The insurance, reinsurance and insurance brokerage market reached a value of practically $5,227.1 billion in 2020, having increased at a compound total annual growth rate (CAGR) of 0.7% since 2015. The marketplace is expected to grow from $5,227.1 billion in 2020 to $7,404.0 billion in 2025 for a price of 7.2%. The marketplace is then expected to grow at a CAGR of 5.5% from 2025 and reach $9,670.1 billion in 2030.
Going forward, increase in chronic diseases and disabilities, impact of COVID-19, reinsurance adoption for healthcare, growth of the middle-class in emerging markets and maximize in home ownership and mortgages will drive the growth. Factors that could hinder the growth of the insurance, reinsurance and insurance brokerage market later on include insufficient trust in insurance companies and non-investment grade.