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Commercial Insurance Market Recent Trends, In-Depth Analysis, Size And Forecast 2022 To 2030

09-22-2022 07:45 AM CET | Business, Economy, Finances, Banking & Insurance

Press release from: We Market Research

Commercial Insurance Market

Commercial Insurance Market

The global commercial insurance market was valued at USD 692.22 billion in 2020 and is poised to amplify at a CAGR of 9.7% over 2022-2030, thereby amassing USD 1,613.34 billion by end of the assessment timeframe.

Global Commercial Insurance Market: Overview

Commercial insurance is defined as a type of insurance policy that is designed to protect businesses. It has to offer coverages against the loss arising out of damage to the property, injury to the employees, employer's liability among others.

Commercial insurance also provides coverages for various industrial sectors that includes, construction, manufacturing, telecom, textiles, logistics, among others.

Commercial insurance also aims at offering safety as well as security for business operations & assets, reputation, wellbeing and financial situation of a business entity, and also for the employees working for the business.

Key market trends:

Every market has its growth determinant and challenges. One of the major factor that has fuelled the market growth over the forecast period is the rising need for insurance policies among the enterprises in order to protect the businesses from the pandemic Frauds.

Additionally, rising competition among small and medium sized business and also the availability of large number of commercial insurance providers has also boosted the market growth over the forecast period.

On the flip side, high insurance premium of commercial insurance and lack of information among small-sized businesses about commercial insurance has hampered the market growth over the forecast period.

But, rise in usage of telematics device in the retail, construction, and healthcare industries and adoption of advanced technology in commercial insurance are some of the major factors that will create an immense opportunity for the market in the near future.

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Segmental analysis of the Market:

Based on Type
• Commercial Motor Insurance
• Commercial Property Insurance
• Liability Insurance
• Marine Insurance
• Others

The commercial motor insurance segment has dominated the market growth over the forecast period. This is because of the rising number of vehicles sold out in the market.

Based on Distribution Channel
• Agents & Brokers
• Direct Response
• Others

The agents and brokers segment has dominated the market growth over the forecast period. This is because it becomes easy and they already have connections regarding the properties.

Based on Enterprise
• Large Enterprises
• Medium-sized Enterprises
• Small-sized Enterprises

The small sized enterprise has dominated the market growth over the forecast period.

Based on Industry
• Manufacturing
• Construction
• IT & Telecom
• Healthcare
• Energy & Utilities
• Transportation & Logistics
• Others

The manufacturing segment has dominated the market growth over the forecast period.

Asia Pacific is anticipated to amplify at a considerable CAGR

The global commercial insurance market is segmented into 5 main regions namely, North America, Europe, Asia Pacific, South America, and Middle east and Africa. Among these, Asia Pacific has dominated the market growth over the forecast period. This is because of the region playing a vital role in the insurance industry's future. It is also responsible for nearly one-third of the world's population, and it comprises of several of the quickest growing economies. With the rising number of small business, the demand for commercial insurance is also gradually rising over the forecast period in the Asia Pacific region.

Competitive landscape:

Some of the prominent companies operating in the market are

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

Major questions answered in this report:

• What is the growth rate of the global commercial insurance market?
• What are the primary growth determinants of the market?
• Which are the major regions constituting the geographical landscape of the market?
• Which are the prominent companies operating in the market?

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Key takeaways from the report:

• The global commercial insurance market is projected to expand at a CAGR of 9.7% over the forecast period.
• The rising need for insurance policies among the enterprises is aiding market progression.
• The small sized enterprise segment is poised to expand significantly over the forecast period.
• Asia Pacific has dominated the regional market sphere over the forecast period.

Contact Us:
We Market Research
Phone: +1(929)-450-2887
Email: sales@wemarketresearch.com

About We Market Research

WE MARKET RESEARCH is an established market analytics and research firm with a domain experience sprawling across different industries. We have been working on multi-county market studies right from our inception. Over the time, from our existence, we have gained laurels for our deep rooted market studies and insightful analysis of different markets.

Our strategic market analysis and capability to comprehend deep cultural, conceptual and social aspects of various tangled markets has helped us make a mark for ourselves in the industry. WE MARKET RESEARCH is a frontrunner in helping numerous companies; both regional and international to successfully achieve their business goals based on our in-depth market analysis. Moreover, we are also capable of devising market strategies that ensure guaranteed customer bases for our clients.

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