Commercial Insurance Market

NEW CASTLE, DELAWARE, UNITED STATES, December 13, 2023 /EINPresswire.com/ -- Increase in need for insurance policies among the enterprises to protect business from pandemic scams and availability of large number of commercial insurance providers are the key factors that boost the commercial insurance market growth. However, high insurance premium of commercial insurance and lack of information among small-sized businesses about commercial insurance industry restrict the growth of the commercial insurance market. Conversely, surge in usage of telematics device in the retail, construction, and healthcare industries and adoption of advanced technology in commercial insurance are expected to create immense opportunity for the market in the coming years.

According to the report published by Allied Market Research, the global commercial insurance market generated $692.33 billion in 2020, and is estimated to garner $1,613.34 billion by 2030, witnessing a CAGR of 9.7% from 2021 to 2030. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chain, regional landscape, and competitive scenario.

Rise in need for insurance policies among enterprises, increased competition among small & medium-sized businesses, and the presence of huge number of insurance providers drive the growth of the global commercial insurance market. However, high premium of insurance and lack of awareness in small-sized enterprises hinder the market growth. On the other hand, increase in usage of telematics devices in the retail, construction, and healthcare industries along with adoption of advanced technologies create new opportunities in the coming years.

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COVID-19 Scenario:

The demand for commercial insurance has been affected during the Covid-19 pandemic due to surge in claim payments and motor liability premium rates, increase in pricing, and severity of losses across various industry verticals.
There has been surge in the number of fraudulent claim attempts and lack of appropriate IT infrastructure between the distribution channels. This, in turn, impacted the commercial insurance market growth.
Insurance providers adopted different technologies such as chatbots, online applications and approvals, and others to speed up the processes of settling claims, availing new policies, and addressing issues of customers.
The report offers detailed segmentation of the global commercial insurance market based on type, distribution channel, enterprise size, industry vertical, and region. Based on type, the liability insurance segment held the highest share in 2020, accounting for more than one-fourth of the total share, and is projected to maintain its lead position during the forecast period. Moreover, this segment is expected to portray the highest CAGR of 10.7% from 2021 to 2030. The report also analyzes the segment including commercial motor insurance, commercial, property insurance, marine insurance, and others.

Based on industry vertical, the transportation & logistics segment contributing to the highest share in 2020, holding nearly one-fourth of the total share of the global commercial insurance market, and is estimated to maintain its leadership status during the forecast period. However, the energy & utilities segment is expected to witness the largest CAGR of 11.9% from 2021 to 2030.

Based on region, North America accounted for the highest share in 2020, holding nearly half of the total market share, and is expected to maintain its dominance by 2030. However, Asia-Pacific is projected to register the highest CAGR of 12.3% during the forecast period.

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Leading players of the global commercial insurance market analyzed in the research include Allianz, Aon plc, American International Group Inc., AXA, Aviva, Direct Line Insurance Group plc, Chubb, Willis Towers Watson, Marsh, and Zurich. These market players have adhered to several strategies including partnership, expansion, collaboration, joint ventures, and others to prove their flair in the industry.

Key Benefits For Stakeholders

The study provides in-depth analysis of the global commercial insurance market share along with current & future trends to illustrate the imminent investment pockets.
Information about key drivers, restrains, & opportunities and their impact analysis on the global commercial insurance market size are provided in the report.
Porter’s five forces analysis illustrates the potency of buyers and suppliers operating in the commercial insurance market.
An extensive analysis of the key segments of the industry helps to understand the global commercial insurance market trends.
The quantitative analysis of the global commercial insurance market size from 2021 to 2030 is provided to determine the market potential.

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Commercial Insurance Market Key Segments

By Type

Commercial Motor Insurance
Commercial Property Insurance
Liability Insurance
Marine Insurance
Others

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

By Region

North America
U.S.
Canada
Europe
UK
Germany
France
Italy
Spain
Netherlands
Rest of Europe
Asia-Pacific
China
India
Japan
Australia
South Korea
Rest of Asia-Pacific
LAMEA
Latin America
Middle East
Africa

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About Us:

Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Wilmington, Delaware. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports Insights" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

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