The global commercial insurance market size reached US$ 793.6 Billion in 2022. Looking forward, the publisher expects the market to reach US$ 1,203.7 Billion by 2028, exhibiting a growth rate (CAGR) of 6.86% during 2023-2028.
Commercial insurance refers to a type of coverage for businesses and corporations designed to protect the organization, its employees, and its ownership. Some commonly offered commercial insurance policies include property insurance, general liability, commercial auto insurance, workers’ compensation insurance, business interruption insurance, cyber liability insurance, and crime coverage. It covers the company against losses and risks, such as property damage, injury to the employees, cyberattacks, thefts, natural disasters, data breaches, and liability lawsuits that could potentially disrupt the business operations. In recent years, commercial insurance has rapidly gained traction among startups and enterprises as it protects the assets of the insured business from unexpected events and covers the financial losses incurred.
2. What is the expected growth rate of the global commercial insurance market during 2023-2028?
3. What are the key factors driving the global commercial insurance market?
4. What has been the impact of COVID-19 on the global commercial insurance market?
5. What is the breakup of the global commercial insurance market based on the type?
6. What is the breakup of the global commercial insurance market based on the enterprise size?
7. What is the breakup of the global commercial insurance market based on the distribution channel?
8. What is the breakup of the global commercial insurance market based on the industry vertical?
9. What are the key regions in the global commercial insurance market?
10. Who are the key players/companies in the global commercial insurance market?
Commercial insurance refers to a type of coverage for businesses and corporations designed to protect the organization, its employees, and its ownership. Some commonly offered commercial insurance policies include property insurance, general liability, commercial auto insurance, workers’ compensation insurance, business interruption insurance, cyber liability insurance, and crime coverage. It covers the company against losses and risks, such as property damage, injury to the employees, cyberattacks, thefts, natural disasters, data breaches, and liability lawsuits that could potentially disrupt the business operations. In recent years, commercial insurance has rapidly gained traction among startups and enterprises as it protects the assets of the insured business from unexpected events and covers the financial losses incurred.
Commercial Insurance Market Trends:
Commercial insurance offers security for business operations, protects the company’s reputation, and ensures the wellbeing of its employees and financial situation. As a result, the rising awareness regarding the benefits of commercial insurance policies among enterprises represents the primary factor driving the market growth. Besides this, the increasing number of small- and medium-sized enterprises (SMEs) and the growing need to protect businesses against unexpected losses are augmenting the demand for commercial insurance. Additionally, regional governments of various countries are taking favorable initiatives to encourage employers and business owners to purchase different types of coverage, such as workers’ compensation insurance for employees and commercial auto insurance for business-owned vehicles. Along with this, the rising number of commercial insurance providers is catalyzing the market growth. Furthermore, the leading players are adopting advanced technologies, such as artificial intelligence (AI) and machine learning (ML), to offer enhanced services like personalized and convenient insurance plans with lower premium costs to improve customer loyalty and gain a competitive edge. Other factors, including the growing usage of telematics devices across various industries, rising competition among businesses, technological advancements, and rapid industrialization, are also creating a favorable outlook for the market.Key Market Segmentation:
The publisher provides an analysis of the key trends in each sub-segment of the global commercial insurance market report, along with forecasts at the global, regional and country level from 2023-2028. Our report has categorized the market based on type, enterprise size, distribution channel and industry vertical.Breakup by Type:
- Liability Insurance
- Commercial Motor Insurance
- Commercial Property Insurance
- Marine Insurance
- Others
Breakup by Enterprise Size:
- Large Enterprises
- Small and Medium-sized Enterprises
Breakup by Distribution Channel:
- Agents and Brokers
- Direct Response
- Others
Breakup by Industry Vertical:
- Transportation and Logistics
- Manufacturing
- Construction
- IT and Telecom
- Healthcare
- Energy and Utilities
- Others
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 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.Key Questions Answered in This Report
1. What was the size of the global commercial insurance market in 2022?2. What is the expected growth rate of the global commercial insurance market during 2023-2028?
3. What are the key factors driving the global commercial insurance market?
4. What has been the impact of COVID-19 on the global commercial insurance market?
5. What is the breakup of the global commercial insurance market based on the type?
6. What is the breakup of the global commercial insurance market based on the enterprise size?
7. What is the breakup of the global commercial insurance market based on the distribution channel?
8. What is the breakup of the global commercial insurance market based on the industry vertical?
9. What are the key regions in the global commercial insurance market?
10. Who are the key players/companies in the global commercial insurance market?
Table of Contents
1 Preface3 Executive Summary12 Value Chain Analysis14 Price Analysis
2 Scope and Methodology
4 Introduction
5 Global Commercial Insurance Market
6 Market Breakup by Type
7 Market Breakup by Enterprise Size
8 Market Breakup by Distribution Channel
9 Market Breakup by Industry Vertical
10 Market Breakup by Region
11 SWOT Analysis
13 Porters Five Forces Analysis
15 Competitive Landscape
List of Figures
List of Tables
Companies Mentioned
- 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.
Methodology
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Table Information
Report Attribute | Details |
---|---|
No. of Pages | 134 |
Published | May 2023 |
Forecast Period | 2022 - 2028 |
Estimated Market Value ( USD | $ 793.6 Billion |
Forecasted Market Value ( USD | $ 1203.7 Billion |
Compound Annual Growth Rate | 7.2% |
Regions Covered | Global |
No. of Companies Mentioned | 9 |