Dublin, Jan. 31, 2024 (GLOBE NEWSWIRE) -- The "Commercial Insurance Global Market Report 2024" has been added to ResearchAndMarkets.com's offering.
The commercial insurance market is projected to grow from $717.04 billion in 2023 to an impressive $779.91 billion in 2024, boasting a compound annual growth rate (CAGR) of 8.8%. This growth trajectory is set to continue, with expectations for the market to reach $1115.75 billion by 2028 at a 9.4% CAGR.
The surge in market size is propelled by factors such as increased business globalization, a heightened emphasis on risk management spurred by cyber threats, and the integration of cutting-edge technologies like artificial intelligence (AI) and the Internet of Things (IoT). With challenging remote work dynamics, climate concerns, and evolving regulations shaping the business landscape, insurance providers are responding with innovated coverage options and strategic expansion.
An upsurge in the number of commercial insurance providers is further fueling competition and driving the market forward. This expansion is meeting the growing demand for business coverage options and fostering more affordable premiums for businesses of all sizes.
Notable Industry Developments
Key players in the sector are advancing the market through strategic product launches and technological adoptions. Recent highlights include the launch of a fully digital Business Owners Policy (BOP) in Ohio by WeSure Digital Insurance Services, Inc. Additionally, NeuralMetrics introduced MarketEdge, an AI-powered solution, in September 2022 to streamline customer acquisition for insurance companies. These strategies reflect the industry's shift towards embracing digital transformations to refine service offerings.
Global and Regional Market Insights
The research report identifies Asia-Pacific as the dominant region within the commercial insurance landscape. Market segments such as commercial motor insurance, property insurance, and liability insurance are thoroughly analyzed across various industries and distribution channels.
- Key Market Segments: The report delves into various commercial insurance categories including motor, property, liability, and marine insurance.
- Industry Distribution: A deep dive into the distribution means highlighting agents, brokers, and direct response channels.
- Industry Applications: The analysis includes diverse industry applications such as manufacturing, construction, IT, healthcare, energy, and more.
Future Market Trajectory
The report also spotlights significant trends set to shape the industry's future, from digitization and parametric insurance emergence to sustainability and advanced data analytics. It provides stakeholders with an exhaustive understanding of the current landscape and future prospects.
This research report offers a panoramic view of the commercial insurance market, supporting industry professionals and stakeholders in navigating the rapidly evolving insurance landscape.
Key Markets Covered:
- By Type: Commercial Motor Insurance; Commercial Property Insurance; Liability Insurance; Marine Insurance; Other Types
- By Enterprise Size: Large Enterprises; Small and Medium-Sized Enterprises
- By Distribution Channel: Agents and Brokers; Direct Response; Other Distribution Channels
- By Industry Vertical: Manufacturing; Construction; IT and Telecom; Healthcare; Energy and Utilities; Transportation and Logistics; Other Industry Verticals
Companies Profiled:
- Aon plc
- Marsh LLC
- Willis Towers Watson Public Limited Company
- Direct Line Insurance Group plc
- American International Group Inc.
- Chubb Limited
- Zurich Insurance Group Ltd.
- Travelers Companies Inc.
- Berkshire Hathaway Inc.
- CNA Financial Corporation
- The Hanover Insurance Group Inc.
- The Progressive Corporation
- Hiscox Ltd.
- Markel Corporation
- QBE Insurance Group Limited
- Nationwide Mutual Insurance Company
- Farmers Insurance Group Co. Inc.
- Erie Insurance Group
- The Cincinnati Insurance Company
- American Family Mutual Insurance Company S.I.
- Aflac Inc.
- Allstate Corporation
- American National Insurance Company
- Assurant Inc.
- AXA S.A.
- Beazley plc
- Cigna Corporation
- Crum & Forster Holdings Corp.
- Everest Re Group Ltd.
- Factory Mutual Insurance Company
- Assicurazioni Generali S.p.A.
- The Hartford Financial Services Group Inc.
- Liberty Mutual Group Inc.
- Lloyd's Corp.
- Munich Reinsurance Company
- New York Life Insurance Company
- Pacific Life Insurance Company
- The Penn Mutual Life Insurance Company
- Principal Financial Group Inc.
- Prudential Financial Inc.
- Sompo International Holdings Ltd.
- State Farm Mutual Automobile Insurance Company
- Swiss Re Ltd.
- Tokio Marine Holdings Inc.
- Transamerica Corporation
- XL Catlin Inc.
For more information about this report visit https://www.researchandmarkets.com/r/r6fhip
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