Wilmington, Delaware, Oct. 23, 2023 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, "Commercial property insurance Market by Coverage (Open Perils, and Named Perils), Distribution Channel (Agents and Brokers, Direct Response, and Others), Enterprise Size (Large Enterprises, and Small and Medium-sized Enterprises) and Industry Vertical (Manufacturing, Construction, IT & Telecom, Healthcare, Energy and utilities, Transport & Logistics, and Others): Global Opportunity Analysis and Industry Forecast, 2022-2032". According to the report, the global commercial property insurance industry gathered $254.9 billion in 2022 and is projected to garner $724.0 billion by 2032, with a growing CAGR of 11.3% from 2023 to 2032.
Request Research Report Sample & TOC: https://www.alliedmarketresearch.com/request-sample/11987
(We are providing report as per your research requirement, including the Latest Industry Insight's Evolution, Potential and COVID-19 Impact Analysis)
151 – Tables
70 – Charts
495 – Pages
Prime determinants of growth
The commercial property insurance market is driven by numerous factors including the growing frequency and severity of natural disasters and man-made incidents, stringent regulations mandating insurance coverage, and rise in awareness of risk management among businesses. In addition, the demand for property insurance is fueled by the expansion of businesses across the world. However, factors like rising insurance fraud, volatility in property values, and the complexities of underwriting large-scale properties are restraining the market growth. On the other hand, advanced technologies like AI and data analytics for risk assessment, the development of customized insurance products, and the potential for market expansion in emerging economies where insurance penetration is relatively low, is presenting lucrative opportunities for the market growth.
Report coverage & details:
| Report Coverage | Details |
| Forecast Period | 2023–2032 |
| Base Year | 2022 |
| Market Size in 2022 | $254.9 billion |
| Market Size in 2032 | $724.0 billion |
| CAGR | 11.3 % |
| No. of Pages in Report | 495 |
| Segments Covered | Coverage, Distribution Channels, Enterprise Size, Industry Vertical, and Region. |
| Drivers | Strong financial backing and adequate reserves for claim payouts Customized solutions for specific industry risks for specific client Expansion of customer base and risk diversification through international presence |
| Opportunities | Growth in infrastructure projects |
| Restraints | High premiums of commercial insurance Economic recessions or downturns |
Inquiry before Buying: https://www.alliedmarketresearch.com/purchase-enquiry/11987
The agents and brokers segment to retain its dominance in terms of revenue during the forecast period
Based on distribution channels, the agents and brokers segment held the highest market share in 2022, contributing to more than one-third of the global commercial property insurance market revenue. This is because agents and brokers evaluate particular risks that businesses face, such as property location, construction type, industry, and others. They customize commercial property insurance solutions that give comprehensive coverage customized to the specific risks that a business encounters by recognizing these risk variables, which is driving the growth of the market. However, the direct response segment is expected to witness the fastest CAGR of 13.7% from 2022 to 2032, as commercial property insurance firms collect feedback from businesses that have interacted with their direct response platforms. Customer surveys provide vital information on the user experience, the ease of accessing the platform, the clarity of the information provided, and any areas for improvement.
The large enterprises segment to retain its dominance in terms of revenue during the forecast period
Based on enterprise size, the large enterprises segment garnered the highest market share in 2022, accounting for around three-fifths of the global commercial property insurance market revenue, as large enterprises are frequently engaging dedicated risk management teams or consultants to identify and minimize risks. However, small and medium-sized enterprises segment is projected to witness the highest CAGR of 12.9% from 2023 to 2032. This is because workshops, seminars, and instructional campaigns can help SMEs understand the risks they face and the types of coverage available will create opportunities for corporate lending in the healthcare industry.
The manufacturing segment to retain its dominance in terms of revenue during the forecast period
Based on industry vertical, the manufacturing segment held the largest market share in 2022, accounting for nearly one-fifth of the global commercial property insurance market revenue. This is attributed to the growing demand for equipment and technology finance in the healthcare industry to protect physical assets such as factories, warehouses, and machinery. Stricter regulations regarding safety standards and environmental protection drive manufacturers to invest in comprehensive insurance coverage to mitigate compliance risks. However, the healthcare segment is anticipated to witness the highest CAGR of 16.4% from 2023 to 2032, owing to the escalating value of medical equipment and technology.
