Commercial Insurance Market size is assured to garner a revenue of $661,743.0 Million in 2021–2028, growing from $349,127.3 Million in 2020, at a good CAGR of 8.1%.
Global Commercial Market:
The increase in need for insurance policies among the companies to protect their business from pandemic scams is considered to be an important factor boosting the global commercial insurance market.
To increase the competition among small and medium sized business and to access large number of commercial insurance providers are some of the essential factors that drive the commercial global market forecast.
High insurance premium for commercial insurance and lack of knowledge among small businesses about commercial insurance limits the market growth.
The surge in using telematics devices in the healthcare, retail and construction industries and adoption of advanced technology in commercial insurance are some factors that are expected to create an immense opportunity for the market in the future years.
The report focuses on growth prospects, trends and restraints of the commercial market analysis.
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Market Overview:
Commercial insurance is a type of insurance that provides insurance to small, large and medium businesses and protect them from unwanted risks. This insurance might include, decrease in income due to other side businesses, property damages, legal issues, robbery and employee grievances.
It provides solutions to offer safety to business operations at the time of requirement. Commercial insurance provides coverage for different industrial sectors like manufacturing, healthcare, retail, logistics, IT and telecom and construction. Spike in the demand for insurance policies amongst small and large enterprises might drive the global commercial insurance market growth. However, the high premium of commercial insurance might restrict the market growth.
Key Players in the Market:
- Zurich
- Marsh
- Wills Towers Watson
- Chubb
- AXA
- Direct Line Insurance Group plc
- Aon plc
- Aviva
- Allianz
- American International Group Inc.
Economic Growth:
The Global Commercial Insurance Market was priced at $692.33 Billion in 2020, and is to reach $1,613.34 billion in 2030, growing at a CAGR of 9.7% from 2021-2030. Commercial insurance is a policy designed to protect businesses. It offers coverage against the loss of damaged property, injury to the employees, employer’s liability, and others.
- History Year- 2019-2020
- Base Year- 2020
- Forecast Year- 2021-2028
- CAGR- 9.7%
Segmentation of the Market:
By Type
- Commercial Motor Insurance
- Liability Insurance
- Marine Insurance
- Cyber insurance
- Commercial Property Insurance
- Others
Enterprise Size
- Small
- Medium
- Large
Distribution Channels
- Indirect
- Direct
Industrial Vertical
- Construction
- IT and Telecom
- Healthcare
- Manufacturing
- Transportation
- Logistics
- Others
- By Region
EUROPE
- UK
- Germany
- Italy
- France
- Netherlands
- Spain
NORTH AMERICA
- Canada
- U.S.
ASIA-PACIFIC
- South Korea
- Australia
- Japan
- India
- China
LAMEA
- Middle East
- Africa
- Latin America
COVID-19 Impact:
The COVID-19 pandemic made a very negative impact on the commercial insurance industry. There was a massive shift to remote working across several industry verticals, administration processes, digitalized underwriting, business interpretation and claims have become a challenge for the market insurers. Pandemic has affected all the industry verticals, there has been increased number of fraudulent claim attempts and lack IT infrastructure between the distribution channel has affected the commercial insurance market growth.
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