The global insurance brokerage market continues to expand as demand increases for cyber coverage, catastrophe-related solutions, and digitally enabled insurance placement, according to a new report from Research and Markets released Feb. 9, 2026.
The report, Insurance Brokerage – Market Share Analysis, Industry Trends & Statistics, Growth Forecasts (2026–2031), estimates the market will grow from $328.47 billion in 2025 to $359.27 billion in 2026. Forecasts project the market will reach $562.48 billion by 2031, reflecting a compound annual growth rate of 9.38% during the 2026 to 2031 period.
Researchers attribute this growth to rising demand for cyber insurance, catastrophe-related coverage, and embedded-finance solutions. In addition, increased investment in digital technologies continues to shorten placement cycles and expand broker access to clients.
Excess-and-Surplus Lines and Capital Shifts Reshape the Market
The report identifies a continued shift toward excess-and-surplus lines, which now represent 34% of U.S. commercial insurance business. This change has altered risk distribution and increased demand for brokers with access to specialized and niche markets.
Public-sector carriers remain the leaders in premium volume. However, private-sector capacity continues to grow as institutional capital flows into alternative risk vehicles. At the same time, consolidation remains a defining trend. Acquisitions completed during 2024 and 2025 expanded the broker scale but also introduced margin pressure across the sector.
Embedded insurance distribution also continues to influence market dynamics. The report estimates these channels could divert up to $50 billion in auto insurance premiums away from traditional brokerage models.
Life Insurance Demand Rises in Emerging Markets
Life insurance demand is increasing across emerging markets, particularly in India, China, and Southeast Asia. According to the report, consumer preferences in these regions are shifting toward protection-focused products, driven by higher risk awareness following the pandemic.
In India, gross written premiums reached $31.4 billion in fiscal year 2023 after deregulation of commission structures. Across the Asia-Pacific region, relaxed foreign ownership rules continue to attract global insurance and brokerage firms. As a result, brokers increasingly serve as advisors on regulatory compliance and localization requirements.
Digitalization and InsurTech Partnerships Accelerate Placement
Digital transformation remains central to brokerage growth strategies. Broker and carrier partnerships are increasingly using artificial intelligence to improve underwriting efficiency and accelerate quote-to-bind timelines.
The report highlights a collaboration between McGill & Partners and AXA XL, which reduced placement timelines by up to 75% through AI-enabled underwriting. Cloud computing and AI investments now account for a significant share of brokerage IT budgets, underscoring the strategic focus on digital infrastructure.
Brokers are also using behavioral data and parametric triggers to enhance customer interactions. In addition, white-label digital portals now allow commercial insurance quotations within banking applications, supplementing declining traditional commission revenue.
Commission Pressure and Rising Costs Impact Margins
Commission compression continues to challenge brokerage profitability. In 2023, heightened competition in the cyber insurance market led to a 17% decline in cyber premiums, putting pressure on gross margins.
As a result, many commercial producers have shifted toward fee-based compensation models. Mid-sized brokerages face additional challenges as they attempt to scale operations to support digital investment while managing inflation-driven operating costs. While offshoring could reduce expenses, data sovereignty regulations limit its use and slow broader market growth.
Segment Performance Highlights Specialty Growth
Property and casualty insurance accounted for 55.62% of the global insurance brokerage market in 2025, reinforcing its role as the largest segment in complex risk programs.
Specialty lines, however, are projected to grow at an 8.22% compound annual growth rate. Growth within this segment is driven by increased demand for cyber, marine, and aviation coverage that requires tailored risk structuring. The report also notes that emerging risks, including space-launch liability, are contributing additional revenue streams that rely on brokers’ specialized placement expertise.
Regional Market Trends
North America controlled 37.42% of intermediated premiums in 2025, supported by a mature technology environment and an advanced surplus-lines structure. Although growth has moderated due to changing consumer preferences and increased self-insurance among commercial clients, adaptive brokerage strategies continue to support regional leadership.
Asia-Pacific is identified as the fastest-growing region, driven by regulatory liberalization, rising cyber insurance premiums, and increased insurance adoption. Successful brokerage strategies in the region emphasize local partnerships and sustained digital investment.
Europe faces mixed conditions following Brexit-related regulatory divergence. While economic pressures have constrained premium growth, regulatory reforms have created new investment opportunities. Consolidation among specialty brokers has improved operational efficiency and reinforced Europe’s role in the global insurance brokerage market.
Companies Covered in the Report
The report includes analysis of major insurance brokerage firms, including Acrisure LLC, Aon PLC, Arthur J. Gallagher & Co., Brown & Brown Inc., HUB International Ltd., Lockton Companies, Marsh McLennan Companies Inc., Truist Insurance Holdings, USI Insurance Services LLC, Willis Towers Watson PLC, Ryan Specialty Holdings Inc., Howden Group Holdings, Alliant Insurance Services Inc., Edgewood Partners Insurance Center, BMS Group Ltd., Miller Insurance Services LLP, Goosehead Insurance Inc., NFP Corp., Gallagher Re, and Ardonagh Group.
ResearchAndMarkets.com, the publisher of the report, provides international market research, industry data, and analysis across global and regional markets, covering key industries, leading companies, and emerging trends.
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