Commercial Insurance Market worth USD 1,447.4 billion by 2030

The Market Statsville Group (MSG) publishes the new report on the "Commercial Insurance Market by Type (Commercial Property Insurance, Liability Insurance, Commercial Motor Insurance, Marine Insurance, and Others), by Distribution Channel (Agents & Brokers, Direct Response, and Others), by Enterprise Size (Large Enterprises, Medium-sized Enterprises, and Small-sized Enterprises), by Industry Vertical (Manufacturing, Construction, IT & Telecom, Healthcare, Transportation & Logistics, Energy & Utilities, and Others), by Region – Global Share and Forecast to 2030".

The global commercial insurance market size was USD 694.6 billion in 2021 and is expected to reach USD 1,447.4 billion by 2030, registering a CAGR of 8.5% from 2022 to 2030. Commercial insurance is an insurance policy designed to protect businesses. The market's top impacting factors include an increase in competition among the small & medium-sized businesses and the availability of a large number of insurance providers. These factors are thereby fueling the market growth. However, lack of awareness among small-sized enterprises and high insurance premiums are expected to hamper the market growth. Conversely, a surge in usage of telematics devices in the retail, construction & healthcare industries and the adoption of advanced technology in the commercial insurance are major factors expected to create opportunities to the commercial insurance market in the upcoming years.

Global Commercial Insurance Market Segmentation

The overall commercial insurance market has been segmented into the component, waste type, method, application, and region.

• By Type (Commercial Motor Insurance, Liability Insurance, Marine Insurance, Commercial Property Insurance, and Others)
• By Distribution Channel (Agents & Brokers, Direct Response, and Others)
• By Enterprise Size (Large Enterprises, Medium-sized Enterprises, and Small-sized Enterprises)
• By Industry Vertical (Manufacturing, IT & Telecom, Healthcare, Construction, Energy & Utilities, Transportation & Logistics, and Others)
• By Region (North America, Asia Pacific, Europe, South America, and the Middle East & Africa)

Agents & Brokers, by distribution channel, holds the largest market share

On the basis of distribution channel, the market is segmented into agents & brokers, direct response, and others. In 2021, Agents & Brokers accounted for the largest market share of 63.5% in the global commercial insurance market. Agents & brokers are the intermediaries of insurance companies and sell commercial insurance on behalf of the insurance company and charge commission for selling policies.

Brokers and agents use their marketing skills and knowledge about commercial insurance to sell policies to the end customers. These intermediaries search for potential buyers and explain the advantages, benefits, disadvantages, and other details for commercial insurance coverage. In addition, buyers prefer agents & brokers to purchase commercial insurance, as customers have limited knowledge about which policies to purchase according to the business. Therefore, these intermediaries explain the benefits of each policy to the customers and offer the best policy according to the needs of the customers. These are major growth factors that boos the brokers & agents segment as a distribution channel in the commercial insurance market.

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North America accounts for the largest market share in the commercial insurance market

Region-wise segmentation of the commercial insurance market is as follows: North America, Asia-Pacific, Europe, South America, and the Middle East & Africa. In 2021, North America was the highest revenue contributor in the global commercial insurance market. The North America commercial insurance market is studied across the U.S. and Canada. The North American region occupies the largest share in the commercial insurance market, owing to the availability of many commercial insurance providers across the region and the surge in awareness among the small-medium enterprises toward commercial insurance coverage.

Some commercial InsurTech companies such as Finanzchef24, Insureon, and Zensurance provide seamless digital business operating services that help the insurer offer affordable insurance policy, which is propelling the growth of the market in this region. In addition, shift to digital insurance distribution channel from traditional methods is considered as an important factor boosting the growth of the commercial insurance market in North America. Moreover, the increase in usage of advanced technology such as virtual reality technology among insurance companies to mitigate business financial risk is accelerating the commercial insurance market. Furthermore, several insurance companies have been establishing partnerships with InsurTech to offer digital insurance services.

This research report includes a study on the development and marketing strategies, along with a study on the product portfolios and winning strategies of the leading companies operating in the commercial insurance market. It also consists of the profiles of leading companies such as Marsh, Direct Line Insurance Group plc, Willis Towers Watson, American International Group, Inc., Allianz, Chubb, AXA, Aon plc, and Aviva.

Browse the complete report: https://www.marketstatsville.com/commercial-insurance-market

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