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Commercial Insurance Market Report

RA08428

Commercial Insurance Market by Type (Commercial Motor Insurance, Commercial Property Insurance, Cyber Insurance, Liability Insurance, Marine Insurance, and Others), Distribution Channel (Direct and Indirect Channel), Enterprise Size (Large Enterprise, Medium Enterprise, and Small Enterprise), and Regional Analysis (North America, Europe, Asia-Pacific, and LAMEA): Global Opportunity Analysis and Industry Forecast, 2021–2028

RA08428

Pages: 244

Aug 2021

COVID-19

pandemic has shown to have an enormous impact on most
industries.

Click Here to access our comprehensive analysis of the

Impact of covid-19 on Commercial Insurance Market

Global Commercial Insurance Market Analysis

The global commercial insurance market size is predicted to garner a revenue of $661,743.0 million in the 2021–2028 timeframe, growing from $349,127.3 million in 2020, at a healthy CAGR of 8.1%.

Market Synopsis

Increase in the demand for insurance policies among small and large enterprises might drive the global commercial insurance market growth.

However, the high premium of commercial insurance might restrain the market growth during the forecast period. 

According to the regional analysis of the market, the Asia-Pacific commercial insurance market share is anticipated to grow at a CAGR of 9.1%, by generating a revenue of $2,11,029.8 million during the review period.

Commercial Insurance Market Overview

Commercial insurance is a type of insurance that provides insurance to large, small and medium businesses and protect them from unwanted risks. This insurance might include property damages, decrease in income due to other businesses, robbery, legal issues, and employee grievances. It also provides solutions to offer safety to business operations at the time of requirement. Moreover, commercial insurance provides coverage for different industrial sectors like manufacturing, IT & telecom, logistics, retail, construction, and healthcare. 

Covid-19 Impact on Commercial Insurance Market 

In March 2020, the World Health Organization declared COVID-19 as a pandemic, which resulted into restrictions on travel and disturbances in financial markets, resulting in an impact on supply chains and production levels. The coronavirus pandemic has unleashed a series of unprecedented events affecting every industry. Individuals, society, industry, and the global economy continue to be impacted by the COVID-19 situation around the world. Although the insurance business has not been spared, insurers have reacted fast to the crisis. Insurers are expected to confront a variety of hurdles while the broader economy recovers and responds to the pandemic, but they might find numerous new opportunities in the medium to long term. Therefore COVID-19 has a moderate impact on the global commercial insurance market. 

Increase in the Need for Commercial Insurance is Anticipated to Drive the Market Growth

The increase in the demand for commercial insurance policies among small and medium sized organizations is anticipated to drive the growth of the market. Moreover, due to the significant effect of COVID-19 on business firms, the need for insurance policies has increased gradually and has become an important factor for boosting the global commercial insurance market. Also, due to the large number of commercial insurance providers, the market is expected to have a positive impact during the forecast period. With such a large number of insurance companies to choose from, there is fierce rivalry among them to provide a wide range of coverages for businesses of all kinds.

To know more about global commercial insurance market trends, get in touch with our analysts here.

High Premiums of Commercial Insurance Might Restrict the Market Growth

High commercial insurance premiums and a lack of commercial insurance knowledge among small businesses are two factors impeding market growth. To the maximum extent, small and micro enterprises are not aware of the commercial insurances and the coverage it provides for their businesses. This drawback is expected to limit the market growth during the upcoming years.

Technological Advancements are Expected to Increase the Opportunities of Commercial Market Growth

The growing number of small firms and technology improvements in the insurance industry are likely to propel the commercial insurance market to new heights. Predictive analytics is used by several commercial insurers to collect a variety of data in order to fully understand and estimate corporate risks and losses. By delivering advanced services, such as quick and convenient insurance policies with reduced premium rates, the use of technology is aimed to promote client loyalty and expand the company's market position. Moreover, the commercial insurance sector is predicted to develop as a result of government regulation necessitating commercial insurance.

