Market Research Report

Global Commercial Insurance Market Research Report: Forecast (2022-27)

By Type (Liability Insurance, Commercial Motor Insurance, Commercial Property Insurance, Marine Insurance), By Industry (Transportation & Logistics, Manufacturing, Construction, IT...& Telecom, Healthcare, Energy & Utilities), By Enterprise Size (Large Enterprises, Small & Medium-sized Enterprises), By Distribution Channel (Agents & Brokers, Direct Response), By Region (North America, South America, Europe, Middle East & Africa, Asia-Pacific), By Country (The US, Canada, Mexico, Brazil, The UK, Germany, France, Spain, Italy, Russia, GCC, South Africa, China, India, Japan, South Korea, Australia, and Indonesia), By Company (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.) Read more

  • FinTech
  • Sep 2022
  • 189
  • PDF, Excel, PPT

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.


Global Commercial Insurance Market Research Report: Forecast (2022-27)

Market Segmentation

Based on Enterprise Size:

  • Large Enterprises
  • Small & Medium-sized Enterprises

Between the two, the Small & Medium-Sized Enterprises are projected to demonstrate the fastest growth in the Commercial Insurance Market during the forecast period. This growth attributes principally to the growing number of such businesses and their higher liability & risk potentials, propelling the demand for protection using policies like commercial insurance.

Since such policies are used to safeguard businesses from unforeseen losses, small & medium-sized enterprises are among the prominent users of these insurances across the world, making a swift contribution to the market growth. Besides, awareness among enterprises about the presence of different commercial insurances like liability, worker compensation, property income, & employment liability insurances, among others, are also boosting the demand for these insurances among small & medium-sized enterprises.

These varieties of commercial insurance are gaining swift traction among the small & medium enterprises owing to their facilities like protection against bodily injury, property damage, libel or slander due to a company, injury on the job or suffering from illness due to work, and situations like sexual harassment lawsuits, wrongful termination, & timecard discrepancies, among others, & contributing to the overall market growth. 

Based on Type:

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

Here, Liability Insurance is anticipated to dominate the Commercial Insurance Market with the largest share during the forecast period. It owes principally to the extensive range of benefits offered in this variety by the commercial insurance providers for the businesses, demonstrating high popularity worldwide.

These perks involve helping the business pay the legal costs of a company, protecting & enabling employees to recover in case of a work-related injury or illness, and paying customer health & medication expenses in case the injury is caused in the business, among others.

Besides, these policies are extensively utilized by different businesses, architects, engineers, consultants, lawyers, building designers, medical professionals, and accountants, among others, are the prominent consumers contributing to the high demand for liability insurance and stimulating the overall market growth through 2027. 

Regional Projection

On the geographical front, the Global Commercial Insurance Market expands across:

  • North America
  • South America
  • Europe
  • Middle East-Africa
  • Asia-Pacific

Here, Asia-Pacific is set to register the fastest growth pace & make a substantial contribution to the market growth during the forecast period. It owes principally to the growing establishment of organizations & businesses across different countries in the region owing to the presence of government encouragement & favorable policies entwined with a greater focus of the governments toward their countries as a hub of opportunities.

As more and more organizations are becoming aware of the availability & perks of these policies and solutions, the demand for commercial insurance is up-surging rapidly throughout the region, making it an area of remunerative opportunities for the leading players in the industry. Besides, with the presence of several prominent insurance companies and service providers and their rising number of offering for different types of businesses, the Commercial Insurance Market is set to witness substantial growth across Asia-Pacific during the forecast period. 

Market Dynamics

Possible Restraint

  • High Premium Rates in Commercial Insurance Limiting Consumer Base Globally

Since commercial insurance is highly fragmented and stems from several individual commercial insurance policies where many target specific industries only, the variations in these policies also hint toward the high premium rates.

These premiums might restrain the small & medium enterprises to invest in such policies and negatively influence the market growth. Several studies have revealed that more than 40% of small businesses have never had insurance. Here, a prominent reason remains the high premium cost, restraining small businesses & cost-constrained companies from insuring themselves.

Growth Opportunity

  • Incorporation of Technological Advancements in the Insurance Industry

Every industry, including the insurance sector, is increasingly incorporating advanced technologies like the Internet of Things (IoT), Artificial Intelligence (AI), and Predictive Analysis, among others, to offer better services and policies for companies. It, in turn, is demonstrating a swift momentum in demand for commercial insurance and its anticipated prevalence in the coming years.

