United States Commercial Insurance Market Size to Surpass US$ 391.5 Billion by 2028, exhibiting a CAGR of 6.89% | IMARC Group

How Big is the 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, also known as business insurance, is used to protect organizations from financial losses resulting from unforeseen events or liabilities. It comprises general liability, property, commercial auto, workers compensation, business interruption, professional liability, cyber liability, product liability, and trade credit insurance. It can be tailored to meet the unique needs of industries and individuals. It allows insurance providers to conduct risk assessments to evaluate risk exposure in a company and help tailor insurance policies as per its specific needs. It serves as a safety net, allowing companies to focus on their operations with the assurance of financial protection. It offers coverage for accidents, injuries, and damage to vehicles and protects against legal claims and financial losses. It safeguards physical assets, such as buildings, equipment, inventory, and furniture, against damage or loss due to events like fire, theft, vandalism, or natural disasters. It protects employers from potential lawsuits related to workplace injuries and covers costs related to lawsuits, such as legal defense expenses, settlements, or judgments. It benefits in maintaining the continuity of an organization by providing financial support. Besides this, it is beneficial in enhancing trust and credibility in company relationships. As it helps companies mitigate risks by identifying potential vulnerabilities and providing solutions to address them while preventing costly incidents and disruptions, the demand for commercial insurance is increasing in the United States.

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United States Commercial Insurance Market Trends and Drivers:

The escalating demand for environmental liability insurance due to rising concerns about environmental issues and regulations represents one of the major factors influencing the market positively in the United States. Additionally, the increasing adoption of commercial insurance among companies to recover from financial losses and legal liabilities resulting from data breaches or cybercrimes is impelling the growth of the market. Apart from this, there is a rise in the demand for commercial insurance to protect the assets and operations of an organization. This, coupled with the growing adoption of commercial insurance on account of the increasing frequency and severity of natural disasters, such as hurricanes, wildfires, and floods, is offering a positive market outlook in the United States. Moreover, the rising employment of healthcare insurance in a company to maintain employee retention is bolstering the growth of the market. In line with this, the introduction of data analytics and artificial intelligence (AI) in commercial insurance for enhanced underwriting processes, risk assessment, and claims management is strengthening the market growth in the United States. Furthermore, the increasing adoption of commercial insurance in an organization, as it allows them to focus more on their core operations, is providing lucrative growth opportunities to industry investors. In addition, the rising usage of trade credit insurance to safeguard companies against non-payment by individuals due to insolvency or default is contributing to 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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This release was published on openPR.