Press release
United States Commercial Insurance Market Size, Share, Growth & Report 2023-2028
United States Commercial Insurance Market
The United States commercial insurance market size reached US$ 260.0 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 391.5 Billion by 2028, exhibiting a growth rate (CAGR) of 6.89% during 2023-2028.
What is Commercial Insurance?
Commercial insurance is a broad range of insurance facilities designed to provide coverage for businesses and their operations. It offers different policies tailored to the specific needs of businesses, ranging from property insurance to liability coverage. It protects physical assets, including buildings and equipment against damage or loss. It also provides financial support for employees who get injured or ill for work-related activities. It protects businesses from losses related to cyber-attacks or data breaches. It helps in meeting legal obligations, thus avoiding potential fines and penalties. Furthermore, as it allows business owners to focus on growth and innovation, the demand for commercial insurance is rising in the United States.
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United States Commercial Insurance Market Trends and Drivers:
At present, the increasing demand for comprehensive insurance solutions due to the rising globalization of businesses represents one of the crucial factors impelling the market growth in the United States. Besides this, the increasing adoption of big data and artificial intelligence (AI) to personalize insurance products, enhance underwriting accuracy, and streamline claims processing is contributing to the growth of the market in the United States. In addition, the growing awareness of risk management among corporations is offering a favorable market outlook in the United States. Apart from this, the increasing adoption of digital transformation strategies among traditional insurers due to rising competition from non-traditional insurance providers, such as tech companies and financial institutions, is strengthening the market growth. Additionally, the increasing integration of cyber coverage within commercial insurance is bolstering the market growth in the United States.
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The report segmented the market on the basis of region, type, enterprise size, distribution channel and industry vertical.
Breakup by Type:
Liability Insurance
Commercial Motor Insurance
Commercial Property Insurance
Marine Insurance
Others
Breakup by Enterprise Size:
Large Enterprises
Small and Medium-sized Enterprises
Breakup by Distribution Channel:
Agents and Brokers
Direct Response
Others
Breakup by Industry Vertical:
Transportation and Logistics
Manufacturing
Construction
IT and Telecom
Healthcare
Energy and Utilities
Others
Breakup by Region:
Northeast
Midwest
South
West
Key highlights of the report:
Market Performance (2017-2022)
Market Outlook (2023- 2028)
Porter's Five Forces Analysis
Market Drivers and Success Factors
SWOT Analysis
Value Chain
Comprehensive Mapping of the Competitive Landscape
If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.
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Contact Us:
IMARC Services Private Limited.
134 N 4th St. Brooklyn, NY 11249, USA
Email: Sales@imarcgroup.com
Tel No:(D) +91 120 433 0800
Americas:- +1 631 791 1145 | Africa and Europe :- +44-702-409-7331 | Asia: +91-120-433-0800, +91-120-433-0800
About Us:
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC's information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company's expertise.
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