Market Analysis and Insights
The global commercial insurance market was valued at $692.33 billion in 2020, and is projected to reach $1,227.80 billion by 2028, registering a CAGR of 8.5% from 2021 to 2028.
Key Findings of the Commercial Insurance Market Report:
- Significant increase in uncertain incidences has been observed in all sizes of enterprises in recent years. In the COVID-19 pandemic, demand for commercial insurance has increased tremendously among business owners to protect & secure financial losses. In addition, most of the IT & telecom organizations have successfully transitioned their business from in-office to a work-from-home system.
- Increase in competition among the small & medium sized (SMEs) enterprises to increase their revenue is considered as an important factor boosting the growth of the commercial insurance market across the globe.
- The liability insurance segment was the highest contributor to the market, with $201.84 billion in 2020, and is estimated to reach $396.33 billion by 2028, at a CAGR of 9.9% during the forecast period.
- There has been a significant increase in the number of commercial insurance providers over the years mainly due to rise in number of businesses and increase in the types of business coverage. There is an intense competition among various providers offering multiple coverages for businesses of all sizes in the market with the availability of such high number of insurance providers.
- By distribution channel, the agents & brokers segment was the highest contributor to the market, with $459.32 billion in 2020, and is estimated to reach $817.45 billion by 2028, at a CAGR of 8.5% during the forecast period.
- The large enterprises segment was the highest contributor to the market, with $352.06 billion in 2020, and is estimated to reach $582.88 billion by 2028, at a CAGR of 7.6% during the forecast period.
- The transportation & logistics segment was the highest contributor to the market, with $168.73 billion in 2020, and is estimated to reach $265.05 billion by 2028, at a CAGR of 6.8% during the forecast period.
- North America was the highest revenue contributor, accounting for $342.63 billion in 2020, and is estimated to reach $546.37 billion by 2028, with a CAGR of 7.1%. The North American region occupies the largest share in the commercial insurance market, owing to availability of large number of commercial insurance providers across the region and surge in awareness among the small medium enterprises toward commercial insurance coverage.
- Asia-Pacific and LAMEA are expected to witness considerable CAGRs of 11.7% and 10.4%, respectively, during the forecast period. The cumulative share of these two segments was 27.3% in 2020, and is anticipated to reach 34.1% by 2028.
Research Methodology
Our research methodology constitutes a mix of secondary & primary research which ideally starts from exhaustive data mining, conducting primary interviews (suppliers/distributors/end-users), and formulating insights, estimates, growth rates accordingly. Final primary validation is a mandate to confirm our research findings with Key Opinion Leaders (KoLs), Industry Experts, Commercial Insurance includes major supplies & Independent Consultants among others
Market Segmentation
The Commercial Insurance market is segmented on the basis of type, application, end-use industry, and region & country.
Global Commercial Insurance Market by Type
Based on Commercial Insurance type, the market is divided into type Commercial Accident Insurance, Commercial Health Insurance, Commercial Life Insurance, Commercial Pension Insurance, Commercial Property Insurance. Commercial Insurance market's sub-segment is expected to hold the largest market share during the forecast period. Increased demand for high-quality industrial valves in the Banking and Finance and other industries. Also to mitigate the risk of contamination is driving the demand for Commercial Insurance at present. The growing concern about the market and industry is expected to boost the Commercial Insurance market in Banking and Finance.
Global Commercial Insurance Market by Application
Based on Commercial Insurance application, the market is divided into Agency, Broker, Bancassurance, Direct Writing. Commercial Insurance application valves are one of the most basic and indispensable components of today's modern technological society. Market segment is expected to hold the largest market share in the global Commercial Insurance market.
Global Market Scope and Commercial Insurance Market Size
The scope of the report is to provide a 360-degree view of the market by assessing the entire value chain and analyzing the key Commercial Insurance market trends from 2021 to 2027 underlying in specific geographies. Qualitative and quantitative aspects are interlinked to provide rationales on market numbers, CAGR, and forecasts.
