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Commercial Insurance Market Size, Industry Analysis Report By Type (Commercial Motor Insurance, Commercial Property Insurance, Liability Insurance, Marine Insurance), By Distribution (Agents & Brokers, Direct Response), By Enterprise Size (Large Enterprises, Medium-sized Enterprises, Small-sized Enterprises), By Industry Vertical (Manufacturing, Construction, IT & Telecom, Healthcare, Energy & Utilities, Transportation & Logistics) & Region - Forecasts

  • PUBLISHED ON
  • 08/08/2022
  • NO OF PAGES
  • 263
  • CATEGORY
  • Banking & Finance

 

Global Commercial Insurance Market Analysis by Type, Distribution Channel, Enterprise Size, Industry Vertical, Region and segments forecast till 2033

 

Market Overview

The global Commercial Insurance market is presently worth USD 692,220 million and is expected to expand with a CAGR of 9.7% over 2023-2033, thereby amassing a valuation of USD 1,613,340 million by end of the forecast period.

 

Report Scope

Report Attributes

Description

Market Forecast in 2022

USD 692,220 million

Market Forecast in 2033

USD 1,613,340 million

CAGR % 2023-2033

9.7%

Base Year

2022

Historic Data

2020-2021

Forecast Period

2023-2033

Report USP

Product, end-user industry, company share, company heatmap, company Capacity Technology Product capacity, growth factors and more

Key Companies

Allianz, American International Group Inc., Aon plc, Aviva, AXA, Chubb, Direct Line Insurance Group plc, Marsh, Willis Towers Watson, and Zurich.

 

Global Commercial Insurance Market- Description

Commercial insurance is a type of policy which offers liability coverage to a specific business, its ownership and employees. It provides complete coverage against risks such as property damage, cyberattacks, thefts, legal disputes, and employee injuries, among others. This insurance policy secures the overall operation of an organization by ensuring its financial, infrastructural, and resource based well-being. Commercial insurance is applicable for almost all the industrial sectors including telecommunication, manufacturing, textile, logistics, and construction, among others.

A steep rise in the emergence of new organizations and startups across the globe is one of the primary factors augmenting the outlook of this marketplace. Alongside, growing cognizance regarding the benefits of commercial insurance policies is adding momentum to the overall industry progression. Also, the integration of advanced technologies such as Machine Learning and Artificial Intelligence in the field is creating lucrative opportunities for the marketplace to prosper. Besides, widespread industrialization and rising R&D investments in the field are aiding the expansion of this business vertical.

Furthermore, rising incidences of cyberattacks across various enterprises along with the growing prevalence of commercial property damage due to natural and man-made disasters are positively swaying the industry dynamics. On the contrary, high premium costs pertaining to these policies is hindering the remuneration scope of this business vertical.

 

Global Commercial Insurance Market - Key trends

·         Wide array of benefits offered by commercial insurance policies to aid industry expansion

Commercial insurance offers a wide array of advantages to an organization. These polices not only help them to recover from financial losses but also ensures the well-being of their workforce. This type of insurance provides complete coverage on property damage caused by man-made disasters or act of God. These factors in turn are stimulating the overall dynamics of this market.

 

·         Technological innovation in the field to bolster market growth

There has been a widespread integration of advanced technologies such as AI, Big Data, and IoT into the insurance industry. These technologies enable the potential consumers to get valuable insights on the pivotal components pertaining to a particular insurance policy. Moreover, the incorporation of innovative technologies also assists insurance companies in providing fast and efficient services to their clients. This in turn is augmenting the overall outlook of this industry sphere.

 

Global Commercial Insurance Market- Segmental assessment

By Type

·         Commercial Motor Insurance

·         Commercial Property Insurance

·         Liability Insurance

·         Marine Insurance

·         Others

The commercial property insurance segment is expected to amass notable gains over 2023-2033 owing to the growing incidences of property damage powered by man-made and natural disasters.

 

By Distribution Channel

·         Agents & Brokers

·         Direct Response

·         Others

 

By Enterprise Size

·         Large Enterprises

·         Medium-sized Enterprises

·         Small-sized Enterprises

 

By Industry Vertical

·         Manufacturing

·         Construction

·         IT & Telecom

·         Healthcare

·         Energy & Utilities

·         Transportation & Logistics

·         Others

The construction segment is slated to generate significant returns over the stipulated timeline due to the high probability of life-threatening mishaps induced by risky construction activities.

 

Global Commercial Insurance Market- Geographical landscape

The major regions constituting the geographical ambit of this industry are North America, Middle East & Africa, Europe, Asia Pacific, and Latin America. Among these, Asia Pacific is projected to capture a substantial revenue share over 2023-2033. This is credited to the emergence of mid-sized and small businesses, rapid integration of advanced technologies in the field, and widespread population expansion.