North America to generate the largest share by 2032
Based on region, North America held the highest market share in terms of revenue in 2022. The market players in this region are innovating digital solutions for small business customers and brokers by opting for strategic acquisition and development initiatives, which in turn is driving the market growth. However, the Asia-Pacific region is expected to witness the fastest CAGR of 15.0% from 2023 to 2032, as market players of this region is focusing on collaborating and expanding their market presence and product offerings across untapped opportunities.
Leading Market Players: -
- Allianz SE
- American International Group, Inc.
- AXA Group
- Progressive
- Zurich Insurance Group
- The Travelers Indemnity Company
- Berkshire Hathaway Homestate Companies (BHHC)
- Chubb Limited
- Allstate Insurance Company
- Liberty Mutual Insurance Company
Request Customization: https://www.alliedmarketresearch.com/request-for-customization/11987
Key Benefits for Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the commercial property insurance market forecast from 2022 to 2032 to identify the prevailing commercial property insurance market opportunity.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the commercial property insurance market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global commercial property insurance market trends, key players, market segments, application areas, and market growth strategies.
Commercial Property Insurance Market Key Segments:
By Coverage:
- Open Perils
- Named Perils
By Distribution Channels:
- Agents and Brokers
- Direct Response
- Others
By Enterprise Size:
- Large Enterprises
- Small and Medium-sized Enterprises
By Industry Vertical:
- Manufacturing
- Construction
- IT and Telecom
- Healthcare
- Energy and Utilities
- Transportation and Logistics
- Others
By Region:
- North America (U.S., Canada)
- Europe (UK, Germany, France, Italy, Spain, Rest of Europe)
- Asia-Pacific (China, Japan, India, Australia, South Korea, Rest of Asia-Pacific)
- LAMEA (Latin America, Middle East, Africa)
Trending Reports in BFSI Industry (Book Now with 10% Discount + Covid-19 scenario):
Commercial Insurance Market By Type (Commercial Motor Insurance, Commercial, Property Insurance, Liability Insurance, Marine Insurance, and Others), Distribution Channel (Agents & Brokers, Direct Response, and Others) Enterprise Size (Large Enterprises, Medium-Sized Enterprises, and Small-Sized Enterprises), and Industry Vertical (Manufacturing, Construction, IT & Telecom, Healthcare, Energy & Utilities, Transportation & Logistics, and Others): Global Opportunity Analysis and Industry Forecast, 2021-2030
Home Insurance Market by Coverage (Comprehensive Coverage, Dwelling Coverage, Content Coverage, and Other Optional Coverages), End User (Landlords and Tenants): Global Opportunity Analysis and Industry Forecast, 2020-2027
Insurance Third Party Administrator Market By Service Type (Claims Management, Policy Management, Commission Management, Others), By End User (Life and Health Insurance, Property and Casualty Insurance), By Enterprise Size (Large Enterprises, Small and Medium-Sized Enterprises): Global Opportunity Analysis and Industry Forecast, 2023-2032
Insurance Brokerage Market by Insurance Type (Life Insurance, Property and Casualty Insurance), by Brokerage Type (Retail, Wholesale): Global Opportunity Analysis and Industry Forecast, 2023-2032
Europe Gadget Insurance Market By Coverage Type (Physical Damage, Internal Component Failure, Theft & Loss Protection, Virus & Data Protection, and Others), Device Type (Laptop & PCs, Mobile Phones & Tablets, Home Entertainment Devices, Cameras, and Others), Sales Channel (Retail and Online), and End User (Business and Individuals): Regional Opportunity Analysis and Industry Forecast, 2022-2031
Regional Reports:
Asia-Pacific Commercial Property Insurance Market: https://www.alliedmarketresearch.com/asia-pacific-commercial-property-insurance-market-A213221
U.S. Commercial Property Insurance Market: https://www.alliedmarketresearch.com/u-s-commercial-property-insurance-market-A213213
UK Commercial Property Insurance Market: https://www.alliedmarketresearch.com/uk-commercial-property-insurance-market-A213216
Europe Commercial Property Insurance Market: https://www.alliedmarketresearch.com/europe-commercial-property-insurance-market-A213215
South Korea Commercial Property Insurance Market: https://www.alliedmarketresearch.com/south-korea-commercial-property-insurance-market-A213226
About Us:
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Wilmington, Delaware. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports Insights" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
Contact:
David Correa
1209 Orange Street,
Corporation Trust Center,
Wilmington,
New Castle,
Delaware 19801 USA.
Int'l: +1-503-894-6022
Toll Free: +1-800-792-5285
UK: +44-845-528-1300
India (Pune): +91-20-66346060
Fax: +1-800-792-5285
