Global Insurance Broking Market Insights, Size, and Forecast By Product Type (Life Insurance, Health Insurance, Property and Casualty Insurance, Travel Insurance), By Client Type (Individual Clients, Small and Medium Enterprises, Large Corporations, Government), By Service Type (Retail Brokerage, Wholesale Brokerage, Reinsurance Brokerage), By Distribution Channel (Direct Sales, Online Platforms, Insurance Agents, Insurance Brokers), By Region (North America, Europe, Asia-Pacific, Latin America, Middle East and Africa), Key Companies, Competitive Analysis, Trends, and Projections for 2026-2035
Key Market Insights
Global Insurance Broking Market is projected to grow from USD 435.8 Billion in 2025 to USD 792.5 Billion by 2035, reflecting a compound annual growth rate of 6.2% from 2026 through 2035. This market encompasses the activities of intermediaries who facilitate the placement of insurance coverage between clients and underwriters. Broking services range from risk assessment and policy negotiation to claims handling and administrative support. The market's expansion is primarily driven by the increasing complexity of risks faced by businesses and individuals, necessitating expert guidance in navigating the diverse insurance landscape. Furthermore, the rising adoption of digital technologies, enhancing efficiency and accessibility of broking services, acts as a significant catalyst. The growing demand for specialized insurance products across various industries, coupled with stricter regulatory compliance requirements globally, further propels market growth. However, challenges such as intense competition from direct insurers and evolving regulatory landscapes, demanding continuous adaptation from brokers, pose notable restraints. Despite these hurdles, the market presents substantial opportunities stemming from the expansion into emerging markets, the development of niche insurance products for underserved segments, and the increasing trend of consolidation and strategic partnerships among broking firms to enhance service offerings and market reach.
Global Insurance Broking Market Value (USD Billion) Analysis, 2025-2035
2025 - 2035
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The market is characterized by several important trends shaping its future trajectory. A prominent trend is the increasing integration of Insurtech solutions, including AI and machine learning, to automate processes, personalize client experiences, and improve risk assessment capabilities. Another key trend involves the shift towards a more advisory role for brokers, moving beyond mere transactional services to provide comprehensive risk management consulting. The focus on environmental, social, and governance ESG considerations is also influencing broking practices, with a growing demand for sustainable insurance solutions and ethical investment products. Consolidation remains a significant theme, as larger players acquire smaller firms to expand their geographic footprint, service capabilities, and client base. Furthermore, the development of parametric insurance solutions, offering faster payouts based on predefined triggers, is gaining traction, particularly for natural catastrophe risks. These trends collectively underscore a market in constant evolution, driven by technological advancements and shifting client expectations.
North America maintains its position as the dominant region in the global insurance broking market. This dominance is attributed to a mature insurance market, high awareness regarding various insurance products, stringent regulatory frameworks, and a strong presence of major multinational corporations requiring complex risk management solutions. The region also benefits from a robust economy and significant investment in technological infrastructure by broking firms. Conversely, Asia Pacific is identified as the fastest growing region, propelled by rapid economic development, increasing disposable incomes, expanding middle-class populations, and a growing understanding of the importance of insurance. The region's vast untapped potential and liberalizing regulatory environments are attracting significant investments and fostering the emergence of new market players. Within the market, Retail Brokerage stands out as the leading segment, catering to the insurance needs of individuals and small to medium sized enterprises. Key players like Marsh McLennan, Aon, Willis Towers Watson, and EPIC Insurance Brokers & Consultants are actively pursuing strategies focused on digital transformation, strategic acquisitions, and expanding their advisory services to maintain and enhance their competitive edge in this dynamic global market.
Quick Stats
Market Size (2025):
USD 435.8 BillionProjected Market Size (2035):
USD 792.5 BillionLeading Segment:
Retail Brokerage (55.8% Share)Dominant Region (2025):
North America (38.7% Share)CAGR (2026-2035):
6.2%
What is Insurance Broking?
Insurance broking connects clients needing coverage with insurers offering solutions. Brokers act as independent intermediaries, not representing any single insurer. Their core function involves assessing client risks, understanding their specific insurance requirements, and then leveraging market knowledge to secure optimal terms and coverage. They provide expert advice on policy wordings, pricing, and claims management, advocating for their clients throughout the entire insurance process. This personalized service ensures clients obtain suitable protection, manage complex risks effectively, and navigate the insurance landscape with informed decisions, ultimately saving time and money while mitigating potential losses.
