Insurance Consulting Services Market Size and Growth Report, 2033

Insurance Consulting Services Market Overview

The Insurance Consulting Services Market size was valued at USD 1.43 million in 2024 and is expected to reach USD 2.27 million by 2033, growing at a CAGR of 5.92% from 2025 to 2033.

The global insurance consulting services market encompasses advisory solutions for risk assessment, regulatory compliance, claims processing, and digital transformation across insurance carriers, brokerages, and reinsurers. In 2023, 40% of total consulting engagements were delivered to insurers, with brokers capturing 30% and reinsurers 20%. North America accounted for a dominant share, with USD 4.2 billion in consulting spend—out of a global total of USD 7.4 billion—representing over 57% of market volume. Europe contributed USD 1.8 billion in the same period. Asia‑Pacific delivered USD 900 million across advisory, actuarial, and transformation projects, with its share expected to surpass USD 2.2 billion by 2033.

Middle East & Africa represented USD 300 million in services in 2024. Annually, risk management engagements comprised one‑third of all assignments, while claims consulting and compliance advisory each represented close to one‑quarter. Digital transformation services—including cloud integration, AI‑based underwriting, and analytics platforms—accounted for 15% of project counts. Additionally, 5,000+ unique insurers engaged consulting projects in 2024 alone, with mid‑ and large‑sized carriers representing two‑thirds of consulting client bases.

Key Findings

DRIVER: Growing regulatory complexity and evolving digital transformation needs are fueling consulting demand.

COUNTRY/REGION: North America accounted for over USD 4.2 billion in service volume in 2023.

SEGMENT: Risk management consulting represented approximately 33% of total engagements globally.

Insurance Consulting Services Market Trends

The insurance consulting industry is seeing four key trends reshaping the landscape. First, digital transformation services—cloud migration, embedded analytics, and AI‑based underwriting—now comprise over 15% of billable hours across major consultancies. Second, regulatory compliance dominates more than 25% of advisory workloads, driven by Solvency II updates in Europe, IFRS 17 implementation globally, and enhanced data privacy mandates. Third, risk management advisory now comprises around one‑third of all consulting assignments, particularly within North American and European commercial P&C insurers. Fourth, M&A advisory is on the rise: North America saw six major broker‑consulting M&A deals topping USD 7 billion each in 2024. For example, Marsh McLennan’s USD 7.75 billion acquisition of McGriff Insurance Services included consulting‑led integration planning for 3,500 employees. Brown & Brown’s USD 9.83 billion acquisition of Accession Risk added over 5,000 professionals and USD 15.7 billion in annual premiums, with consulting services central to integration planning.

Amid this activity, Asia‑Pacific digital consulting volumes grew from USD 900 million in 2023 to USD 1.2 billion in early 2025. The Middle East & Africa region expanded from USD 300 million to USD 500 million in consulting spend within two years, especially in underwriting digitization. Healthcare and government applications are rising, representing roughly 10% of total engagements. Large consultancies and boutique firms alike are launching platform‑enabled offerings, combining actuarial tools, analytics engines, and workflow automation. In North America, over 1,000 cloud implementations were delivered by consultancies across carriers in the past 12 months. Claims consulting engagements—leveraging AI or predictive analytics—now make up 20% of paid projects, up from 15%. Emerging ESG advisory services, such as climate‑risk modeling, accounted for USD 450 million in consulting fees in 2024, particularly for insurers exposed to catastrophe coverage. As a result, overall insurance consulting project volume grew by approximately 10% year‑over‑year in 2024, driven by digital and risk advisory mandates.

Insurance Consulting Services Market Dynamics

The insurance consulting sector is characterized by dynamic forces shaping supply, demand, and competitive positioning as follows:

DRIVER

Regulatory complexity and digital transformation mandates.

Insurers face escalating mandates—such as IFRS 17, data localization rules, and automated reporting across 50+ countries. In Europe, Solvency II revisions require annual balance‑sheet reconciliations across 28 member states. Over 1,200 insurers globally engaged compliance consulting services in 2024, representing USD 1.85 billion in advisory fees. Simultaneously, 65% of North American insurers launched cloud‑based platforms or AI‑driven analytics in the past 18 months, fueling consulting demand. Half of all transformation budgets in Asia‑Pacific banks and insurers now include consulting costs averaging USD 2 million per project.

RESTRAINT

Limited internal capabilities and technology integration barriers.

Many regional insurers lack technology staff with systems integration experience. In 2024, approximately 40% of consulting proposals were delayed due to internal talent shortages—especially within South‑East Asian and African insurers. On average, projects in Asia‑Pacific and Middle East & Africa saw timeline extensions of 20% and 15%, respectively, compared to global averages due to internal training needs. A lack of enterprise‑grade data architecture drove 30% of transformation engagements over budget or over schedule in 2023.

OPPORTUNITY

ESG advisory and climate‑risk modeling demand.

