Commercial Insurance Market (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, and SMEs; Industry Vertical - Construction, IT & Telecom, Healthcare, Energy & Utilities, Transportation & Logistics, and Others): Global Industry Analysis, Trends, Size, Share and Forecasts to 2027

A recent report published by Infinium Global Research on the commercial insurance market provides an in-depth analysis of segments and sub-segments in the global as well as regional commercial insurance market. The study also highlights the impact of drivers, restraints, and macro indicators on the global and regional commercial insurance market over the short term as well as long term. The report is a comprehensive presentation of trends, forecast and dollar values of the global commercial insurance market. According to the report, the global commercial insurance market is projected to grow at a CAGR of 4.29% over the forecast period of 2021-2027.

Market Insight

The commercial insurance market was valued at USD 825.2 billion in 2020 and is expected to reach USD 1088.9 billion in 2027, growing with a CAGR of 4.29% during the forecast period. Commercial insurance is a type of insurance that offers insurance to large, small, and medium enterprises and protects them from unwanted risks. Furthermore, this commercial insurance might comprise property damages, a decrease in income owing to other businesses, robbery, legal issues, and employee objections. It also delivers solutions to provide safety to business operations at the time of necessity. In addition, commercial insurance provides coverage for different industrial sectors such as manufacturing, IT & telecom, logistics, retail, construction, healthcare, and many others.

An increase in the demand for commercial insurance policies among small and medium-sized enterprises is projected to drive the growth of the market during the forecast period. Furthermore, owing to the significant effect of the COVID-19 outbreak on business firms, the need for insurance policies has augmented gradually and has become an essential factor for heightening the global commercial insurance market. Moreover, owing to a large number of commercial insurance providers, the market is anticipated to have a positive impact during the projection timeframe. With such a maximum number of insurance companies to choose from, there is ferocious rivalry among them to offer a wide range of coverage for businesses of all kinds. However, the high commercial insurance premiums and a dearth of commercial insurance knowledge among small businesses are two factors hindering market growth.

Among the geographies, the North American region is expected to hold the largest share in the global commercial insurance market owing to the growing industries across the region. The United States and Canada are anticipated to be the major revenue contributors in the North American commercial insurance market. Furthermore, the Asia Pacific region is projected to grow at the fastest rate in the global commercial insurance market during the projection period, owing to its growing industrialization across the region. Rapid economic developments, globalization, digitalization, and the increased adoption of technologies are anticipated to drive the commercial insurance market in the Asia Pacific region.

Segment Covered

The report on the global commercial insurance market covers segments such as type, distribution channel, enterprise size, and industry vertical. On the basis of type, the sub-markets include commercial motor insurance, commercial property insurance, liability insurance, marine insurance, and others. On the basis of distribution channel, the sub-markets include agents & brokers, direct response, and others. On the basis of enterprise size, the sub-markets include large enterprises, and smes. On the basis of industry vertical, the sub-markets include construction, IT & telecom, healthcare, energy & utilities, transportation & logistics, and others.

Companies Profiled:

The report provides profiles of the companies in the market such as Allianz, American International Group, Inc., Aon plc, Aviva, AXA, Chubb, Direct Line Insurance Group plc, Marsh, Willis Towers Watson, and Zurich.

Report Highlights:

The report provides deep insights into the demand forecasts, market trends, and micro and macro indicators. In addition, this report provides insights into the factors that are driving and restraining the growth in this market. Moreover, The IGR-Growth Matrix analysis given in the report brings an insight into the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter's five forces analysis and DRO analysis of the commercial insurance market. Moreover, the study highlights current market trends and provides forecast from 2021-2027. We also have highlighted future trends in the market that will affect the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings an insight into the market share of the leading players.