The latest report by IMARC Group, titled “United States Commercial Market: Industry Trends, Share, Size, Growth, Opportunity, and Forecast 2023-2028,” finds that the United States Commercial Insurance market size reached US$ 260.0 Billion in 2022. 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$ 391.5 Billion by 2028, exhibiting a CAGR of 6.89% during the forecast period (2023-2028).
- 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.
|Base Year of the Analysis
||Type, Enterprise Size, Distribution Channel, Industry Vertical, Region
||Northeast, Midwest, South, West
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