To know more about global commercial insurance market opportunities, get in touch with our analysts here.

Commercial Insurance Market
By Type

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Based on type, the commercial insurance market has been segmented into commercial motor insurance, Commercial Property Insurance, cyber insurance, liability insurance (cgl insurance), marine insurance, and others of which the Commercial Property Insurance sub-segment is projected to generate the maximum revenue during the forecast period.

Source: Research Dive Analysis

The commercial property insurance sub-segment is predicted to have a dominating market share in the global market and register a revenue of $2,22,228.0 million during the forecast period. The market is expected to grow due to the expansion of small and medium businesses (SMEs) and increased foreign direct investment in real estate. Furthermore, the commercial property insurance market has benefited from lucrative investment opportunities and government programs encouraging firms to purchase commercial property insurance. Workers' compensation insurance, liability insurance, and other types of insurances may be required depending on the state laws in which a firm operates.

Commercial Insurance Market
By Enterprise Size

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Based on enterprise size, the market has been divided into Large Enterprises, medium-sized enterprises, and small enterprises sub-segments of which the small enterprises sub-segment is projected to grow at a faster CAGR during the forecast period.

Source: Research Dive Analysis

The small enterprises sub-segment is anticipated to have the fastest market growth during the forecast period. It is predicted that the market shall generate a revenue of $2,29,351.2 million by 2028, growing from $1,15,686.2 million in 2020, with a CAGR of 8.7%. Small businesses are increasingly in need of commercial insurance plans to safeguard themselves from unforeseen losses. Commercial small business insurance protects them against lawsuits, property damage, liabilities, and workers' compensation claims. These factors are anticipated to increase the growth of the small enterprises sub-segment during the upcoming years.

Commercial Insurance Market
By Distribution Channel

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Based on distribution channel, commercial insurance market is bifurcated into Direct and inDirect channel. Among these, Direct channel sub-segment is anticipated to hold the maximum share of the global market revenue while inDirect channel is expected to be the fastest growing.

Source: Research Dive Analysis

The direct channel sub-segment is predicted to have a dominating market share in the global market and register a revenue of $4,07,518.2 million during the forecast period. Direct response marketing includes advertising through traditional media, telemarketing, or the use of the internet to solicit business. Consumers may easily compare policy advantages and pricing on the internet, especially on numerous sites dedicated to comparing insurance prices, for instance, India has sites such as policybazaar.com and more. As the marketing of insurance services is far cheaper to be marketed via direct channels than an agency network, and the competition is much larger, the direct response approach is the most cost effective for the consumer. 

The indirect sub-segment is anticipated to have the fastest market growth during the forecast period. It is predicted that the market shall generate a revenue of $2,54,224.8 million by 2028, growing from $1,32,328.3 million in 2020, with a CAGR of 8.2%. Agents and brokers make up the indirect channel. Insurance agents and brokers are investing in digital technologies like cloud computing to help customers operate online while also growing sales and margins. These internet portals and other mobile platforms are designed to increase the efficiency of corporate processing while lowering expenses. This integration of technology into existing services is expected to increase the sub-segment growth. 

Commercial Insurance Market
By Region

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The commercial insurance market was inspected across North America, Europe, Asia-Pacific, and LAMEA.

Source: Research Dive Analysis

The Market for Commercial Insurance in Asia-Pacific to be the Fastest Growing

Asia-Pacific is anticipated to be the fastest growing market during the forecast time period and reach $2,11,029.8 million by 2028, with a CAGR of 9.1%. The Asia-Pacific region plays a vital role in the insurance industry's future. It is responsible for nearly one-third of the world's population, and it comprises of several of the quickest growing economies. With the increase in the number of small business, the demand for commercial insurance is also gradually increasing in Asia-Pacific region. The increase in the number of SMEs, combined with the coverages provided by insurance companies in the region is expected to boost the growth of the commercial insurance market. 

Competitive Scenario in the Global Commercial Insurance Market

Product launches and mergers & acquisitions are common strategies followed by major market players.

