Thursday, October 19, 2017

Global broking expands 7% in four years

Broking business around the world has continued to expand over the past few years with the sector’s compound annual growth rate averaging 7% between 2012 and 2016.

During the same period, the global market was valued at US$42.8 billion, according to data from research firm MarketLine.

The study revealed that the US remained the world’s biggest insurance broking market, with robust revenues there driving global growth.

The US accounted for 63% of the total global revenues.

Not to be outdone, though, is the Chinese market, which has also seen expansion recently. China recorded a CAGR of 16.2% over the four-year period.

MarketLine project leader Nicholas Wyatt explained that this was an indication of a promising market.

Although brokerage business in Asia is not as prevalent as in North America, it is nonetheless seeing a growing demand for insurance products based on the rising income and economic growth of its countries.

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