New York, USA, Nov. 24, 2021 (GLOBE NEWSWIRE) -- According to a report published by Research Dive, the global commercial insurance market is projected to garner $661,743.0 million in revenue and grow at a noteworthy CAGR of 8.1% over the forecast period.
Download Free Sample Report of the Global Commercial Insurance Market: https://www.researchdive.com/download-sample/8428
Covid-19 Impact on the Global Commercial Insurance Market
The outbreak of the Covid-19 pandemic has adversely affected several industries and the commercial insurance market is not spared. Due to the stringent lockdowns and strict government guidelines, there has been a disruption in the supply chains and production levels of many businesses. This has put numerous hurdles in front of insurers all across the globe. However, the adoption of technological advancements in the insurance industry is further expected to fortify the growth of the market over the analysis period.
Check out How COVID-19 impacts the Global Commercial Insurance Market: https://www.researchdive.com/connect-to-analyst/8428
As per our analysts, due to the increasing demand for commercial insurance policies for small and medium-sized organizations globally, the market is expected to experience see a vertical growth over the analysis period. Moreover, the significant effect of Covid-19 on business firms and the growing number of commercial insurance providers are further expected to uplift the growth of the market during the forecast time period. Besides, the increasing technological advancements in the insurance industry are predicted to fuel the growth of the market over the estimated timeframe. However, the high premiums of commercial insurance may impede the growth of the commercial insurance market during the analysis period.
Segments of the Global Commercial Insurance Market
Type: Commercial Property Insurance Sub-Segment to be Most Lucrative
The commercial property insurance sub-segment is expected to generate a revenue of $2,22,228.0 million over the analysis period. This is mainly because of the growing expansion of small and medium businesses and increasing foreign direct investment in real estate. In addition, investment opportunities and government programs are further expected to bolster the growth of the market during the forecast period.
Access Varied Market Reports Bearing Extensive Analysis of the Market Situation, Updated With The Impact of COVID-19: https://www.researchdive.com/covid-19-insights
Enterprise Size: Small-Enterprises Sub-Segment to be Most Profitable
The small enterprises' sub-segment is projected to garner a revenue of $2,29,351.2 million throughout the estimated period. This is mainly due to the increasing need for commercial insurance plans for small businesses to protect themselves from any accidental losses. Moreover, the wide range of coverage such as for property damage, lawsuits, worker’s compensation claims, by purchasing commercial insurance plans is further predicted to fuel the growth of the commercial insurance market over the analysis timeframe.
Check out all Banking, Financial services, and Insurance (BFSI) Industry Reports: https://www.researchdive.com/banking-financial-services-and-insurance
Distribution Channel: Direct Channel Sub-Segment to be Most Productive
The direct channel sub-segment is expected to garner a revenue of $4,07,518.2 million and is predicted to hold the largest market share during the analysis period. This is mainly due to the direct channel marketing via telemarketing, traditional media, and the internet. Additionally, direct channel marketing is cost-effective than that of an agency network, which is the factor expected to boost the growth of the market sub-segment during the forecast period.
Region: Asia-Pacific Region to Have Massive Growth Opportunities
The Asia Pacific region is expected to generate a revenue of $2,11,029.8 million and rise at a healthy CAGR of 9.1% over the analysis period. This is mainly because this region holds one-third population of the world and the quickest growing economies of this region. Furthermore, the growing number of small and medium-sized businesses is expected to drive the regional growth of the market during the forecast period.
Key Players of the Global Commercial Insurance Market
• Allianz
• American International Group, Inc.
• Aon plc
• Aviva
• AXA
• Chubb Limited
• Direct Line Insurance Group plc
• Marsh
• Willis Towers Watson
• Zurich
These players are broadly working on the development of new business strategies such as product development, merger and acquisition, and many more to gain the leading position in the global industry.
For instance, in December 2020, Assurant, a leading global expert in insurance solutions, announced its collaboration with EPG Insurance, a well-known provider of facilities like physical damage insurance. With this initiative, the company is predicted to expand its product inventory and its presence in the global market.
In addition, the report also presents other important aspects including SWOT analysis, the financial performance of the key players, product portfolio, and latest strategic developments. Click Here to Get Absolute Top Companies Development Strategies Summary Report
TRENDING REPORTS WITH COVID-19 IMPACT ANALYSIS
Digital Banking Market: https://www.researchdive.com/53/digital-banking-market
Commercial Insurance Market: https://www.researchdive.com/8428/commercial-insurance-market
Payment Processing Solutions Market: https://www.researchdive.com/416/payment-processing-solutions-market
