Commercial Insurance Market Poised for Robust Growth, Forecasted to Expand at 7.9% CAGR from 2024-30

MarkNtel Advisors has released its latest report highlighting strong growth in The Global Commercial Insurance Market size was valued at around USD 1.2 billion in 2023 & is estimated to grow at a CAGR of around 7.9% during the forecast period, i.e., 2024-30. 

Report Coverage

This report offers a comprehensive analysis of the Commercial Insurance Market, providing valuable insights across historical trends, current dynamics, and future forecasts.

• Base Year: 2023
• Forecast Years: 2024-30
• Historical Years: 2019-22

Commercial Insurance Market Overview

This is attributed to a significant increase in risk awareness regarding threats to their operations that encourage businesses to pursue insurance coverage for protecting their assets and maintaining business continuity. Along with this, as insurance plays an important role in protecting against risks, thus expanding cities, businesses, properties, and infrastructural development, creates hype for commercial insurance, which results in growing requirements for commercial insurance.

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Commercial Insurance Market Segmentation Outlook

The Commercial Insurance is categorized into notable segments, which help in understanding the structure, dynamics, and opportunities within the market. These segments are typically based on:

By Type

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

By Industry

• Transportation and Logistics
• Manufacturing
• Construction
• IT and Telecom
• Healthcare
• Energy and 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

Commercial Insurance Market Trend

Increasing Adoption of Advanced Technology Changing Market Dynamics –  The leveraging of advanced technology led to a surge in the usage of telematics devices in the retail, automobile, construction, and healthcare industries, which facilitates data collection using transmit GPS, 4G, and cellular networks. Along with this, the involvement of IoT (Internet of Things) and artificial intelligence, data analytics, and machine learning allows more accurate risk detection and enhances customer experience. Therefore, the growing adoption of these technological advancements led to a higher demand for commercial insurance and it is anticipated to have positive growth prospects for the commercial insurance industry in the coming years.

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Top Commercial Insurance Market Brands & Their Strategic Market Positioning

MarkNtel Advisors Research identifies 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.Others as key players shaping the market landscape.

Commercial Insurance Market News

• 2023: American International Groups Inc., declared that it has finalized its agreement with funds managed by Stone Point Capital LLC, focused on investing in business within the global financial services industry, to form Private Client Select Insurance Services (PCS), an independent Managing General Agency (MGA) to serve High New Worth and Ultra High Net Worth markets.
• 2023: Aviva PLC acquired a significant stake in Fox Factory Holding Corp. during the first quarter of the year.
• 2023: AON PLC declared its partnership with Cover Whale to expand trucking insurance offerings.

Key Questions Answered in the Report

• What is the market size (value & volume) along with the current & future trends, growth factors & challenges, etc.?
• How the industry has been evolving, and which segments would dominate the market during the forecast period?
• What are the key opportunity areas that companies foresee in the coming years 2030?
• Who are the key players in the market, and what are their competitive strengths?
• What are the key growth drivers & challenges associated with the market, and how would they impact the market through the forecast period?

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