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Commercial Insurance Market Outlook 2023: Share, Trends, Report 2028

08-25-2023 08:01 AM CET | Business, Economy, Finances, Banking & Insurance

Press release from: IMARC Group

Commercial Insurance Market Trends 2023

Commercial Insurance Market Trends 2023

How Big is The Commercial Insurance Market?

The global commercial insurance market size reached US$ 793.6 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 1,203.7 Billion by 2028, exhibiting a growth rate (CAGR) of 6.86% during 2023-2028.

What is Commercial Insurance?

Commercial insurance refers to a type of coverage for businesses and corporations designed to protect the organization, its employees, and its ownership. Some commonly offered commercial insurance policies include property insurance, general liability, commercial auto insurance, workers' compensation insurance, business interruption insurance, cyber liability insurance, and crime coverage. It covers the company against losses and risks, such as property damage, injury to employees, cyberattacks, thefts, natural disasters, data breaches, and liability lawsuits that could potentially disrupt business operations. As a result, commercial insurance is extensively adopted across countries.

Request for a sample copy of this report: https://www.imarcgroup.com/commercial-insurance-market/requestsample

What are the growth prospects and trends in the Commercial Insurance industry?

The commercial insurance market is primarily driven by the increasing awareness among enterprises regarding the benefits of such policies, including safeguarding the company's reputation, ensuring the well-being of employees, and offering financial stability, etc. Moreover, the market is further augmented by the growing number of small- and medium-sized enterprises (SMEs) and the elevating need to protect businesses from unforeseen losses. Apart from this, the launch of favorable initiatives by government bodies across regions to encourage employers and business owners to obtain various types of coverage, such as workers' compensation insurance and commercial auto insurance, is acting as another significant growth-inducing factor. Additionally, the escalating focus among leading players in adopting advanced technologies, including artificial intelligence (AI) and machine learning (ML), to offer personalized and convenient insurance plans with lower premiums, enhancing customer loyalty and gaining a competitive edge is also positively influencing the global market. Besides this, the rising usage of telematics devices across industries, intensified business competition, technological advancements, and rapid industrialization are expected to fuel the commercial insurance market in the coming years.

Explore Full Report With Toc: https://www.imarcgroup.com/commercial-insurance-market

Who are the key players operating in the industry?

• Allianz SE
• American International Group Inc.
• Aon plc
• Aviva plc
• Axa S.A.
• Chubb Limited
• Direct Line Insurance Group plc
• Marsh & McLennan Companies Inc.
• Willis Towers Watson Public Limited Company
• Zurich Insurance Group Ltd.

What is included in market segmentation?

The report has segmented the market into the following categories:

• 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

Market Breakup by Region:
• North America (United States, Canada)
• Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
• Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
• Latin America (Brazil, Mexico, Others)
• Middle East and Africa

If you require any specific information that is not covered currently within the scope of the report, we will provide the same as a part of the customization.

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Contact US

IMARC Group
134 N 4th St. Brooklyn, NY 11249, USA
USA: +1-631-791-1145 | Asia: +91-120-433-0800
Email: sales@imarcgroup.com
Follow us on Twitter: @imarcglobal
LinkedIn: https://www.linkedin.com/company/imarc-group/mycompany/

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 Group'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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