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Commercial Insurance Market Expanding at 9.7% CAGR, Leading Players, Size, Share, Market Value, Trends Projected by 2030 | Direct Line Insurance Group plc, Marsh, Willis Towers Watson, and Zurich
Commercial Insurance Market
Rise in need for insurance policies among enterprises, increased competition among small & medium-sized businesses, and presence of huge number of insurance providers drive the growth of the global commercial insurance market. However, high premium of insurance and lack of awareness in small-sized enterprises hinder the market growth. On the other hand, increase in usage of telematics devices in the retail, construction, and healthcare industries along with adoption of advanced technologies create new opportunities in the coming years.
โก๏ธ๐๐จ๐ฐ๐ง๐ฅ๐จ๐๐ ๐๐๐ฌ๐๐๐ซ๐๐ก ๐๐๐ฉ๐จ๐ซ๐ญ ๐๐๐ฆ๐ฉ๐ฅ๐ & ๐๐๐ :
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COVID-19 Scenario:
The demand for commercial insurance has been affected during the Covid-19 pandemic due to surge in claim payments and motor liability premium rates, increase in pricing, and severity of losses across various industry verticals.
There has been surge in the number of fraudulent claim attempts and lack of appropriate IT infrastructure between the distribution channels. This, in turn, impacted the commercial insurance market growth.
Insurance providers adopted different technologies such as chatbots, online applications and approvals, and others to speed up the processes of settling claims, availing new policies, and addressing issues of customers.
The report offers detailed segmentation of the global commercial insurance market based on type, distribution channel, enterprise size, industry vertical, and region. Based on type, the liability insurance segment held the highest share in 2020, accounting for more than one-fourth of the total share, and is projected to maintain its lead position during the forecast period. Moreover, this segment is expected to portray the highest CAGR of 10.7% from 2021 to 2030. The report also analyzes the segment including commercial motor insurance, commercial, property insurance, marine insurance, and others.
โก๏ธ๐๐๐ช๐ฎ๐๐ฌ๐ญ ๐๐ฎ๐ฌ๐ญ๐จ๐ฆ๐ข๐ณ๐๐ญ๐ข๐จ๐ง ๐๐ ๐จ๐๐๐๐ซ ๐๐ฎ๐ฌ๐ญ๐จ๐ฆ๐ข๐ณ๐๐ ๐ซ๐๐ฉ๐จ๐ซ๐ญ ๐๐ฌ ๐ฉ๐๐ซ ๐ฒ๐จ๐ฎ๐ซ ๐ซ๐๐ช๐ฎ๐ข๐ซ๐๐ฆ๐๐ง๐ญ :
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Based on industry vertical, the transportation & logistics segment contributing to the highest share in 2020, holding nearly one-fourth of the total share of the global commercial insurance market, and is estimated to maintain its leadership status during the forecast period. However, the energy & utilities segment is expected to witness the largest CAGR of 11.9% from 2021 to 2030.
Based on region, North America accounted for the highest share in 2020, holding nearly half of the total market share, and is expected to maintain its dominance by 2030. However, Asia-Pacific is projected to register the highest CAGR of 12.3% during the forecast period.
โก๏ธ๐๐ฎ๐ฒ ๐๐จ๐ฆ๐ฉ๐ฅ๐๐ญ๐ ๐๐๐ฉ๐จ๐ซ๐ญ ๐๐ญ ๐๐ข๐ฌ๐๐จ๐ฎ๐ง๐ญ๐๐ ๐๐ซ๐ข๐๐ @ https://www.alliedmarketresearch.com/checkout-final/945f48a68a8113a1112670e90715be9d
Leading players of the global commercial insurance market analyzed in the research include Allianz, Aon plc, American International Group Inc., AXA, Aviva, Direct Line Insurance Group plc, Chubb, Willis Towers Watson, Marsh, and Zurich. These market players have adhered to several strategies including partnership, expansion, collaboration, joint ventures, and others to prove their flair in the industry.
๐๐ก๐๐ง๐ค๐ฌ ๐๐จ๐ซ ๐ซ๐๐๐๐ข๐ง๐ ๐ญ๐ก๐ข๐ฌ ๐๐ซ๐ญ๐ข๐๐ฅ๐; ๐ฒ๐จ๐ฎ ๐๐๐ง ๐๐ฅ๐ฌ๐จ ๐ ๐๐ญ ๐ข๐ง๐๐ข๐ฏ๐ข๐๐ฎ๐๐ฅ ๐๐ก๐๐ฉ๐ญ๐๐ซ-๐ฐ๐ข๐ฌ๐ ๐ฌ๐๐๐ญ๐ข๐จ๐ง๐ฌ ๐จ๐ซ ๐ซ๐๐ ๐ข๐จ๐ง-๐ฐ๐ข๐ฌ๐ ๐ซ๐๐ฉ๐จ๐ซ๐ญ ๐ฏ๐๐ซ๐ฌ๐ข๐จ๐ง๐ฌ ๐ฅ๐ข๐ค๐ ๐๐จ๐ซ๐ญ๐ก ๐๐ฆ๐๐ซ๐ข๐๐, ๐๐๐๐๐, ๐๐ฎ๐ซ๐จ๐ฉ๐, ๐จ๐ซ ๐๐ฌ๐ข๐-๐๐๐๐ข๐๐ข๐.
๐๐ง๐ช๐ฎ๐ข๐ซ๐ ๐๐๐๐จ๐ซ๐ ๐๐ฎ๐ฒ๐ข๐ง๐ : https://www.alliedmarketresearch.com/purchase-enquiry/12030
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