DUBLIN, Oct. 26, 2023 /PRNewswire/ — The “Commercial Insurance Global Market Report 2023” report has been added to ResearchAndMarkets.com’s offering.
The global commercial insurance market is expected to grow from $660.90 billion in 2022 to $715.87 billion in 2023 at a compound annual growth rate (CAGR) of 8.3%. The commercial insurance market is expected to reach $987.29 billion in 2027 at a CAGR of 8.3%.
The main types of commercial insurance are commercial motor insurance, commercial property insurance, liability insurance, marine insurance, and others. Commercial motor insurance is business insurance that protects the company’s vehicles from accidents and theft.
It is available for large enterprises and small and medium-sized enterprises, through various distribution channels, including agents and brokers, direct response, and others for manufacturing, construction, IT and telecom, healthcare, energy and utilities, transportation and logistics, and other industries.
The rising number of commercial insurance providers is driving the commercial insurance market going forward. Insurance providers are businesses that provide insurance services. The variety of business coverage grows as the number of insurance providers grows. This provides more options for businesses to choose from.
It also lowers premium costs, which makes insurance more affordable for small businesses that avoid it due to high costs. For instance, in 2023, according to Ibisworld, a US-based industry data provider, there were about 420056 insurance brokers and agencies in the US, which was an increase of 0.3% from 2022.
Additionally, in 2020, according to the Insurance Information Institute, a US-based trade association working to improve the understanding of insurance, the insurance industry employed about 2,853,000 individuals, compared to 2,802,300 individuals in 2019. As a result, the increasing number of commercial insurance providers is driving the commercial insurance market.
The adoption of advanced technologies is a key trend gaining popularity in the commercial insurance market. Major companies in the market are adopting technologies such as artificial intelligence and the Internet of Things (IoT) to sustain their positions in the market.
For instance, in September 2022, NeuralMetrics, a US-based InsurTech company, launched MarketEdge, a proprietary solution based on artificial intelligence and natural language processing (NLP) technology that helps insurance companies research and filter US-based businesses that can be perceived as potential customers for their commercial insurance offerings. The new offering uses databases such as OSHA, the Centers for Medicare and Medicaid Services, the Environmental Protection Agency, paycheck protection recipients, licenses, permits, inspections, and other databases to find leads.
In December 2022, World Insurance Associates, a US-based insurance provider, acquired DG and M Insurance Agency for an undisclosed amount. The acquisition is subjected to providing consumers with exceptional service by providing high-quality insurance products and services that meet their needs and go above and beyond their expectations. DG and M is a US-based commercial insurance service provider.
Asia-Pacific was the largest region in the commercial insurance market in 2022. The countries covered in the commercial insurance market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK and USA.
Major players in the commercial insurance market are
- Allianz Life Insurance Company of North America
- American International Group Inc.
- Aon PLC.
- Aviva PLC.
- AXA S.A.
- Chubb Corporation
- Direct Line Insurance Group PLC.
- Marsh Mclennan Agency
- Willis Towers Watson Public Ltd.
- Zurich Insurance Group Ltd.
- The Travelers Companies Inc.
- Liberty Mutual Group
- Nationwide Mutual Insurance Company
- The Hartford Financial Services Group Inc.
- Tokio Marine Holdings Inc.
- State Farm Insurance
- Farmers Insurance Group
Key Topics Covered:
1. Executive Summary
2. Commercial Insurance Market Characteristics
3. Commercial Insurance Market Trends And Strategies
4. Commercial Insurance Market – Macro Economic Scenario
4.1. COVID-19 Impact On Commercial Insurance Market
4.2. Ukraine-Russia War Impact On Commercial Insurance Market
4.3. Impact Of High Inflation On Commercial Insurance Market
5. Commercial Insurance Market Size And Growth
5.1. Global Commercial Insurance Historic Market, 2017-2022, $ Billion
5.1.1. Drivers Of The Market
5.1.2. Restraints On The Market
5.2. Global Commercial Insurance Forecast Market, 2022-2027F, 2032F, $ Billion
5.2.1. Drivers Of The Market
5.2.2. Restraints On the Market
6. Commercial Insurance Market Segmentation
6.1. Global Commercial Insurance Market, Segmentation By Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- Commercial Motor Insurance
- Commercial Property Insurance
- Liability Insurance
- Marine Insurance
- Other Types
6.2. Global Commercial Insurance Market, Segmentation By Enterprise Size, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- Large Enterprises
- Small And Medium-Sized Enterprises
6.3. Global Commercial Insurance Market, Segmentation By Distribution Channel, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- Agents And Brokers
- Direct Response
- Other Distribution Channels
6.4. Global Commercial Insurance Market, Segmentation By Industry Vertical, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- Manufacturing
- Construction
- IT And Telecom
- Healthcare
- Energy And Utilities
- Transportation And Logistics
- Other Industry Verticals
7. Commercial Insurance Market Regional And Country Analysis
7.1. Global Commercial Insurance Market, Split By Region, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
7.2. Global Commercial Insurance Market, Split By Country, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
For more information about this report visit https://www.researchandmarkets.com/r/wojw49
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