What are the Trends in Global Insurance Broking Market
AI Powered Broking Platforms
Embedded Insurance Ecosystems
Cyber Resilience Specialization
Parametric Solutions Expansion
Client Centric Digital Transformation
AI Powered Broking Platforms
AI powered broking platforms are revolutionizing the Global Insurance Broking Market by enhancing efficiency and client experience. These platforms leverage artificial intelligence to automate various processes, from data analysis and risk assessment to policy comparison and personalized recommendations. AI algorithms can swiftly process vast amounts of information, identifying optimal coverage options tailored to individual client needs and risk profiles. This capability empowers brokers with deeper insights, allowing them to provide more accurate, competitive, and timely advice. Furthermore, AI driven chatbots and virtual assistants are improving customer service, offering instant support and simplifying the claim submission process. This technological integration streamlines operations, reduces manual effort, and ultimately boosts the broker's value proposition in a highly competitive landscape.
Embedded Insurance Ecosystems
Embedded insurance ecosystems are a transformative trend in global insurance broking. This model seamlessly integrates insurance products and services directly into third party customer journeys and purchase points, beyond traditional financial services. Brokers are shifting from merely offering standalone policies to facilitating these integrated experiences.
Instead of selling insurance, they are enabling its contextual availability. For instance, purchasing an appliance could automatically present a tailored warranty insurance option, or booking a flight could include travel insurance. This involves sophisticated data analysis to identify opportune moments and offer relevant, personalized coverage. Brokers are now focused on building robust digital platforms, forging strategic partnerships with non financial entities, and leveraging APIs to embed these offerings. Their role evolves into a facilitator of digital distribution, creating more convenient and integrated insurance experiences for customers globally.
What are the Key Drivers Shaping the Global Insurance Broking Market
Digital Transformation and Technology Adoption
Increasing Demand for Specialized Insurance Solutions
Regulatory Landscape Evolution and Compliance Needs
Global Economic Expansion and Risk Mitigation
Consolidation and M&A Activity Among Brokers
Digital Transformation and Technology Adoption
Digital Transformation and Technology Adoption is a pivotal driver in the global insurance broking market. Brokers are leveraging advanced technologies to enhance operational efficiency and improve client experiences. Cloud computing enables scalable infrastructure and data management while artificial intelligence and machine learning power predictive analytics for risk assessment and personalized product recommendations. Robotic Process Automation streamlines repetitive tasks freeing brokers to focus on complex client needs. Data analytics provides deeper insights into customer behavior and market trends allowing brokers to offer tailored solutions. These technological advancements facilitate faster quote generation more accurate policy placement and improved claims processing. Mobile platforms and online portals offer greater accessibility and convenience for clients fostering stronger relationships and driving market growth through enhanced service delivery and operational agility.
Increasing Demand for Specialized Insurance Solutions
The global insurance broking market is significantly propelled by the increasing demand for specialized insurance solutions. As industries evolve and new technologies emerge, businesses face increasingly complex and unique risks that traditional, generalized insurance policies often do not adequately cover. This includes cyber risks, intellectual property theft, climate change related perils, and intricate supply chain disruptions. Individual consumers also seek specialized coverage for high value assets, unique lifestyles, and tailored health needs. Insurance brokers become indispensable in this environment, possessing the expertise to identify these niche risks and source or custom design precise insurance products. Their ability to navigate diverse underwriting markets and secure bespoke coverage directly addresses this rising need, driving both premium volumes and the demand for their expert advisory services, thus fueling market expansion.
Regulatory Landscape Evolution and Compliance Needs
The constantly shifting regulatory environment is a critical driver in the global insurance broking market. Insurers and clients alike face an increasing burden of navigating complex and diverse rules across jurisdictions. Brokers play an indispensable role in helping businesses understand and comply with these evolving mandates. This includes new data privacy laws, capital requirements, solvency standards and anti money laundering regulations. The expertise of brokers is essential for identifying potential compliance gaps, advising on appropriate coverage solutions and ensuring adherence to local and international legal frameworks. Their ability to interpret and adapt to these changes minimizes risk for clients and is vital for maintaining operational integrity and market access for insurers, thereby fueling demand for their specialized services.