Competitive Scenario in the Global Commercial Insurance Market

Source: Research Dive Analysis

Some of the leading commercial insurance market players are Allianz, American International Group, Inc., Aon plc, Aviva, AXA, Chubb Limited, Direct Line Insurance Group plc, Marsh, Willis Towers Watson, and Zurich.

Porter’s Five Forces Analysis for the Global Commercial Insurance Market:

  • Bargaining Power of Suppliers: Commercial insurance market contains huge concentration of distributors & suppliers and therefore, the distributors & suppliers’ control is predicted to be reasonable, resulting in moderate bargaining power of dealers.
    Thus, the bargaining power of the suppliers is considered to be moderate.
  • Bargaining Power of Buyers: Buyers might have great bargaining power, significantly because of high players functioning in the commercial insurance market.
    Therefore, the bargaining power of the buyer is high.
  • Threat of New Entrants: Companies entering the commercial insurance market are adopting technological innovations such as predictive data analytics to attract clients. But since the investment cost is high,
    the threat of the new entrants is moderate.
  • Threat of Substitutes: There are fewer products for commercial insurance. For instance, property & casualty insurance.
    Thus, the threat of substitutes is moderate.
  • Competitive Rivalry in the Market: The competitive rivalry among industry leaders is rather intense, especially between the global players including Chubb limited, Marsh, and AON plc. These companies are strengthening their footprint worldwide. 
    Therefore, competitive rivalry in the market is high.

Aspect

Particulars

  Historical Market Estimations

  2019-2020

  Base Year for Market Estimation

  2020

  Forecast Timeline for Market Projection

  2021-2028

  Geographical Scope

  North America, Europe, Asia-Pacific, LAMEA

  Segmentation by Type

  • Commercial Motor Insurance
  • Commercial Property Insurance
  • Cyber insurance
  • Liability Insurance
  • Marine Insurance
  • Others

  Segmentation by Enterprise Size

  • Large Enterprise
  • Medium Enterprise
  • Small Enterprise

  Segmentation by Distribution Channel

  • Direct Channel
  • Indirect Channel

  Key Companies Profiled

  • Allianz
  • American International Group, Inc.
  • Aon plc
  • Aviva
  • AXA
  • Chubb Limited
  • Direct Line Insurance Group plc
  • Marsh
  • Willis Towers Watson
  • Zurich

Frequently Asked Questions
 

A. The size of the global commercial insurance market was over $349,127.3 million in 2020 and is projected to reach $66,1743 million by 2028.

A. Chubb Limited, AON plc, and Allianz are some of the key players in the global commercial insurance market.

A. The Asia-Pacific region possesses great investment opportunities for investors to witness the most promising growth in the future.

A. Asia-Pacific commercial insurance market is anticipated to grow at 9.1% CAGR during the forecast period.

A. Technological development and strategic partnerships are the key strategies opted by the operating companies in this market.

1.Research Methodology

1.1.Desk Research
1.2.Real time insights and validation
1.3.Forecast model
1.4.Assumptions and forecast parameters

1.4.1.Assumptions
1.4.2.Forecast parameters

1.5.Data sources

1.5.1.Primary
1.5.2.Secondary

2.Executive Summary

2.1.360° summary
2.2.By type trends
2.3.By enterprise size trends
2.4.By distribution channel trends 

3.Market overview

3.1.Market segmentation & definitions
3.2.Key takeaways

3.2.1.Top investment pockets
3.2.2.Top winning strategies

3.3.Porter’s five forces analysis

3.3.1.Bargaining power of consumers
3.3.2.Bargaining power of suppliers
3.3.3.Threat of new entrants
3.3.4.Threat of substitutes
3.3.5.Competitive rivalry in the market

3.4.Market dynamics

3.4.1.Drivers
3.4.2.Restraints
3.4.3.Opportunities

3.5.Technology landscape
3.6.Regulatory landscape
3.7.Patent landscape
3.8.Pricing overview