 

Global Commercial Insurance Market: Recent Developments

·         In April 2021, American International Group (AIG) announced that it would sell its life and retirement business to Blackstone for USD 2.2 billion. This move was part of AIG's strategy to focus on its core businesses and streamline its operations.

·         In March 2021, AXA announced that it would acquire XL Group, a global commercial insurance and reinsurance company, for USD 15.3 billion. This acquisition was aimed at strengthening AXA's position in the commercial insurance market.

·         In February 2021, Chubb announced that it had entered into a partnership with HSB, a subsidiary of Munich Re, to offer cyber insurance solutions to small and mid-sized businesses. This partnership was aimed at addressing the increasing threat of cyber-attacks.

Global Commercial Insurance Market: Key Companies

·         Allianz

·         American International Group Inc.

·         Aon plc

·         Aviva

·         AXA

·         Chubb

·         Direct Line Insurance Group plc

·         Marsh

·         Willis Towers Watson

·         Zurich

·         Others

 

Global Commercial Insurance Market: Regional Scope  

North America

·         U.S.

·         Canada

·         Mexico

Europe

·         U.K.

·         Germany

·         France

·         Italy

·         Spain

·         Rest of Europe

Asia Pacific

·         China

·         India

·         Japan

·         South Korea

·         Australia

·         Rest of Asia Pacific

South America

·         Brazil

·         Argentina

·         Rest of South America

Middle East and Africa

·         Saudi Arabia

·         UAE

·         Egypt

·         South Africa

·         Rest of Middle East and Africa

 

Why to buy this Report?

Market research: The report provides valuable insights into market trends, growth opportunities, and competitive landscapes. By reading a technology report, businesses and investors can gain a better understanding of the market they are operating in or considering entering, and make more informed decisions based on data and analysis.

Competitive analysis: The report reports provide detailed information on competitors' strengths, weaknesses, and strategies, which can help businesses identify potential threats and opportunities in the market.

Innovation: The report provides insights into emerging technologies and trends, which can help businesses stay up-to-date with the latest developments and make informed decisions about where to invest their resources.

Due diligence: The report can be used by investors and acquirers as part of their due diligence process when considering investing in or acquiring a technology company. These reports can provide valuable information on the company's financials, technology, market position, and other key factors.


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Market Research Process




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Case Study- Automotive Sector

One of the key manufacturers of automotive had plans to invest in electric utility vehicles. The electric cars and associated markets being a of evolving nature, the automotive client approached We Market Research for a detailed insight on the market forecasts. The client specifically asked for competitive analysis, regulatory framework, regional prospects studied under the influence of drivers, challenges, opportunities, and pricing in terms of revenue and sales (million units).

Solution

The overall study was executed in three stages, intending to help the client meet its objective of precisely understanding the entire market before deciding on an investment. At first, secondary research was conducted considering political, economic, social, and technological parameters to get a gist of the various aspects of the market. This stage of the study concluded with the derivation of drivers, opportunities, and challenges. It also laid substantial emphasis on understanding and collecting data not only on a global scale but also on the regional and country levels. Data Extraction through Primary Research

The second stage involved primary research in which several market players and automotive parts suppliers were contacted to study their viewpoint concerning the development of their market and production capacity, clientele, and product line. This stage concluded in a brief understanding of the competitive ecosystem and also glanced through the strategies and pricing of the companies profiled.

Market Estimates and Forecast

In the final stage of the study, market forecasts for the electric utility were derived using multiple market engineering approaches. This data helped the client to get an overview of the market and accelerate the process of investment.

Case Study- ICT Sector

Business process outsourcing, being one of the lucrative markets from both supply- and demand- side, has appealed to various companies. One of the prominent corporations based out of Japan approached us with their requirements regarding the scope of the procurement outsourcing market for around 50 countries. Additionally, the client also sought key players operating in the market and their revenue breakdown in terms of region and application.


Business Solution

An exhaustive market study was conducted based on primary and secondary research that involved factors such as labor costs in various countries, skilled and technical labors, manufacturing scenario, and their respective contributions in the global GDP. A comparative study of the market was conducted from both supply- and demand side, with the supply-side comprising of notable companies, such as GEP, Accenture, and others, that provide these services. On the other hand, large manufacturing companies from them demand-side were considered that opt for these services.


Conclusion

The report aided the client in understanding the market trends, including country-level business scenarios, consumer behavior, and trends in 50 countries. The report also provided financial insights of crucial players and detailed market estimations and forecasts till 2033.


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