Commercial Insurance Market [2023-2031] Global Demand, Opportunities, Trends, Analysis

The global commercial insurance market size was US$ 691.6 billion in 2021. The global commercial insurance market is forecast to grow to US$ 1,441.4 billion by 2030 by registering a compound annual growth rate (CAGR) of 9.1% during the forecast period from 2022 to 2030.

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Commercial insurance supports business continuity and helps reduce financial losses for the company. It helps in controlling risk and safeguarding the reputation of business owners, clients, and shareholders.

Factors Influencing the Market
The rising competition between the small & medium-sized (SMEs) enterprises in terms of revenue generation are forecast to fuel the growth of the commercial insurance market during the forecast period. Moreover, the fact that commercial insurance policies help businesses get protection from injury claims and cyberattacks will also benefit the commercial insurance market during the study period.
The large pool of commercial insurance providers will significantly contribute to the growth of the market. Apart from that, the growing use of advanced technology in commercial insurance is expected to propel the market forward. Artificial intelligence, machine learning, and predictive analysis can significantly help companies understand and predict business risks and mitigate losses. Thus, it will bring untapped growth opportunities for the commercial insurance market during the forecast period.
On the flip side, a high insurance cost may limit the growth of the market during the analysis period.

COVID-19 Impact Analysis
The commercial insurance sector is negatively impacted by the COVID-19 outbreak. The market witnessed various challenges, such as a significant shift to remote working across many industry verticals, business interruption, and digitalized underwriting, claims, and administrative processes. The pandemic has affected every sector of the economy. As a result, it led to an increase in fraudulent claim efforts and a lack of IT infrastructure. Thus, it hampered the growth of the global commercial insurance market.

Regional Analysis
The Asia-Pacific commercial insurance market is forecast to record the highest growth rate, owing to the presence of a wide range of commercial insurance providers in China, India, and Japan. Moreover, commercial insurance companies offer efficient strategic risk advice to corporate organizations and board directors. Moreover, it helps business re-establish their corporate operations. All of these factors will benefit the commercial insurance market in the region as it is home to a large of small & medium sized enterprises. Apart from that, North America will also record significant growth during the study period due to the presence of various industry players, such as American International Group, Inc., etc.

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Competitors in the Market
• Marsh
• Willis Towers Watson
• Direct Line Insurance Group plc
• Chubb
• AXA
• American International Group, Inc.
• Allianz
• Aon plc
• Aviva
• Other Prominent Players

The report furnishes an intricate comprehension of each segment, delivering potential estimations for principal applications and insights into emerging prospects. Every regional market is meticulously scrutinized to ascertain its potential for growth, development, and demand in the forthcoming years.

As of the end of 2022, the Commercial Insurance industry experienced notable growth in its workforce. Starting in January, employment within the Commercial Insurance sector exceeded its pre-COVID levels, resulting in an expansion of payrolls by over 15,000 employees throughout the course of the year. The global Commercial Insurance output demonstrated a remarkable increase of 5.2% during 2021, primarily attributed to a widespread economic upswing and a surge in demand for commodities. However, the momentum shifted in 2022, with the global industrial sector's production contracting. This reversal followed a robust expansion in 2021, fueled by altered consumer spending patterns and substantial fiscal support.

Forecasts indicate that the global Commercial Insurance output is set to rise by approximately 2.9% in 2023. This projection is underpinned by the gradual recovery of production in Western Europe from its previous troughs, as well as a rebound in output across the Asia/Pacific region. Maintaining its dominant position, China, accounting for nearly 45% of the global Commercial Insurance market, remains both its largest producer and consumer. Remarkably, China's market share has surged since 2010, when it stood at around 26%. This ascent has led to a substantial contribution to the nation's GDP. Notably excelling as a top exporter, China leads in various sectors, including silicon, PVC, and several specific segments of the Commercial Insurance market.

Market Segmentation
The global commercial insurance market segmentation focuses on Type, Distribution Channel, Enterprise Size, Industry Vertical, and Region.
By Type Outlook
• Commercial Motor Insurance
• Commercial Property Insurance
• Liability Insurance
• Marine Insurance
• Others

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By Distribution Channel Outlook
• Agents & Brokers
• Direct Response
• Others
By Enterprise Size Outlook
• Large Enterprises
• Medium-sized Enterprises
• Small-sized Enterprises
By Industry Vertical Outlook
• Manufacturing
• Construction
• IT & Telecom
• Healthcare
• Energy & Utilities
• Transportation & Logistics
• Others
By Region
● North America
o The U.S.
o Canada
o Mexico
● Europe
▪ Western Europe
o The UK
o Germany
o France
o Italy
o Spain
o Rest of Western Europe
▪ Eastern Europe
o Poland
o Russia
o Rest of Eastern Europe
● Asia Pacific
o China
o India
o Japan
o Australia & New Zealand
o ASEAN
o Rest of Asia Pacific
● Middle East & Africa (MEA)
o UAE
o Saudi Arabia
o South Africa
o Rest of MEA
● South America
o Brazil
o Argentina
o Rest of South America

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Table of Contents:

Chapter 1: Introduction to the Global Commercial Insurance Industry

Chapter 3: Dynamics of the Market

Chapter 4: Profiles of Leading Companies

Chapter 5: Competition in the Global Commercial Insurance Market among Players

Chapter 6: Market Size across Global Regions

Chapter 7: Application Segments in the Global Market

Chapter 8: Segment Analysis of the Global Commercial Insurance Industry

Chapter 9: Market Chain, Sourcing Strategies, and Downstream Buyers

Chapter 10: Strategies and Key Policies by Distributors/Suppliers/Traders

Chapter 11: In-depth Analysis of Key Marketing Strategies by Market Vendors

Chapter 12: Evaluation of Market Impact Factors

Chapter 13: Forecasted Global Commercial Insurance Market Size (2023-2031)

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This release was published on openPR.