3.8.1.by type
3.8.2.by enterprise size
3.8.3.By distribution channel

3.9.Market value chain analysis

3.9.1.Stress point analysis
3.9.2.Raw material analysis
3.9.3.Manufacturing process
3.9.4.Distribution channel analysis
3.9.5.Operating vendors

3.9.5.1.Raw material suppliers
3.9.5.2.Product manufacturers
3.9.5.3.Product distributors

3.10.Strategic overview

4.Commercial insurance Market, by Type

4.1.Commercial Motor Insurance

4.1.1.Market size and forecast, by region, 2020-2028
4.1.2.Comparative market share analysis, 2020 & 2028

4.2.Commercial Property Insurance

4.2.1.Market size and forecast, by region, 2020-2028
4.2.2.Comparative market share analysis, 2020 & 2028

4.3.Liability Insurance

4.3.1.Market size and forecast, by region, 2020-2028
4.3.2.Comparative market share analysis, 2020 & 2028

4.4.Marine Insurance

4.4.1.Market size and forecast, by region, 2020-2028
4.4.2.Comparative market share analysis, 2020 & 2028

4.5.Cyber Insurance

4.5.1.Market size and forecast, by region, 2020-2028
4.5.2.Comparative market share analysis, 2020 & 2028

4.6.Others

4.6.1.Market size and forecast, by region, 2020-2028
4.6.2.Comparative market share analysis, 2020 & 2028

5.Commercial insurance Market, by Enterprise Size

5.1.Large Enterprise 

5.1.1.Market size and forecast, by region, 2020-2028
5.1.2.Comparative market share analysis, 2020 & 2028

5.2.Medium Enterprise

5.2.1.Market size and forecast, by region, 2020-2028
5.2.2.Comparative market share analysis, 2020 & 2028

5.3.Small Enterprise

5.3.1.Market size and forecast, by region, 2020-2028
5.3.2.Comparative market share analysis, 2020 & 2028

6.Commercial insurance Market, by Distribution Channel

6.1.Direct Channel

6.1.1.Market size and forecast, by region, 2020-2028
6.1.2.Comparative market share analysis, 2020 & 2028

6.2.Indirect Channel 

6.2.1.Market size and forecast, by region, 2020-2028
6.2.2.Comparative market share analysis, 2020 & 2028

7.Commercial insurance Market, by Region

7.1.North America

7.1.1.Market size and forecast, by type, 2020-2028
7.1.2.Market size and forecast, by enterprise size, 2020-2028
7.1.3.Market size and forecast, by distribution channel, 2020-2028
7.1.4.Market size and forecast, by country, 2020-2028
7.1.5.Comparative market share analysis, 2020 & 2028
7.1.6.U.S.

7.1.6.1.Market size and forecast, by type, 2020-2028
7.1.6.2.Market size and forecast, by enterprise size, 2020-2028
7.1.6.3.Market size and forecast, by distribution channel, 2020-2028
7.1.6.4.Market size and forecast, by country, 2020-2028
7.1.6.5.Comparative market share analysis, 2020 & 2028

7.1.7.Canada

7.1.7.1.Market size and forecast, by type, 2020-2028
7.1.7.2.Market size and forecast, by enterprise size, 2020-2028
7.1.7.3.Market size and forecast, by distribution channel, 2020-2028
7.1.7.4.Market size and forecast, by country, 2020-2028
7.1.7.5.Comparative market share analysis, 2020 & 2028

7.1.8.Mexico

7.1.8.1.Market size and forecast, by type, 2020-2028
7.1.8.2.Market size and forecast, by enterprise size, 2020-2028
7.1.8.3.Market size and forecast, by distribution channel, 2020-2028
7.1.8.4.Market size and forecast, by country, 2020-2028
7.1.8.5.Comparative market share analysis, 2020 & 2028

7.2.Europe

7.2.1.Market size and forecast, by type, 2020-2028
7.2.2.Market size and forecast, by enterprise size, 2020-2028
7.2.3.Market size and forecast, by distribution channel, 2020-2028
7.2.4.Market size and forecast, by country, 2020-2028
7.2.5.Comparative market share analysis, 2020 & 2028
7.2.6.Germany 