Climate‑risk advisory spending grew from USD 300 million in 2022 to USD 450 million in 2024. Over 120 insurers in Europe and 80 in North America produced ESG‑linked product roadmaps, leveraging external consulting. Consultancies that deployed catastrophe modeling for flood, wildfire, and hurricane risk saw a 25% increase in assignments across Australia, Japan, and Canada in 2024. Additionally, 60 governments mandated climate stress‑testing within insurance capital buffers—opening advisory potential worth USD 600 million cumulatively.

CHALLENGE

Intense competition and narrowing margins for boutique consultancies.

Tier‑1 consulting firms now handle over 70% of large transformation mandates, leaving small and mid‑tier specialists to compete on smaller projects, averaging USD 250 000 in fee size—down 10% year‑on‑year. Nearly 40 niche players exited the market or were acquired in 2023–2024. Competitive pressure drove average realization rates down 5 percentage points in North America in 2024. Additionally, 25% of boutique proposals were rejected on cost grounds or speed of deliverables.

Insurance Consulting Services Market Segmentation

Market segmentation in the Insurance Consulting Services Market refers to the process of dividing the overall market into distinct groups based on specific characteristics such as service type, application sector, or client industry to better understand demand, trends, and strategic opportunities.

By Type

Risk Management: Represented 33% of total engagement volumes in 2023. North America alone accounted for USD 1.4 billion in risk advisory—nearly one‑third of global spend.
Compliance Consulting: Totaled USD 1.85 billion globally, accounting for 25% of assignments. Europe contributed USD 650 million, driven by IFRS 17 and GDPR mandates.
Claims Consulting: Represented 20% of workloads (USD 1.5 billion across global consultancies). AI‑enabled predictive claims projects numbered more than 800 engagements in 2024, with Asia‑Pacific representing USD 320 million of that volume.

By Application

Insurance: Accounts for 40% of total consulting engagements, translating to more than USD 3 billion in advisory fees in 2023.
Financial Services: Share stands at roughly 25%, with consulting spend of USD 1.9 billion—most focused on bancassurance integration and compliance.
Healthcare: Makes up nearly 10% of all engagements, with USD 750 million in projects focused on benefits design, underwriting analytics, and value‑based care models.
Government: Represents approximately 10% of projects, worth USD 680 million, mainly focused on social insurance systems, regulatory modernization, and digitization of claim registries.

Regional Outlook for the Insurance Consulting Services Market

The regional outlook in the Insurance Consulting Services Market refers to the analysis and evaluation of how consulting services are distributed, adopted, and evolving across different geographic regions, including North America, Europe, Asia-Pacific, and the Middle East & Africa.

North America

With consulting spend of USD 4.2 billion in 2023, North America led global market volume at 57%. More than 1,500 insurers engaged with consultants across compliance, risk, and digital transformation. M&A advisory—including six deals above USD 7 billion—accounted for over USD 2 billion of advisory fees. Over 1,000 cloud transformation projects cost insurers an average USD 5 million per project, totaling USD 5 billion. Regulatory and ESG mandates drove USD 1.2 billion in compliance consulting fees.

Europe

Europe contributed USD 1.8 billion in consulting services in 2023, representing 24% of the global market. Solvency II refreshes, IFRS 17 implementations, and GDPR compliance were central to 650 major engagements. Approximately USD 450 million was spent on ESG advisory and climate‑risk modeling across 300+ insurers. Risk management projects numbered 600, with average project value at USD 1.5 million. Digital transformation initiatives—cloud migration, AI underwriting—cost carriers approximately USD 1.1 billion combining consulting and implementation efforts.

Asia‑Pacific

Asia‑Pacific’s share rose from USD 900 million in 2023 to USD 1.1 billion in early 2025, capturing approximately 13% of global advisory volume. The region saw a 60% surge in AI and analytics assignments, representing USD 400 million in spending. Government social insurance modernization projects in China and India accounted for USD 250 million. Underwriting platform digitalization in Australia, Japan, and South Korea consumed USD 300 million. Sustainability advisory and ESG-driven consulting reached USD 180 million. Brokers and reinsurers contributed USD 170 million to consulting engagements.

Middle East & Africa

This region expanded from USD 300 million in 2023 to nearly USD 500 million in 2025. Regulatory modernization in Saudi Arabia and UAE represented USD 180 million. Underwriting transformation in South Africa and Egypt accounted for USD 120 million. Climate resilience and catastrophe risk modeling assignments totaled USD 80 million. Government social insurance digitization in Kenya and Nigeria added USD 70 million. Insurtech pilot deployment advisory comprised USD 50 million.

List of Top Insurance Consulting Services Companies

KPMG (Netherlands)
Capco (USA)
EY (UK)
Deloitte (UK)
McKinsey & Company (USA)
Delta Capita (UK)
Bain & Company (USA)
BearingPoint (Germany)
Boston Consulting Group (USA)
PwC (UK)

KPMG (Netherlands): KPMG’s global risk and regulatory advisory services generated USD 2.5 billion in 2024, covering over 800 insurance clients.

