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A Deep Dive into Trends and Strategies in the Commercial Insurance Market | Allianz Life Insurance Company of North America, American International Group Inc., Aon PLC., Aviva PLC
Commercial Insurance Market
The Business Research Company's Commercial Insurance Global Market Report 2023 identifies the rising number of commercial insurance providers is driving the commercial insurance market going forward. Insurance providers are businesses that provide insurance services. The variety of business coverage grows as the number of insurance providers grows. This provides more options for businesses to choose from. It also lowers premium costs, which makes insurance more affordable for small businesses that avoid it due to high costs. For instance, in 2023, according to Ibisworld, a US-based industry data provider, there were about 420056 insurance brokers and agencies in the US, which was an increase of 0.3% from 2022.
The global commercial insurance market size is expected to grow from $660.90 billion in 2022 to $715.87 billion in 2023 at a compound annual growth rate (CAGR) of 8.3%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The global commercial insurance market size is expected to reach $987.29 billion in 2027 at a CAGR of 8.3%.
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Major competitors in the commercial insurance market are Allianz Life Insurance Company of North America, American International Group Inc., Aon PLC., Aviva PLC., AXA S.A., Chubb Corporation, Direct Line Insurance Group PLC., Marsh Mclennan Agency, Willis Towers Watson Public Ltd.
A key trend in the commercial insurance market includes adoption of advanced technologies. Major companies in the market are adopting technologies such as artificial intelligence and the Internet of Things (IoT) to sustain their positions in the market. For instance, in September 2022, NeuralMetrics, a US-based InsurTech company, launched MarketEdge, a proprietary solution based on artificial intelligence and natural language processing (NLP) technology that helps insurance companies research and filter US-based businesses that can be perceived as potential customers for their commercial insurance offerings.
Read More On The Global Commercial Insurance Market Report Here: https://www.thebusinessresearchcompany.com/report/commercial-insurance-global-market-report
The commercial insurance market is segmented -
1) By Type: Commercial Motor Insurance, Commercial Property Insurance, Liability Insurance, Marine Insurance, Other Types
2) By Enterprise Size: Large Enterprises, Small And Medium-Sized Enterprises
3) By Distribution Channel: Agents And Brokers, Direct Response, Other Distribution Channels
4) By Industry Vertical: Manufacturing, Construction, IT And Telecom, Healthcare, Energy And Utilities, Transportation And Logistics, Other Industry Verticals
5) By Geography: Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. Asia-Pacific was the largest region in the commercial insurance market.
The Business Research Company's "Global Commercial Insurance Market Report 2023" provides a thorough understanding of the market across 60 geographies. The report covers market size, growth rate, segments, drivers and trends in every region and country. In addition, the report offers insights on historical and forecast growth, helping players analyze and strategize better.
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The Table Of Content For The Commercial Insurance Market Include:
1. Executive Summary
2. Commercial Insurance Market Characteristic
3. Commercial Insurance Market Trends And Strategies
4. Commercial Insurance Market - Macro Economic Scenario
5. Commercial Insurance Market Size And Growth
……………
27. Commercial Insurance Market Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions In The Commercial Insurance Market
29. Commercial Insurance Market Future Outlook And Potential Analysis
30. Appendix
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