7.2.6.1.Market size and forecast, by type, 2020-2028
7.2.6.2.Market size and forecast, by enterprise size, 2020-2028
7.2.6.3.Market size and forecast, by distribution channel, 2020-2028
7.2.6.4.Market size and forecast, by country, 2020-2028
7.2.6.5.Comparative market share analysis, 2020 & 2028

7.2.7.UK

7.2.7.1.Market size and forecast, by type, 2020-2028
7.2.7.2.Market size and forecast, by enterprise size, 2020-2028
7.2.7.3.Market size and forecast, by distribution channel, 2020-2028
7.2.7.4.Market size and forecast, by country, 2020-2028
7.2.7.5.Comparative market share analysis, 2020 & 2028

7.2.8.France

7.2.8.1.Market size and forecast, by type, 2020-2028
7.2.8.2.Market size and forecast, by enterprise size, 2020-2028
7.2.8.3.Market size and forecast, by distribution channel, 2020-2028
7.2.8.4.Market size and forecast, by country, 2020-2028
7.2.8.5.Comparative market share analysis, 2020 & 2028

7.2.9.Italy

7.2.9.1.Market size and forecast, by type, 2020-2028
7.2.9.2.Market size and forecast, by enterprise size, 2020-2028
7.2.9.3.Market size and forecast, by distribution channel, 2020-2028
7.2.9.4.Market size and forecast, by country, 2020-2028
7.2.9.5.Comparative market share analysis, 2020 & 2028

7.2.10.Spain

7.2.10.1.Market size and forecast, by type, 2020-2028
7.2.10.2.Market size and forecast, by enterprise size, 2020-2028
7.2.10.3.Market size and forecast, by distribution channel, 2020-2028
7.2.10.4.Market size and forecast, by country, 2020-2028
7.2.10.5.Comparative market share analysis, 2020 & 2028

7.2.11.Rest of Europe

7.2.11.1.Market size and forecast, by type, 2020-2028
7.2.11.2.Market size and forecast, by enterprise size, 2020-2028
7.2.11.3.Market size and forecast, by distribution channel, 2020-2028
7.2.11.4.Market size and forecast, by country, 2020-2028
7.2.11.5.Comparative market share analysis, 2020 & 2028

7.3.Asia-Pacific

7.3.1.Market size and forecast, by type, 2020-2028
7.3.2.Market size and forecast, by enterprise size, 2020-2028
7.3.3.Market size and forecast, by distribution channel, 2020-2028
7.3.4.Market size and forecast, by country, 2020-2028
7.3.5.Comparative market share analysis, 2020 & 2028
7.3.6.China

7.3.6.1.Market size and forecast, by type, 2020-2028
7.3.6.2.Market size and forecast, by enterprise size, 2020-2028
7.3.6.3.Market size and forecast, by distribution channel, 2020-2028
7.3.6.4.Market size and forecast, by country, 2020-2028
7.3.6.5.Comparative market share analysis, 2020 & 2028

7.3.7.Japan 

7.3.7.1.Market size and forecast, by type, 2020-2028
7.3.7.2.Market size and forecast, by enterprise size, 2020-2028
7.3.7.3.Market size and forecast, by distribution channel, 2020-2028
7.3.7.4.Market size and forecast, by country, 2020-2028
7.3.7.5.Comparative market share analysis, 2020 & 2028

7.3.8.India 

7.3.8.1.Market size and forecast, by type, 2020-2028
7.3.8.2.Market size and forecast, by enterprise size, 2020-2028
7.3.8.3.Market size and forecast, by distribution channel, 2020-2028
7.3.8.4.Market size and forecast, by country, 2020-2028
7.3.8.5.Comparative market share analysis, 2020 & 2028

