The latest report by IMARC Group, titled “Commercial Insurance Market: Global Industry Trends, Share, Size, Growth, Opportunity, and Forecast 2023-2028,” finds that the global commercial insurance market size reached US$ 793.6 Billion in 2022. Commercial insurance is a coverage for businesses and corporations designed to safeguard the organization and its employees against certain risk factors. It protects the company financially from common risks, such as employee injury, client litigation, property theft and damage, data breaches, liability lawsuits, and other unexpected events that could disrupt the business operations. It also offers more coverage due to the involvement of various physical properties compared to personal insurance. As a result, commercial insurance finds extensive applications across manufacturing, construction, healthcare, energy and utilities, and transportation industries.
Global Commercial Insurance Market Trends:
The market is primarily driven by the growing awareness regarding the benefits of commercial insurance policies among business owners. Commercial insurance offers security for business operations, protects the company’s reputation, and ensures the well-being of its employees. In addition, the increasing number of small- and medium-sized enterprises (SMEs) across the globe represent another major growth-inducing factor. Besides this, the leading market players are adopting advanced technologies, such as machine learning (ML) and artificial intelligence (AI), to offer enhanced services like personalized and convenient insurance plans with lower premium costs and improve customer loyalty. This, coupled with the implementation of favorable government policies to encourage employers and business owners to purchase different types of coverage, is positively influencing the market growth. Moreover, the rising number of commercial insurance providers, the increasing utilization of telematics devices across various industries, and rapid industrialization are some of the other factors propelling the market growth. Looking forward, IMARC Group expects the market value to reach US$ 1,203.7 Billion by 2028, exhibiting a CAGR of 6.86% during the forecast period (2023-2028).
- Based on the type, the market has been classified into liability, commercial motor, commercial property, marine, and other insurance policies.
- 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 categorized into agents and brokers, direct response, and others.
- On the basis of the industry 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 North America (the United States and Canada), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Latin America (Brazil, Mexico, and others), and Middle East and Africa.
- The competitive landscape of the market has been examined in the report, with some of the key players being Allianz SE, American International Group Inc., Aon plc, Aviva plc, Axa S.A., Chubb Limited, Direct Line Insurance Group plc, Marsh & McLennan Companies Inc., Willis Towers Watson Public Limited Company, and Zurich Insurance Group Ltd.
|Base Year of the Analysis
||Type, Enterprise Size, Distribution Channel, Industry Vertical, Region
|| Asia Pacific, Europe, North America, Latin America, Middle East and Africa
||United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
||Allianz SE, American International Group Inc., Aon plc, Aviva plc, Axa S.A., Chubb Limited, Direct Line Insurance Group plc, Marsh & McLennan Companies Inc., Willis Towers Watson Public Limited Company and Zurich Insurance Group Ltd.
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