Commercial Insurance Market Country Level Analysis
Most of the countries are estimated to emerge as a fastest growing region and hold the largest market share in the global industrial Commercial Insurance market, mainly due to Growing industory trends of present situations, which cannot be ignored. Geographically, regional insights has been segmented on the basis of North America, Europe, Asia Pacific, South America and The Middle East And Africa region.
Key Commercial Insurance market players identified in the report are listed below
Generali, CPIC, Allstate, AXA, Ping An Insurance, Aviva, Chubb, Munich Re, AIG, Allianz, Manulife Financial, Berkshire Hathaway, Zurich Insurance, Unitedhealth Group, Prudential PLC, Metlife, Nippon Life Insurance, Japan Post Holdings, China Life Insurance
Some of the other major highlights of the demand for Commercial Insurance report include analysis, purchasing volume, prices, pricing analysis, and regulatory framework. Coverage on manufacturing structure, distribution channels, and Porter’s Five Forces analysis are also incorporated in the scope to provide analysis on the demand and supply side. This is anticipated to create opportunities for the growth of the Commercial Insurance market during the forecast period.
COVID-19 Impact Analysis
- The COVID-19 pandemic had a significant impact on the on trade segment and Industry.
- Manufacturers are comprehending strategies to revive from the current situation by means of reshaping their sales channels as well as product innovation.
- The duration of the virus outbreak remains a key factor in assessing the overall impact of the pandemic. However, the global Commercial Insurance industry is expected to stabilize after 2021.
- The liquor industry was not impacted severely due to the pandemic.
Key Commercial Insurance Market Trends
- The report identifies, determines, and forecasts the Global Commercial Insurance Market segments based on their type, sub-type, technology used, applications, end-users, and regions.
- Industry to Industry Holds Largest Share in the Commercial Insurance Market
- It examines the micro-markets based on their growth trends, development patterns, future prospects, and contribution to the overall market.
- Demand from Regional / geographical is Expected to Drive the Growth
- Rising Adoption of Market Segments in the Commercial Insurance Growth
- North American, Europe is Expected to Witness Higher Growth Rate over the Forecast Period
- It studies the competitive developments such as partnerships and collaborations, mergers and acquisitions (M&A), research and development (R&D) activities, product developments, and expansions in the Global Commercial Insurance Market.
Table of Contents
Study Coverage: It includes key manufacturers covered, key market segments, the scope of products offered in the global Commercial Insurance market, years considered, and study objectives. Additionally, it touches the segmentation study provided in the report on the basis of the type of product and application.
Executive Summary: It gives a summary of key studies, market growth rate, competitive landscape, market drivers, trends, and issues, and macroscopic indicators.
Production by Region: Here, the report provides information related to import and export, production, revenue, and key players of all regional markets studied.
Profile of Manufacturers: Each player profiled in this section is studied on the basis of SWOT analysis, their products, production, value, capacity, and other vital factors.
Reasons to Buy
- In-depth analysis of the market on the global and regional level.
- Major changes in market dynamics and competitive landscape.
- Segmentation on the basis of type, application, geography and others.
- Historical and future market research in terms of size, share, growth, volume & sales.
- Major changes and assessment in market dynamics & developments.
- Industry size & share analysis with industry growth and trends.
Commercial Insurance Market Growth is segmented on the basis of market type, application, end-user and region.
Based on Type
Commercial Accident Insurance
Commercial Health Insurance
Commercial Life Insurance
Commercial Pension Insurance
Commercial Property Insurance
Based on Application
Agency
Broker
Bancassurance
Direct Writing
Regions Covered
Americas
North America
United States
Canada
Mexico
South America
Brazil
Argentina
Chile
Colombia
Rest Of Latin America
Europe
United Kingdom
Germany
France
Italy
Spain
Netherlands
Sweden
Rest of Europe
Asia-Pacific
China
India
Japan
South Korea
Australia
Singapore
Indonesia
Malaysia
Thailand
Philippines,
Vietnam
Rest of Asia-Pacific
The Middle East And Africa
Saudi Arabia
United Arab Emirates
South Africa
Iran
Turkey
Morocco
Nigeria
Algeria
Cameroon
Chad
Congo
Egypt
Kuwait
Rest of LAMEA
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