The same aspect is also likely to generate remunerative growth opportunities for the leading companies to frame favorable policies for the businesses & meet the diverse needs in the coming years. Hence, it is anticipated that technological advancements would bring opportunities to the industry and shape the commercial insurance market during the forecast period. 

Key Questions Answered in the Market Research Report:

  1. What are the overall statistics or estimates (Overview, Size- By Value, Forecast Numbers, Segmentation, Shares) of the Commercial Insurance Market?
  2. What are the region-wise industry size, growth drivers, and challenges?
  3. What are the key innovations, opportunities, current & future trends, and regulations in the Commercial Insurance Market?
  4. Who are the key competitors, their key strengths & weaknesses, and how do they perform in the Global Commercial Insurance Market based on the competitive benchmarking matrix?
  5. What are the key results derived from surveys conducted during the Commercial Insurance Market study?

Frequently Asked Questions

   A. The Commercial Insurance Market is projected to grow at a CAGR of around 10.23% during 2022-27.

   A. High premium rates of insurance policies might limit small & medium sized enterprises to procure commercial insurances and hamper the fledged market growth during the forecast period.

   A. Liability Insurance is anticipated to emerge as an area of remunerative opportunities for the leading players in the Commercial Insurance Market during the forecast period.

   A. Asia-Pacific is projected to offer substantial growth prospects in the Commercial Insurance Market during 2022-27.

  1. Market Segmentation
  2. Introduction
    1. Product Definition
    2. Research Process
    3. Assumptions
  3. Executive Summary
  4. Impact of Covid-19 on Global Commercial Insurance Market
  5. Global Commercial Insurance Market Regulations & Policy
  6. Global Commercial Insurance Market Trends & Insights
  7. Global Commercial Insurance Market Dynamics
    1. Growth Drivers
    2. Challenges
  8. Global Commercial Insurance Market Hotspots & Opportunities
  9. Global Commercial Insurance Market Outlook, 2017-2027
    1. Market Size & Analysis
      1. By Revenues
    2. Market Share & Analysis
      1. By Type
        1. Liability Insurance
        2. Commercial Motor Insurance
        3. Commercial Property Insurance
        4. Marine Insurance
      2. By Industry
        1. Transportation and Logistics
        2. Manufacturing
        3. Construction
        4. IT and Telecom
        5. Healthcare
        6. Energy and Utilities
      3. By Enterprise Size
        1. Large Enterprises
        2. Small & Medium-sized Enterprises
      4. By Distribution Channel
        1. Agents & Brokers
        2. Direct Response
      5. By Region
        1. North America
        2. South America
        3. Europe
        4. Middle East & Africa
        5. Asia-Pacific
      6. By Company
        1. Competition Characteristics
        2. Revenue Shares
  10. North America Commercial Insurance Market Outlook, 2017-2027
    1. Market Size & Analysis
      1. By Revenues
    2. Market Share & Analysis
      1. By Type
      2. By Industry
      3. By Enterprise Size
      4. By Distribution Channel
      5. By Country
        1. The US
        2. Canada
        3. Mexico
    3. The US Commercial Insurance Market Outlook, 2017-2027
      1. Market Size & Analysis
        1. By Revenues
      2. Market Segmentation & Revenues Share
        1. By Type
        2. By Industry
    4. Canada Commercial Insurance Market Outlook, 2017-2027
      1. Market Size & Analysis
        1. By Revenues
      2. Market Share & Analysis
        1. By Type
        2. By Industry
    5. Mexico Commercial Insurance Market Outlook, 2017-2027
      1. Market Size & Analysis
        1. By Revenues
      2. Market Share & Analysis
        1. By Type
        2. By Industry
  11. South America Commercial Insurance Market Outlook, 2017-2027
    1. Market Size & Analysis
      1. By Revenues
    2. Market Share & Analysis
      1. By Type
      2. By Industry
      3. By Enterprise Size
      4. By Distribution Channel
      5. By Country
        1. Brazil
        2. Rest of South America
    3. Brazil Commercial Insurance Market Outlook, 2017-2027
      1. Market Size & Analysis
        1. By Revenues
      2. Market Share & Analysis
        1. By Type
        2. By Industry
  12. Europe Commercial Insurance Market Outlook, 2017-2027
