Market Definition
Commercial insurance is a protection plan that is principally designed to insure a business & financially protect it from common risks like client lawsuits, property theft & damage, and customer or employee injuries, among other unexpected situations.
These insurances are available for businesses of all sizes, from large and medium to small companies. These insurance services are widely gaining popularity across different industrial sectors like IT & telecom, manufacturing, logistics, construction, retail, & healthcare, among others.
Additionally, Commercial Insurance is highly fragmented and bifurcates among different products, services, and other sections. With the growing awareness among businesses about the availability & perks of these solutions, several companies in the industry are actively introducing new offerings for users and gaining a competitive edge in the industry worldwide.
Market Insights
The Global Commercial Insurance Market is projected to grow at a CAGR of around 10.23% during the forecast period, i.e., 2022-27. The market is driven by the rapidly growing number of businesses of all sizes worldwide, backed by the availability of favorable government policies & encouragement, augmenting the need for insurance policies to secure businesses from unexpected loss. It, in turn, is boosting the demand for commercial insurance policies and stimulating the industry.
| Report Coverage | Details |
|---|---|
| Study Period | Historical Data: 2017-20 |
| Base Year: 2021 | |
| Forecast Period: 2022-27 | |
| CAGR (2022-2027) | 10.23% |
| Regions Covered | North America: The US, Canada, Mexico |
| South America: Brazil, Rest of South America | |
| Europe: Germany, France, Italy, The UK, Spain, Russia, Rest of Europe | |
| Asia-Pacific: China, Japan, India, South Korea, Australia, Indonesia Rest of Asia Pacific | |
| Middle East & Africa: GCC, South Africa, Rest of Middle East and Africa | |
| Key Companies Profiled | 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. |
| Unit Denominations | USD Million/Billion |
Since these policies exhibit safety for potential property damage, and protection from lawsuits & liability, alongside worker compensation, the demand for commercial insurance is escalating swiftly, gaining swift traction globally and complimenting the market growth. In addition, the governments of different countries are also making significant contributions to the industry expansion through mandates like Worker Compensation insurance, and Liability Insurance, among others, which, in turn, are also set to drive the demand for commercial insurance worldwide.
Besides, with the growing utilization of telematics devices in the construction, retail, and healthcare industries entwined with the adoption of advanced technologies like Artificial Intelligence (AI), Machine Learning (ML), and Predictive Analysis, among others, the vulnerabilities to threats & damages and hiking and augmenting the demand for commercial insurances across industries. Such aspects are set to generate remunerative growth opportunities for the leading players and contribute substantially to the overall market growth during the forecast period.
