and Professional Service Insurance, Fine Art, Jewelry & Specie Insurance, Healthcare insurance, Marine Insurance,  Mining Insurance, Sports, Media and Entertainment Insurance and Others.

The U.K. Insurance Brokerage market report also analyzes the major geographic regions for the market in the country. The regions covered in the study include:

Jardine Lloyd Thompson Group Plc (JLT Group) is a major player in the U.K. Insurance Brokerage Market. In July 2017, the company announced that its first-half underlying pretax profit rose 12%to £100.1 million  ($131.44 million), helped by weakness in sterling since Britain’s vote to leave the EU, and revenue in the UK employee benefits business rose 8% to £149.1 million , while trading profit was 2.9% higher at £17.9 million £. 

Some of the other key players mentioned in this report are American International Group Inc (AIG), AON PLC, Zurich Insurance Group Ltd, Allianz Group, Marsh & Mclennan Companies, Liberty Mutual Insurance, AXA, Aviva Plc, and Chubb Ltd.