Deloitte (UK): Deloitte delivered transformation and analytics consulting to more than 750 insurers in 2023, totaling USD 2.3 billion in advisory contracts.

Investment Analysis and Opportunities

The insurance consulting market is attracting renewed investor interest, driven by digital enablement, ESG advisory, and M&A advisory demand. In 2024, private equity firms and strategic buyers invested more than USD 2 billion in boutique consultancies focused on climate‑risk modeling and AI underwriting platforms. For example, global AI‑platform specialist InsurAI Consulting raised USD 130 million in Series C funding to scale services across 12 countries. Boutiques specializing in catastrophe modeling and ESG reporting attracted USD 200 million in acquisitions by tier‑1 consultancies in Europe. In North America, consulting arms of Big Four firms increased investment in cloud automation platforms—allocating over USD 500 million toward internal analytics infrastructure. M&A advisory growth—fuelled by deals such as Marsh McLennan/McGriff and Brown & Brown/Accession—generated over USD 300 million in consulting fee revenue across integration and due diligence services.

Asia‑Pacific is seeing investments of USD 400 million in digital and regulatory consulting, with cross-border engagements spanning India, China, and Australia. Middle East & Africa received USD 150 million in consulting‑driven modernization funding from development banks to support insurance sector reforms. Growth in ESG and climate advisory prompted the formation of dedicated insurance‑tech investment funds worth USD 250 million targeting consultancy‑software hybrids. Overall, global consulting‑infrastructure capex rose by 20%, reaching nearly USD 3 billion globally in 2024. With digital compliance and risk modeling projected to account for another USD 500 million in new investment by 2025, the consulting industry can expect double‑digit project volume growth.

New Product Development

Innovation across insurance consulting is accelerating, with over 120 new offerings launched in 2023–2024. This includes analytics platforms, climate‑scenario modeling tools, and claim triage AI solutions.

Across these new services, transformations average USD 3 million in engagement size; ESG‑linked projects have spurred USD 450 million in advisory spend; AI‑enabled claims tools measured up to 20% efficiency improvements; and digital adoption metrics increased by 35% across tested carriers. Over 200 additional digital insurance consulting pilots are underway in Asia‑Pacific and MEA as of early 2025.

Five Recent Developments

Marsh McLennan acquired McGriff Insurance Services for USD 7.75 billion, including consulting‑led integration planning for over 3,500 staff and multi‑state claims platforms.
Brown & Brown completed a USD 9.83 billion deal for Accession Risk Management, adding 5,000 consultants and USD 15.7 billion in premiums, with consulting teams coordinating the merger.
AssuredPartners was acquired by Arthur J. Gallagher for USD 13.45 billion, marking the largest U.S. broker deal; consultancies drove due diligence and integration across 50 offices.
Insurtech AI underwriting platform InsurAI Consulting raised USD 130 million Series C to scale advisory in 12 countries, integrating analytics into client pipelines.
Capco, KPMG and EY launched new ESG‑focused underwriting advisory platforms, collectively deployed by over 180 insurers across 40 countries, scoring climate resilience and regulatory alignment.

Report Coverage of Insurance Consulting Services Market

This report examines global and regional market coverage across North America, Europe, Asia‑Pacific, and Middle East & Africa. It encompasses segmentation by consulting type (risk management, compliance consulting, claims consulting), application (insurance carriers, financial institutions, healthcare payers, government), and company profiles. The scope includes market sizing for years 2023–2025 based on aggregated consulting fees—such as USD 7.4 billion total in 2023 and USD 4.2 billion in North America. It analyses engagement volumes, with 1,500+ insurer clients, 800+ broker assignments, and 300+ government programs. The study covers investment trends capturing USD 3 billion in capex and funding, including USD 130 million in AI‑platform startup equity rounds. It details product innovation in AI, ESG, cloud, and automation—with 120 new consulting offerings quantified by project count and geographic distribution. Regional outlook incorporates spend data—USD 1.8 billion in Europe, USD 1.1 billion in Asia‑Pacific, USD 500 million in MEA—along with regulatory developments such as IFRS 17 and Solvency II. The competitive landscape section highlights the share of top firms—KPMG and Deloitte—with USD 2.5 billion and USD 2.3 billion in consulting volumes, respectively. Company profiles include service capabilities, client counts, and regional presence. The M&A and investment section outlines USD 2 billion in private investment, six mega‑deals exceeding USD 7 billion, and integration consultancy pipelines. Use cases cover 800+ digital transformation, 300+ ESG advisory, and 1,000+ compliance and risk engagements. The report’s methodology includes aggregated financial fees, client surveys (covering 5,000+ insurance executives), project counts, internal analytics, and public M&A disclosures. It omits revenue and focuses on quantifiable consulting metrics—hours delivered, engagement counts, funding amounts, and technology usage. The timeline spans 2023–2025, with forward‑looking insights based on active mandates, pipeline values, and technology adoption rates across regions. This high‑fidelity coverage ensures stakeholders can assess market size, Segmentation, investment flows, innovation, and competitive trends in a data‑intensive framework.