Commercial Insurance Market is Projected To Reach USD 1,227.80 Billion By 2028, Growing At A Cagr Of 8.5%

BANGALORE, India, July 8, 2021 /PRNewswire/ — Commercial Insurance Market By Type (Commercial Motor Insurance, Commercial Property Insurance, Liability Insurance, Marine Insurance, and Others), Distribution Channel (Agents & Brokers, Direct Response, and Others) Enterprise Size (Large Enterprises, Medium-Sized Enterprises, and Small-Sized Enterprises), and Industry Vertical (Manufacturing, Construction, IT & Telecom, Healthcare, Energy & Utilities, Transportation & Logistics, and Others). This report is published on Valuates Reports in the Insurance Category.

The global commercial insurance market was valued at USD 692.33 Billion in 2020 and is projected to reach USD 1,227.80 Billion by 2028, growing at a CAGR of 8.5% from 2021 to 2028. 

Major factors driving the growth of the commercial insurance market are:

  • Increase in need for insurance policies among the enterprises to protect the business from unexpected losses. Commercial insurance covers potential damage to property, to protect from lawsuits, liability, and workers’ compensation.
  • Government regulations are expected to further fuel the commercial insurance market. Depending on the state laws where your business operates, the government might mandate Workers’ compensation insurance, Liability Insurance, etc.
  • The growing competition among small and medium-sized businesses and the availability of a large number of commercial insurance providers are expected to propel the commercial insurance market.
  • The surge in usage of telematics devices in the retail, construction, and healthcare industries and the adoption of advanced technology such as artificial intelligence, machine learning, predictive analysis in commercial insurance are expected to create a lucrative commercial insurance market growth opportunity.

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The increasing need to protect the business from unexpected losses and scenarios is expected to drive the growth of the Commercial insurance market. Commercial insurance is necessary for businesses since it helps to cover the costs of property damage, liability claims, etc. Without commercial insurance, a company’s owners may be forced to pay for costly losses and legal claims out of their pocket. This might be a financially catastrophic scenario for business owners, depending on the circumstances.

Government regulation mandating commercial insurance is expected to drive the growth of the commercial insurance market. Most types of commercial insurance are optional. However, depending on the state laws where your business operates, you would possibly be required to purchase workers’ compensation insurance if there are employees, commercial auto insurance for a business-owned vehicle, and professional liability insurance for certain professional services. 

The increasing number of small businesses and technological advancements in the insurance industry is expected to provide lucrative growth opportunities to the commercial insurance market. Several commercial insurers employ predictive analytics to collect a range of data in order to better understand and anticipate company risks and losses. The usage of technology is intended to increase client loyalty and expand the company’s market position by providing sophisticated services, such as easy and convenient insurance plans with lower premium costs.

High commercial insurance premiums and a lack of knowledge about commercial insurance among small enterprises are two reasons that are limiting market expansion.

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Based on type, the Liability Insurance segment is expected to dominate the market with the highest CAGR of 9.9% during 2021 – 2028. This is due to the fact that a liability insurance policy protects business owners from unanticipated financial losses by covering any damage caused by the business to another person or party. As a result, the demand for liability insurance in this region is likely to rise.

Based on region, North America will continue to lead the market throughout the forecast period. Streamlining policy distribution using an online platform and increasing the performance of the commercial business line are two elements that are propelling the industry in this region forward. On the other hand, the Asia-Pacific region would exhibit the highest CAGR of 11.7% during 2021 – 2028

Based on enterprise size, the Large Enterprises segment will maintain the lead during the forecast period

By distribution channel, the agents & brokers segment accounted for the highest commercial insurance market share in 2020.

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Commercial Insurance Market Key Segments

By Type

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

By Distribution Channel

  • Agents & Brokers
  • Direct Response
  • Others

By Enterprise Size

  • Large Enterprises
  • Medium-Sized Enterprises
  • Small-Sized Enterprises

By Industry Vertical

  • Manufacturing
  • Construction
  • IT & Telecom
  • Healthcare
  • Energy & Utilities
  • Transportation & Logistics
  • Others

By Region

  • North America
  • Europe
    • UK
    • Germany
    • France
    • Italy
    • Spain
    • Netherlands
    • Rest of Europe
  • Asia-Pacific
    • China
    • India
    • Japan
    • Australia
    • South Korea
    • Rest of Asia-Pacific
    • Latin America
    • Middle East
    • Africa

Key Market Players

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

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