Insights on the Commercial Insurance Global Market to 2027 – by Type, Enterprise Size, Distribution Channel, Industry Vertical and Region – ResearchAndMarkets.com
DUBLIN–(BUSINESS WIRE)–The “Commercial Insurance Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027” report has been added to ResearchAndMarkets.com’s offering.
The global commercial insurance market reached a value of US$ 728.0 billion in 2021. Looking forward, the market is projected to reach a value of US$ 1,123.5 billion by 2027, exhibiting a CAGR of 7.20% during 2022-2027.
- Allianz SE
- American International Group Inc.
- Aon plc
- Aviva plc
- AXA S.A.
- Chubb Limited
- Direct Line Insurance Group plc
- Marsh & McLennan Companies Inc.
- Willis Towers Watson Public Limited Company
- Zurich Insurance Group Ltd
Keeping in mind the uncertainties of COVID-19, the analyst is continuously tracking and evaluating the direct as well as the indirect influence of the pandemic on different End-use industries. These insights are included in the report as a major market contributor.
Commercial insurance refers to a type of coverage for businesses and corporations designed to protect the organization, its employees, and its ownership. Some commonly offered commercial insurance policies include property insurance, general liability, commercial auto insurance, workers’ compensation insurance, business interruption insurance, cyber liability insurance, and crime coverage.
It covers the company against losses and risks, such as property damage, injury to the employees, cyberattacks, thefts, natural disasters, data breaches, and liability lawsuits that could potentially disrupt the business operations. In recent years, commercial insurance has rapidly gained traction among startups and enterprises as it protects the assets of the insured business from unexpected events and covers the financial losses incurred.
Commercial insurance offers security for business operations, protects the company’s reputation, and ensures the wellbeing of its employees and financial situation. As a result, the rising awareness regarding the benefits of commercial insurance policies among enterprises represents the primary factor driving the market growth. Besides this, the increasing number of small- and medium-sized enterprises (SMEs) and the growing need to protect businesses against unexpected losses are augmenting the demand for commercial insurance.
Additionally, regional governments of various countries are taking favorable initiatives to encourage employers and business owners to purchase different types of coverage, such as workers’ compensation insurance for employees and commercial auto insurance for business-owned vehicles. Along with this, the rising number of commercial insurance providers is catalyzing the market growth.
Furthermore, the leading players are adopting advanced technologies, such as artificial intelligence (AI) and machine learning (ML), to offer enhanced services like personalized and convenient insurance plans with lower premium costs to improve customer loyalty and gain a competitive edge. Other factors, including the growing usage of telematics devices across various industries, rising competition among businesses, technological advancements, and rapid industrialization, are also creating a favorable outlook for the market.
Key Questions Answered in This Report
- How has the global commercial insurance market performed so far and how will it perform in the coming years?
- What has been the impact of COVID-19 on the global commercial insurance market?
- What are the key regional markets?
- What is the breakup of the market based on the type?
- What is the breakup of the market based on the enterprise size?
- What is the breakup of the market based on the distribution channel?
- What is the breakup of the market based on the industry vertical?
- What are the various stages in the value chain of the industry?
- What are the key driving factors and challenges in the industry?
- What is the structure of the global commercial insurance market and who are the key players?
- What is the degree of competition in the industry?
Key Topics Covered:
2 Scope and Methodology
3 Executive Summary
4.2 Key Industry Trends
5 Global Commercial Insurance Market
5.1 Market Overview
5.2 Market Performance
5.3 Impact of COVID-19
5.4 Market Forecast
6 Market Breakup by Type
7 Market Breakup by Enterprise Size
8 Market Breakup by Distribution Channel
9 Market Breakup by Industry Vertical
10 Market Breakup by Region
11 SWOT Analysis
12 Value Chain Analysis
13 Porters Five Forces Analysis
14 Price Analysis
15 Competitive Landscape
15.1 Market Structure
15.2 Key Players
15.3 Profiles of Key Players
For more information about this report visit https://www.researchandmarkets.com/r/vjl8lw