Global Insurance Broking Market Restraints
Regulatory Scrutiny and Compliance Costs Hamper Innovation
Global insurance brokers face significant hurdles due to extensive regulatory oversight. Compliance with diverse and evolving legal frameworks across multiple jurisdictions necessitates substantial investment in personnel, technology, and legal expertise. This constant need to interpret and adapt to new regulations, such as data privacy laws or capital requirements, diverts resources that could otherwise be allocated to developing innovative products, improving client services, or expanding into new markets. The complex and often overlapping nature of these rules creates an environment of cautiousness, slowing down the adoption of new technologies like AI or blockchain. Furthermore, the fear of non-compliance and the associated penalties can stifle experimentation and the pursuit of unconventional solutions, ultimately impeding the industry's ability to innovate and respond agilely to changing client needs and market dynamics.
Fragmented Global Landscape and Intense Price Competition
The global insurance broking market faces significant challenges due to its fragmented nature. Numerous independent brokers and smaller regional players compete with larger multinational firms, leading to an intensely competitive environment. This widespread competition primarily manifests as severe price pressure. Clients, with many options available, can easily leverage this fragmentation to negotiate lower fees and commissions from brokers. Smaller brokers struggle to differentiate themselves on anything but price, further driving down profitability across the board. Even larger brokers find it difficult to command premium pricing when numerous alternatives offer similar services at reduced costs. This dynamic limits revenue growth and compresses profit margins for all participants in the market.
Global Insurance Broking Market Opportunities
Leveraging AI & Data Analytics for Hyper-Personalized Client Solutions
The global insurance broking market offers a significant opportunity through leveraging AI and data analytics for hyper-personalized client solutions. Brokers can analyze extensive datasets including lifestyle, health, digital footprint, and historical claims to gain deep insights into individual client needs and risk profiles.
This capability enables the creation of highly customized insurance products and bespoke pricing models, moving beyond generic offerings. AI driven insights empower brokers to provide proactive risk management advice, optimize coverage recommendations, and streamline claims processing. Such tailored approaches profoundly enhance client satisfaction, foster stronger loyalty, and drive retention rates.
Brokers achieve a distinct competitive advantage by delivering superior value, identifying precise cross selling and up selling opportunities, and adapting swiftly to evolving customer demands globally. This transformative approach redefines how insurance products are designed, marketed, and serviced, ultimately providing more relevant and effective protection for diverse client segments.
Capturing Growth in Emerging Markets & Underinsured Segments
Global insurance broking firms have a compelling opportunity to capture significant growth in emerging markets, especially across the rapidly expanding Asia Pacific region. These economies are characterized by a burgeoning middle class and increasing wealth, creating a vast, untapped demographic currently underserved by traditional insurance offerings. Millions remain underinsured across critical segments like life, health, property, and business protection.
Brokers can strategically penetrate these markets by developing and distributing tailored, affordable insurance solutions that resonate with local needs and economic realities. Their expertise is invaluable in educating new consumers about the benefits of comprehensive coverage and navigating the unique risk landscapes prevalent in these regions. Leveraging digital innovation for wider accessibility and streamlined service delivery will be crucial for effective market penetration. This focus promises not only substantial new revenue streams for broking firms but also fosters greater financial resilience and stability for individuals and businesses in these developing economies.
Global Insurance Broking Market Segmentation Analysis
Key Market Segments
By Service Type
- •Retail Brokerage
- •Wholesale Brokerage
- •Reinsurance Brokerage
By Distribution Channel
- •Direct Sales
- •Online Platforms
- •Insurance Agents
- •Insurance Brokers
By Client Type
- •Individual Clients
- •Small and Medium Enterprises
- •Large Corporations
- •Government
By Product Type
- •Life Insurance
- •Health Insurance
- •Property and Casualty Insurance
- •Travel Insurance
Segment Share By Service Type
Share, By Service Type, 2025 (%)
- Retail Brokerage
- Wholesale Brokerage
- Reinsurance Brokerage
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Why is Retail Brokerage dominating the Global Insurance Broking Market?
