The latest research study “Commercial Insurance Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027” by IMARC Group, finds that the global commercial insurance market reached a value of US$ 728.0 Billion in 2021. Looking forward, IMARC Group expects the market to reach a value of US$ 1,123.5 Billion by 2027, exhibiting a CAGR of 7.20% during 2022-2027.
Commercial insurance is a type of coverage for businesses and corporations that is designed to protect the organization, its employees, its ownership, etc. Some of the commonly offered commercial insurance policies include property insurance, commercial auto insurance, worker compensation insurance, business interruption insurance, cyber liability insurance, crime coverage, general liability, etc. Commercial insurance covers the company against losses and risks, including property damage, injury to the employees, thefts, natural disasters, data breaches, cyberattacks, liability lawsuits, etc.
Covid-19 Impact:
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report. The industry is segmented by size and region. The report provides an analysis of the key trends in each sub-segment of the market, along with forecasts at the global and regional level from 2022-2027. The report also includes competitive landscape of major key players in the industry along with emerging trends in the market.
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Global Commercial Insurance Market Trends and Drivers:
The rising awareness towards the benefits of these insurance policies among companies is among the primary factors driving the commercial insurance market. In addition to this, the inflating number of small- and medium-sized enterprises (SMEs) and the escalating need to protect such businesses against unexpected losses are further catalyzing the market growth. Moreover, the launch of favorable initiatives by government bodies to encourage employers and business owners to purchase numerous types of coverage is acting as another significant growth-inducing factor.
Apart from this, the leading players are adopting several advanced technologies, such as artificial intelligence (AI) and machine learning (ML), so as to offer enhanced services, including personalized and convenient insurance plans, with lower premium costs. This, in turn, is also positively influencing the global market. Furthermore, the expanding usage of telematics devices across various industries is anticipated to fuel the commercial insurance market in the coming years.
Commercial Insurance Market Report Scope
Report Coverage
Details
Market size value in 2021
US$ 728.0 Billion
Market forecast in 2027
US$ 1,123.5 Billion
Growth Rate
CAGR of 7.20% from 2022 to 2027
Base year for estimation
2021
Historical data
2016-2021
Forecast period
2022-2027
Report Segmentation:
The report has been segmented the market into following categories:
Breakup by Type:
Breakup by Enterprise Size:
Breakup by Distribution Channel:
Breakup by Industry Vertical:
Breakup by Region:
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List of Major Key Players:
The major players in the market are 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 and Zurich Insurance Group Ltd.
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About Us:
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
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To view the original version on ABNewswire visit: Commercial Insurance Market Size 2022-2027: Top Companies Overview, Trends, Share, Growth, Segmentation and Outlook
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