7.3.9.South Korea 

7.3.9.1.Market size and forecast, by type, 2020-2028
7.3.9.2.Market size and forecast, by enterprise size, 2020-2028
7.3.9.3.Market size and forecast, by distribution channel, 2020-2028
7.3.9.4.Market size and forecast, by country, 2020-2028
7.3.9.5.Comparative market share analysis, 2020 & 2028

7.3.10.Australia 

7.3.10.1.Market size and forecast, by type, 2020-2028
7.3.10.2.Market size and forecast, by enterprise size, 2020-2028
7.3.10.3.Market size and forecast, by distribution channel, 2020-2028
7.3.10.4.Market size and forecast, by country, 2020-2028

Comparative market share analysis, 2020 & 2028

7.3.11.Rest of Asia Pacific

7.3.11.1.Market size and forecast, by type, 2020-2028
7.3.11.2.Market size and forecast, by enterprise size, 2020-2028
7.3.11.3.Market size and forecast, by distribution channel, 2020-2028
7.3.11.4.Market size and forecast, by country, 2020-2028
7.3.11.5.Comparative market share analysis, 2020 & 2028

7.4.LAMEA

7.4.1.Market size and forecast, by type, 2020-2028
7.4.2.Market size and forecast, by enterprise size, 2020-2028
7.4.3.Market size and forecast, by distribution channel, 2020-2028
7.4.4.Market size and forecast, by country, 2020-2028
7.4.5.Comparative market share analysis, 2020 & 2028
7.4.6.Latin America  

7.4.6.1.Market size and forecast, by type, 2020-2028
7.4.6.2.Market size and forecast, by enterprise size, 2020-2028
7.4.6.3.Market size and forecast, by distribution channel, 2020-2028
7.4.6.4.Market size and forecast, by country, 2020-2028
7.4.6.5.Comparative market share analysis, 2020 & 2028

7.4.7.Middle East 

7.4.7.1.Market size and forecast, by type, 2020-2028
7.4.7.2.Market size and forecast, by enterprise size, 2020-2028
7.4.7.3.Market size and forecast, by distribution channel, 2020-2028
7.4.7.4.Market size and forecast, by country, 2020-2028
7.4.7.5.Comparative market share analysis, 2020 & 2028

7.4.8.Africa

7.4.8.1.Market size and forecast, by type, 2020-2028
7.4.8.2.Market size and forecast, by enterprise size, 2020-2028
7.4.8.3.Market size and forecast, by distribution channel, 2020-2028
7.4.8.4.Market size and forecast, by country, 2020-2028
7.4.8.5.Comparative market share analysis, 2020 & 2028

8.Company profiles

8.1.Allianz

8.1.1.Business overview
8.1.2.Financial performance
8.1.3.Product portfolio
8.1.4.Recent strategic moves & developments
8.1.5.SWOT analysis

8.2.American International Group, Inc.

8.2.1.Business overview
8.2.2.Financial performance
8.2.3.Product portfolio
8.2.4.Recent strategic moves & developments
8.2.5.SWOT analysis

8.3.AON plc

8.3.1.Business overview
8.3.2.Financial performance
8.3.3.Product portfolio
8.3.4.Recent strategic moves & developments
8.3.5.SWOT analysis

8.4.Aviva

8.4.1.Business overview
8.4.2.Financial performance
8.4.3.Product portfolio
8.4.4.Recent strategic moves & developments
8.4.5.SWOT analysis

8.5.AXA

8.5.1.Business overview
8.5.2.Financial performance
8.5.3.Product portfolio
8.5.4.Recent strategic moves & developments
8.5.5.SWOT analysis

8.6.Chubb Limited

8.6.1.Business overview
8.6.2.Financial performance
8.6.3.Product portfolio
8.6.4.Recent strategic moves & developments
8.6.5.SWOT analysis

8.7.Direct Line Insurance Group plc

8.7.1.Business overview
8.7.2.Financial performance
8.7.3.Product portfolio
8.7.4.Recent strategic moves & developments
8.7.5.SWOT analysis

