Market Overview:

The global commercial property insurance market is expected to exhibit a CAGR of 11.3% during 2022-2027.

Commercial property insurance protects the physical assets of a company from fire, explosion, pipe burst, storms, theft, vandalism, or any loss arising due to the property damage. It can also cover various other losses, including business personal property, business income, inland marine, and cargo. It is generally utilized by businesses that lease or own office space, manufacture products, manage inventory, lease equipment, and maintain properties of others. Presently, several insurance firms are offering tailor-made property damage and business interruption insurance, which caters to the needs of different organizations, from small and medium commercial enterprises to large corporations.

Commercial Property Insurance Market Trends:

Large enterprises usually own multiple buildings due to the vast operations of the business. This, in turn, increases the need for commercial property insurance to protect buildings from unforeseen circumstances, reduce business risk, and improve goodwill for being a responsible business enterprise. Moreover, due to the rising incidents of catastrophic events, burglary, and theft, general stores, restaurants, or small and medium-sized enterprises (SMEs) are relying on commercial property insurance to reduce their financial risk. Apart from this, as oil and gas firms usually have high-risk assets on their property, there is a rise in the uptake of commercial property insurance policies to protect structures above and below ground, onsite storage systems, shelving components, and other equipment. Furthermore, significant growth in the export and trade activities is positively influencing the adoption of commercial property and inland marine policies that provide the insured with mono-line coverage for their business locations and equipment. They also include coverage for theft and structures and materials during new construction projects or renovations at an additional charge.

Key Market Segmentation:

IMARC Group provides an analysis of the key trends in each sub-segment of the global commercial property insurance market report, along with forecasts at the global, regional and country level from 2022-2027. Our report has categorized the market based on type, enterprise size and application.

Breakup by Type:

• Buildings Insurance
• Contents Insurance
• Flood Insurance
• Earthquake Insurance
• Others
   

Breakup by Enterprise Size:

• Small and Medium-sized Enterprises
• Large-Scale Enterprise
   

Breakup by Application:

• Open Perils
• Named Perils
   

Breakup by Region:

• North America
  • United States
  • Canada
• Asia-Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Indonesia
  • Others
• Europe
  • Germany
  • France
  • United Kingdom
  • Italy
  • Spain
  • Russia
  • Others
• Latin America
  • Brazil
  • Mexico
  • Others
• Middle East and Africa
   

Competitive Landscape:

The competitive landscape of the industry has also been examined along with the profiles of the key players being Aegon Life Insurance Company Limited, Allianz SE, Aviva plc, Axa S.A., Insureon (HUB International Limited), Nationwide Mutual Insurance Company, Prudential Financial Inc., State Farm Mutual Automobile Insurance Company and The Hartford Financial Services Group Inc.

Report Coverage:

Key Questions Answered in This Report:

• How has the global commercial property insurance market performed so far and how will it perform in the coming years?
• What has been the impact of COVID-19 on the global commercial property insurance market?
• What are the key regional markets?
• What is the breakup of the market based on the type?
• What is the breakup of the market based on the enterprise size?
• What is the breakup of the market based on the application?
• What are the various stages in the value chain of the industry?
• What are the key driving factors and challenges in the industry?
• What is the structure of the global commercial property insurance market and who are the key players?
• What is the degree of competition in the industry?