Retail Brokerage holds a commanding share due to its direct interaction with a vast and diverse customer base comprising individual clients and Small and Medium Enterprises. These segments consistently seek personalized advice and tailored solutions for their everyday insurance needs, ranging from property and casualty to health and life coverage, making retail brokers indispensable intermediaries.
How does the distribution channel support the leading position of Retail Brokerage?
The prevalence of insurance agents and dedicated insurance brokers as primary distribution channels directly underpins the success of retail brokerage. These professionals build strong client relationships, offer complex product explanations, and provide crucial claims assistance, a level of personalized service highly valued by individual clients and SMEs that online platforms or direct sales often cannot fully replicate.
Which product types are primarily driving growth within the Retail Brokerage segment?
Property and Casualty Insurance, alongside Life Insurance and Health Insurance, are key product types fueling the growth within retail brokerage. Individual clients and SMEs require these fundamental coverages for assets, health, and financial security, making them high volume products. Retail brokers excel at matching these diverse needs with suitable policies, demonstrating their critical role across various essential insurance categories.
What Regulatory and Policy Factors Shape the Global Insurance Broking Market
The global insurance broking market navigates a complex, fragmented regulatory environment. Jurisdictions impose diverse licensing and authorization requirements, focusing on broker competence, financial solvency, and consumer protection. Strict conduct of business rules govern transparency, disclosure of commissions, and client best interest obligations, particularly impacting cross border operations. Anti money laundering and counter terrorism financing regulations demand robust due diligence and reporting protocols. Data privacy laws, like GDPR and similar regional statutes, critically influence how client information is handled, necessitating significant compliance investment. Cybersecurity frameworks are also tightening, reflecting increased digital reliance and risk. Regulators are increasingly scrutinizing competition through merger controls and addressing emerging risks related to climate change and environmental, social, and governance factors. This evolving landscape necessitates continuous adaptation and substantial compliance resources for global brokers.
What New Technologies are Shaping Global Insurance Broking Market?
The global insurance broking market is embracing transformative innovations. Artificial intelligence and machine learning are revolutionizing client engagement, enabling hyper personalization of insurance products and predictive risk analytics for enhanced advisory services. Big data analytics provides brokers with deep market insights, facilitating precise client segmentation and proactive identification of emerging needs. Blockchain technology is improving transparency in policy administration, streamlining claims processes through smart contracts, and significantly reducing fraud.
The Internet of Things, coupled with telematics and wearables, offers real time data for usage based insurance models, allowing brokers to offer more dynamic and tailored solutions. Cloud computing infrastructures support scalable operations and facilitate remote accessibility, crucial for a globally connected industry. API driven integration fosters a robust insurtech ecosystem, allowing brokers to seamlessly connect with diverse service providers and offer holistic solutions. These technologies are boosting operational efficiency, elevating customer experience, and redefining competitive landscapes, ensuring sustained market expansion by delivering data driven, customized, and efficient insurance solutions.
Global Insurance Broking Market Regional Analysis
Global Insurance Broking Market
Trends, by Region
North America Market
Revenue Share, 2025
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Dominant Region
North America · 38.7% share
North America stands out as the dominant region in the Global Insurance Broking market, commanding a substantial 38.7% market share. This leadership position is driven by several key factors. The region benefits from a mature and sophisticated insurance market characterized by high insurance penetration rates across personal and commercial lines. A robust regulatory framework fosters trust and innovation, encouraging diverse product offerings and specialized broking services. Furthermore, the presence of numerous large multinational corporations and a dynamic small and medium sized enterprise sector creates consistent demand for comprehensive risk management and insurance solutions, which specialized brokers are well equipped to provide. Technological advancements and strong M&A activity within the broking industry further solidify North America’s prominent standing.
Fastest Growing Region
Asia Pacific · 9.2% CAGR
Asia Pacific is poised to be the fastest growing region in the global insurance broking market, projected to achieve an impressive CAGR of 9.2% from 2026 to 2035. This accelerated growth is primarily fueled by the region's burgeoning middle class and increasing disposable incomes, which are driving greater demand for diverse insurance products. Rapid urbanization and industrialization further contribute, creating a fertile ground for both commercial and personal lines of insurance. Digitalization and the adoption of innovative insurance technologies are also enhancing market accessibility and efficiency. Furthermore, evolving regulatory landscapes supporting market expansion and foreign investment are attracting key players, solidifying Asia Pacific's position as a dynamic growth engine for the insurance broking industry.