8.8.Marsh

8.8.1.Business overview
8.8.2.Financial performance
8.8.3.Product portfolio
8.8.4.Recent strategic moves & developments
8.8.5.SWOT analysis

8.9.Willis Towers Watson

8.9.1.Business overview
8.9.2.Financial performance
8.9.3.Product portfolio
8.9.4.Recent strategic moves & developments
8.9.5.SWOT analysis

8.10.Zurich

8.10.1.Business overview
8.10.2.Financial performance
8.10.3.Product portfolio
8.10.4.Recent strategic moves & developments
8.10.5.SWOT analysis

Insurance is an important element that helps secure certain aspects of life. It is also a necessity for businesses - small, medium and large as they are at a high risk of being subjected to legal complications, robberies as well as any issues an employee might be facing. These problems can be resolved and the businesses can find solutions to and recover from them using commercial insurance.

Impact of COVID-19 on the Global Commercial Insurance Market

In early 2020, the world witnessed the rapid spread of the coronavirus which due to its intensity was declared a pandemic. As a result of this, society experienced a drastic shift in the way things functioned. The guidelines issued by several healthcare organizations, especially the World Health Organization stressed on the need to maintain social distancing which led to the implementation of lockdowns all over the world. Also, most nations shut their borders affecting the supply chain immensely which further led to a loss for businesses. Most of the insurance companies found opportunities to maintain their growth by playing a major role in helping businesses sustain through these testing times. Thus, the pandemic had a mild effect on the commercial insurance market due to which it also recovered easily in the analysis period.

Key Developments in the Industry

Various experts of the industry have been working on innovations and enhancing their services to cement their position in the market. The organizations have also been utilizing novel methods to ensure the best of facilities for the customer’s satisfaction.

In February 2019, Berkshire Hathaway Guard Insurance Companies, renowned leader in the insurance market announced their plans to launch a new insurance plan-the Commercial Package Product. This type of insurance is expected to cover commercial property, umbrella, employment-related practices liability insurance, as well as general liability with a limit ranging between $1 million to $6 million. The target companies are expected to be wholesalers and distributors, resorts, light to medium manufacturing companies and country clubs.

Also, in December 2020, Assurant, another global expert in insurance solutions acquired EPG Insurance, an expert in facilities such as physical damage insurance and loss damage waivers. This initiative is predicted to expand the product inventory of the company while also enhancing its presence in the market.

Forecast Analysis of the Market

A recently published report by Research Dive states that the global commercial insurance market is expected to witness a rise in revenue from $3,49,127.3 million in 2020 to over $6,61,743.0 million by 2028 at a stable CAGR of 8.1% from 2021-2028.

Several small and medium businesses have been demanding commercial insurance policies that will help secure the organizations. To add further, the pandemic affected many businesses severely which stated the importance of having valid insurance policies. This demand as well as the introduction of new and enhanced policies along with the presence of multiple renowned insurance companies has contributed to the growth of the global commercial insurance market.

On the contrary, small businesses are unaware of most aspects of commercial insurance which also include the coverage it assures their businesses. Also, most insurances have extremely high commercial insurance premiums which some of the businesses may not be able to afford. These factors are anticipated to hamper the growth of the market in the forecast period.

Also, the market has been experiencing a rapid increase in the presence of small businesses which has also led to advancements in technology. Also, predictive analysis, a method which collects a large amount of data to help analyze the corporate risks and losses, is mostly used by insurers to help businesses understand any risks they may be at. A majority of the companies have also been providing easy and user-oriented policies to people while ensuring that the premium rates are lowered. These factors are predicted to provide the market with an opportunity to grow further in the estimated timeframe.

Moreover, a large number of industry experts have worked towards the benefit of businesses by providing them with best solutions according to their requirements. Some of them are

  • Allianz
  • American International Group, Inc.
  • Aon plc
  • Aviva
  • AXA
  • Chubb Limited
  • Direct Line Insurance Group plc
  • Marsh
  • Willis Towers Watson
  • Zurich

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