United States Commercial Insurance Market to Reach US$ 470.4 Billion by 2032, Propelled by the Rising Need for Protection Against Fraudulent Activities

April 24, 2023 | BFSI

The latest report by IMARC Group, titled “United States Commercial Insurance Market Report by Type (Liability Insurance, Commercial Motor Insurance, Commercial Property Insurance, Marine Insurance, and Others), Enterprise Size (Large Enterprises, Small and Medium-sized Enterprises), Distribution Channel (Agents and Brokers, Direct Response, and Others), Industry Vertical (Transportation and Logistics, Manufacturing, Construction, IT and Telecom, Healthcare, Energy and Utilities, and Others), and Region 2024-2032,” finds that the United States Commercial Insurance market size reached US$ 277.9 Billion in 2023. Commercial insurance provides financial protection to companies against various common risks, including legal action from clients, employee injuries, and property theft or damage. It also encompasses coverage for marine, construction, fire, burglary, plant and machinery, the liability of directors and officers, general and public liability, and cyber security. In addition, it provides more coverage due to the involvement of several physical properties compared to personal insurance. As a result, commercial insurance is gaining immense traction in the United States due to the growing number of small, medium-sized, and large businesses. 

United States Commercial Insurance Market Trends:

The market is primarily driven by the growing reliance on commercial insurance to protect against fraudulent activities. In addition, the increasing competition among small and medium-sized enterprises (SMEs) and the easy availability of commercial insurance providers to businesses are contributing to the market growth. Moreover, the widespread adoption of advanced technologies such as machine learning (ML) and artificial intelligence (AI) represents another major growth-inducing factor. Besides this, the US government is investing heavily in promoting commercial insurance usage, accelerating the product adoption rate. Along with this, the widespread adoption of predictive analytics by numerous corporations to collect various data and understand and anticipate business risks, thus mitigating losses and gaining customer loyalty while ensuring easy and convenient insurance plans with a low premium cost propelling the market growth. Furthermore, the increasing digitization, the rising popularity of startup businesses, and mergers and acquisitions (M&A) among key players are creating a positive market outlook. Looking forward, IMARC Group expects the market value to reach US$ 470.4 Billion by 2032, exhibiting a CAGR of 6.02% during the forecast period (2024-2032). 

Market Summary:

  • Based on the type, the market has been categorized into liability, commercial motor, commercial property, and marine and other insurances.
  • On the basis of the enterprise size, the market has been bifurcated into large, and small and medium-sized enterprises.
  • Based on the distribution channel, the market has been classified into agents and brokers, direct response, and others.
  • On the basis of the industrial vertical, the market has been segregated into transportation and logistics, manufacturing, construction, IT and telecom, healthcare, energy and utilities, and others.
  • Region-wise, the market has been divided into Northeast, Midwest, South, and West.
  • The competitive landscape of the industry has also been examined in the report, along with the profiles of the key players operating in the industry.

Report Coverage:

Report Features Details
Base Year of the Analysis 2023
Historical Period 2018-2023
Forecast Period 2024-2032
Units US$ Billion
Segment Coverage Type, Enterprise Size, Distribution Channel, Industry Vertical, Region
Region Covered Northeast, Midwest, South, West
Customization Scope 10% Free Customization
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Post-Sale Analyst Support 10-12 Weeks
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United States Commercial Insurance Market to Reach US$ 470.4 Billion by 2032, Propelled by the Rising Need for Protection Against Fraudulent Activities
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