Top Countries Overview
The U.S. dominates the global insurance broking market, driven by its sophisticated economy and complex risk landscape. American brokers, both global giants and specialized firms, leverage innovation and technological advancements to provide comprehensive solutions across diverse sectors. They navigate evolving regulations and competitive pressures, maintaining their leadership position in a dynamic global market.
China is a major, rapidly growing force in global insurance broking. Its vast market and increasing digitalization attract international brokers, while domestic firms expand their capabilities. Regulatory shifts and continued market liberalization further shape its evolving role, making it a critical strategic focus for global players.
India is a rising force in global insurance broking, driven by a booming domestic market and a growing pool of skilled professionals. While still relatively nascent compared to Western counterparts, Indian brokers are increasingly establishing international presences, especially in emerging economies. Their competitive pricing and deep understanding of Asian and African markets position them for significant future growth, attracting global interest and fostering collaborations.
Impact of Geopolitical and Macroeconomic Factors
Geopolitical instability significantly shapes the insurance broking landscape. Heightened geopolitical tensions, particularly from regional conflicts and great power competition, increase demand for political risk, war, and cyber insurance. Brokers specializing in these complex, often bespoke, coverages experience growth, leveraging their expertise to navigate intricate policy terms and global regulations. Trade wars and protectionist policies can disrupt supply chains, raising cargo and property insurance needs as companies seek to mitigate new commercial risks. Climate change, viewed through a geopolitical lens, drives demand for parametric and catastrophe coverages, especially in vulnerable regions, influencing broker specialization and market distribution.
Macroeconomic trends are equally pivotal. Persistent inflation elevates insured values for property and liability, increasing premium volumes and thus broker revenue. However, higher interest rates can impact client capital expenditure and new project development, potentially slowing the growth of construction and project related insurance. Economic slowdowns or recessions can lead to reduced business activity and a decline in overall insurable exposures. Conversely, rising interest rates positively impact insurers’ investment income, potentially leading to more competitive pricing and a greater appetite for risk, which brokers can capitalize on to secure better terms for clients.
Recent Developments
- March 2025
Marsh McLennan announced a strategic initiative to develop AI-powered risk assessment tools for complex global supply chain risks. This move aims to provide clients with more predictive analytics and proactive risk mitigation strategies in an increasingly volatile geopolitical landscape.
- February 2025
Aon completed the acquisition of a leading specialty marine insurance broker based in Singapore, expanding its footprint and expertise in the rapidly growing Asia-Pacific shipping sector. This acquisition strengthens Aon's capabilities in high-value cargo and hull insurance solutions.
- January 2025
Lockton Companies launched a new cyber-resilience product suite specifically designed for mid-market businesses facing sophisticated ransomware and data breach threats. This comprehensive offering includes pre-incident planning, incident response coordination, and enhanced post-breach recovery services.
- December 2024
Brown & Brown entered into a partnership with a major European InsurTech startup to integrate their digital claims processing platform for small and medium-sized enterprises (SMEs). This collaboration aims to streamline the claims experience and reduce administrative overhead for their SME client base.
- November 2024
EPIC Insurance Brokers & Consultants announced the opening of new offices in London and Frankfurt, signaling a significant expansion of their international operations. This strategic initiative targets growth in the European corporate insurance market, particularly within specialty lines.
Key Players Analysis
Marsh McLennan Aon and Willis Towers Watson lead the global insurance broking market as dominant full service providers leveraging advanced analytics AI and digital platforms to optimize client solutions and drive operational efficiencies Their strategic initiatives include organic growth through client acquisition and technological innovation as well as M&A activity to expand geographic reach and service offerings Brown & Brown Hub International AssuredPartners and Lockton Companies represent significant middle market players focused on specialized client segments and regional expansion Crawford & Company specializes in claims management while EPIC Insurance Brokers & Consultants and Berkshire Hathaway Insurance represent growing challengers emphasizing client centric models and diversified product portfolios Market growth is driven by increasing demand for risk management solutions complex regulatory environments and digital transformation across industries.