    1. Market Size & Analysis
      1. By Revenues
    2. Market Share & Analysis
      1. By Type
      2. By Industry
      3. By Enterprise Size
      4. By Distribution Channel
      5. By Country
        1. The UK
        2. Germany
        3. France
        4. Spain
        5. Italy
        6. Russia
        7. Rest of Europe
    3. The UK Commercial Insurance Market Outlook, 2017-2027
      1. Market Size & Analysis
        1. By Revenues
      2. Market Share & Analysis
        1. By Type
        2. By Industry
    4. Germany Commercial Insurance Market Outlook, 2017-2027
      1. Market Size & Analysis
        1. By Revenues
      2. Market Share & Analysis
        1. By Type
        2. By Industry
    5. France Commercial Insurance Market Outlook, 2017-2027
      1. Market Size & Analysis
        1. By Revenues
      2. Market Share & Analysis
        1. By Type
        2. By Industry
    6. Spain Commercial Insurance Market Outlook, 2017-2027
      1. Market Size & Analysis
        1. By Revenues
      2. Market Share & Analysis
        1. By Type
        2. By Industry
    7. Italy Commercial Insurance Market Outlook, 2017-2027
      1. Market Size & Analysis
        1. By Revenues
      2. Market Share & Analysis
        1. By Type
        2. By Industry
    8. Russia Commercial Insurance Market Outlook, 2017-2027
      1. Market Size & Analysis
        1. By Revenues
      2. Market Share & Analysis
        1. By Type
        2. By Industry
  13. Middle East & Africa Commercial Insurance Market Outlook, 2017-2027
    1. Market Size & Analysis
      1. By Revenues
    2. Market Share & Analysis
      1. By Type
      2. By Industry
      3. By Enterprise Size
      4. By Distribution Channel
      5. By Country
        1. GCC
        2. South Africa
        3. Rest of Middle East & Africa
    3. GCC Commercial Insurance Market Outlook, 2017-2027
      1. Market Size & Analysis
        1. By Revenues
      2. Market Share & Analysis
        1. By Type
        2. By Industry
    4. South Africa Commercial Insurance Market Outlook, 2017-2027
      1. Market Size & Analysis
        1. By Revenues
      2. Market Share & Analysis
        1. By Type
        2. By Industry
  14. Asia Pacific Commercial Insurance Market Outlook, 2017-2027
    1. Market Size & Analysis
      1. By Revenues
    2. Market Share & Analysis
      1. By Type
      2. By Industry
      3. By Enterprise Size
      4. By Distribution Channel
      5. By Country
        1. China
        2. India
        3. Japan
        4. South Korea
        5. Australia
        6. Indonesia
        7. Rest of Asia-Pacific
    3. China Commercial Insurance Market Outlook, 2017-2027
      1. Market Size & Analysis
        1. By Revenues
      2. Market Share & Analysis
        1. By Type
        2. By Industry
    4. India Commercial Insurance Market Outlook, 2017-2027
      1. Market Size & Analysis
        1. By Revenues
      2. Market Share & Analysis
        1. By Type
        2. By Industry
    5. Japan Commercial Insurance Market Outlook, 2017-2027
      1. Market Size & Analysis
        1. By Revenues
      2. Market Share & Analysis
        1. By Type
        2. By Industry
    6. South Korea Commercial Insurance Market Outlook, 2017-2027
      1. Market Size & Analysis
        1. By Revenues
      2. Market Share & Analysis
        1. By Type
        2. By Industry
    7. Australia Commercial Insurance Market Outlook, 2017-2027
      1. Market Size & Analysis
        1. By Revenues
      2. Market Share & Analysis
        1. By Type
        2. By Industry
    8. Indonesia Commercial Insurance Market Outlook, 2017-2027
      1. Market Size & Analysis
        1. By Revenues
      2. Market Share & Analysis
        1. By Type
        2. By Industry
  15. Competition Outlook
    1. Competition Matrix
      1. Product Portfolio
      2. Target Markets
      3. Research & Development
      4. Strategic Alliances
      5. Strategic Initiatives
    2. Company Profiles (Business Description, Solutions Offered, Business Segments, Financials, Future Plans)
      1. Allianz SE
      2. American International Group Inc.
      3. Aon plc
      4. Aviva plc
      5. Axa S.A.
      6. Chubb Limited
      7. Direct Line Insurance Group plc
      8. Marsh & McLennan Companies Inc.
      9. Willis Towers Watson Public Limited Company
      10. Zurich Insurance Group Ltd.
      11. Others
  16. Disclaimer


Commercial Insurance Market Segmentation Slide