New York, USA, Jan. 17, 2023 (GLOBE NEWSWIRE) -- Research Dive has published a new report on the global commercial insurance market. According to the report, the global market is projected to surpass $661,743.0 million and grow with a CAGR of 8.1% in the estimated period, 2021–2028. This all-inclusive report delivers a comprehensive overview of the current and future situation of the global market by stating its main characteristics including growth drivers, growth opportunities, limitations, and developments in the forecast period. The report also offers all the required and vital market statistics to help new players obtain an insight into the status of the global market.
Impact of the COVID-19 Pandemic on the Commercial Insurance Market
The outburst of the COVID-19 pandemic in 2020 has had a moderate impact on the growth of the global commercial insurance market. During the pandemic, disturbances in economic markets and restrictions on travel resulted in an adverse impact on the production levels and supply chains of several businesses. This has greatly hindered the market growth. However, despite the disastrous situation, insurance providers have retorted promptly to the crisis and are helping the economy to recover and respond to the pandemic.
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Factors Impacting the Commercial Insurance Market Growth
The key factor boosting the growth of the global commercial insurance market is a significant rise in the demand for commercial insurance policies among medium and small-sized firms across the globe. Furthermore, the increasing number of technological improvements and small organizations in the insurance industry is estimated to unlock lucrative opportunities for market growth in the forecast period. However, a lack of commercial insurance knowledge among small industries and high commercial insurance premiums are anticipated to deter the market’s growth.
The report segments the global commercial insurance market into type, distribution channel, enterprise size, and region.
Commercial Property Insurance Sub-Segment to Grab a Notable Share of the Market
The commercial property insurance sub-segment of the type segment is foreseen to observe leading growth and garner $2,22,228.0 million during the forecast period. This growth is mainly due to the increasing direct investment of foreign in real estate and the development of SMEs (small and medium businesses).
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Direct Channel Sub-Segment to Witness Leading Growth
The direct channel sub-segment of the distribution channel segment is projected to grow significantly and surpass $4,07,518.2 million during the forecast period. This growth is mainly because of the rising demand for direct response marketing, as it advertises through telemarketing, traditional media, or the internet to solicit businesses.
Small Enterprises Sub-Segment to Experience Speedy Growth
The small enterprises sub-segment of the enterprise size segment is foreseen to observe rapid growth and garner $2,29,351.2 million during the forecast period. The growth is mainly because small organizations are increasingly adopting commercial insurance plans to safeguard themselves from unexpected losses.
Asia-Pacific Region to Perceive Maximum Growth
The report analyzes the global commercial insurance market across several regions such as North America, Asia-Pacific, Europe, and LAMEA. Among these, the Asia-Pacific market is projected to observe significant growth and hit $2,11,029.8 million by 2028, at a healthy CAGR of 9.1%. This growth is mostly because of the progressively growing need for commercial insurance and increasing number of small firms in this region.
Key Players of the Global Market
The report states some of the foremost players operating in the global commercial insurance market including
- Allianz
- Aon plc
- American International Group Inc.
- Aviva
- Chubb Limited
- AX
- Marsh
- Direct Line Insurance Group plc
- Zurich
- Willis Towers Watson.
These players are taking various initiatives such as investing in novel product launches, strategic alliances and collaborations, etc. to obtain a leading edge in the global market- Inquire here to grab full report
For instance, in November 2021, ICICI Lombard, a general insurance company in India, partnered with Vega, a foremost manufacturer of helmets, to offer individual accident insurance cover with every online Vega helmet purchase to upsurge highway safety consciousness amongst people.
Also, the report provides numerous industry insights such as top strategic initiatives & developments, novel launch of products, business performance, Porter’s five forces analysis, and SWOT analysis of the foremost players, functioning in the global market.
More about Commercial Insurance Market:
- Commercial Insurance and its types
- Top 3 Smarter Ways to Minimize the Commercial Insurance Costs for Organizations
- Global Commercial Insurance Market Expected to Garner Revenue of $6,61,743.0 Million at a CAGR of 8.1% from 2021-2028