List of Key Companies:
- EPIC Insurance Brokers & Consultants
- Marsh McLennan
- Brown & Brown
- Aon
- Crawford & Company
- Hub International
- Berkshire Hathaway Insurance
- Willis Towers Watson
- AssuredPartners
- Lockton Companies
- Arthur J. Gallagher & Co.
- Gallagher Bassett Services
Report Scope and Segmentation
| Report Component | Description |
|---|---|
| Market Size (2025) | USD 435.8 Billion |
| Forecast Value (2035) | USD 792.5 Billion |
| CAGR (2026-2035) | 6.2% |
| Base Year | 2025 |
| Historical Period | 2020-2025 |
| Forecast Period | 2026-2035 |
| Segments Covered |
|
| Regional Analysis |
|
Table of Contents:
List of Figures
List of Tables
Table 1: Global Insurance Broking Market Revenue (USD billion) Forecast, by Service Type, 2020-2035
Table 2: Global Insurance Broking Market Revenue (USD billion) Forecast, by Distribution Channel, 2020-2035
Table 3: Global Insurance Broking Market Revenue (USD billion) Forecast, by Client Type, 2020-2035
Table 4: Global Insurance Broking Market Revenue (USD billion) Forecast, by Product Type, 2020-2035
Table 5: Global Insurance Broking Market Revenue (USD billion) Forecast, by Region, 2020-2035
Table 6: North America Insurance Broking Market Revenue (USD billion) Forecast, by Service Type, 2020-2035
Table 7: North America Insurance Broking Market Revenue (USD billion) Forecast, by Distribution Channel, 2020-2035
Table 8: North America Insurance Broking Market Revenue (USD billion) Forecast, by Client Type, 2020-2035
Table 9: North America Insurance Broking Market Revenue (USD billion) Forecast, by Product Type, 2020-2035
Table 10: North America Insurance Broking Market Revenue (USD billion) Forecast, by Country, 2020-2035
Table 11: Europe Insurance Broking Market Revenue (USD billion) Forecast, by Service Type, 2020-2035
Table 12: Europe Insurance Broking Market Revenue (USD billion) Forecast, by Distribution Channel, 2020-2035
Table 13: Europe Insurance Broking Market Revenue (USD billion) Forecast, by Client Type, 2020-2035
Table 14: Europe Insurance Broking Market Revenue (USD billion) Forecast, by Product Type, 2020-2035
Table 15: Europe Insurance Broking Market Revenue (USD billion) Forecast, by Country/ Sub-region, 2020-2035
Table 16: Asia Pacific Insurance Broking Market Revenue (USD billion) Forecast, by Service Type, 2020-2035
Table 17: Asia Pacific Insurance Broking Market Revenue (USD billion) Forecast, by Distribution Channel, 2020-2035
Table 18: Asia Pacific Insurance Broking Market Revenue (USD billion) Forecast, by Client Type, 2020-2035
Table 19: Asia Pacific Insurance Broking Market Revenue (USD billion) Forecast, by Product Type, 2020-2035
Table 20: Asia Pacific Insurance Broking Market Revenue (USD billion) Forecast, by Country/ Sub-region, 2020-2035
Table 21: Latin America Insurance Broking Market Revenue (USD billion) Forecast, by Service Type, 2020-2035
Table 22: Latin America Insurance Broking Market Revenue (USD billion) Forecast, by Distribution Channel, 2020-2035
Table 23: Latin America Insurance Broking Market Revenue (USD billion) Forecast, by Client Type, 2020-2035
Table 24: Latin America Insurance Broking Market Revenue (USD billion) Forecast, by Product Type, 2020-2035
Table 25: Latin America Insurance Broking Market Revenue (USD billion) Forecast, by Country/ Sub-region, 2020-2035
Table 26: Middle East & Africa Insurance Broking Market Revenue (USD billion) Forecast, by Service Type, 2020-2035
Table 27: Middle East & Africa Insurance Broking Market Revenue (USD billion) Forecast, by Distribution Channel, 2020-2035
Table 28: Middle East & Africa Insurance Broking Market Revenue (USD billion) Forecast, by Client Type, 2020-2035
Table 29: Middle East & Africa Insurance Broking Market Revenue (USD billion) Forecast, by Product Type, 2020-2035
Table 30: Middle East & Africa Insurance Broking Market Revenue (USD billion) Forecast, by Country/ Sub-region, 2020-2035