Rise in need for insurance policies among enterprises to protect business from pandemic scams, availability of large number of insurance providers, and surge in competition among small & medium-sized businesses drive the growth of the global commercial insurance market. The market across North America held the largest share in 2020, contributing to nearly half of the market.
Portland,OR, July 21, 2021 (GLOBE NEWSWIRE) -- As per the report published by Allied Market Research, the global commercial insurance market generated $692.22 billion in 2020, and is estimated to reach $1,227.8 billion by 2028, growing at a CAGR of 8.5% from 2021 to 2028.
Rise in need for insurance policies among enterprises to protect business from pandemic scams, availability of large number of insurance providers, and surge in competition among small & medium-sized businesses drive the growth of the global commercial insurance market. However, high insurance premiums and lack of awareness among small-size enterprises hinder the market growth. On the contrary, adoption of advanced technology in commercial insurance and increase in usage of telematics devices in the retail, construction, and healthcare industries are expected to open lucrative opportunities for the market players in the future.
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The Covid-19 pandemic affected the demand for commercial insurance due to rapid increase in motor liability premium rates & claim payments, rise in pressure toward pricing, and increase in severity of losses across various industry verticals.
The drastic shift to remote working across the world, digitalized underwriting, business interruptions, and administrative processes presented challenges for commercial insurers in the industry.
Moreover, during the pandemic, the number of fraudulent claims and lack of IT infrastructure created several challenges.
The report segments the global commercial insurance market on the basis of type, distribution channel, enterprise size, industry vertical, and region.
Based on type, the report is divided into commercial motor insurance, commercial property insurance, liability insurance, marine insurance, and others. The liability insurance segment held the lion’s share in 2020, accounting for more than one-fourth of the market. Moreover, the segment is expected to manifest the highest CAGR of 9.9% during the forecast period.
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On the basis of distribution channel, the report is categorized into agents & brokers, direct response, and others. The agents & brokers segment dominated in 2020 in terms of revenue, holding around two-thirds of the market. Moreover, the segment is estimated to register the highest CAGR of 8.5% during the forecast period.
The global commercial insurance market is analyzed across several regions such as North America, Europe, Asia-Pacific, and LAMEA. The market across North America held the largest share in 2020, contributing to nearly half of the market. However, the market across Asia-Pacific is projected to portray the highest CAGR of 11.7% during the forecast period.
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The global commercial insurance market includes an in-depth analysis of the prime market players such as Allianz, Aon plc, American International Group, Inc., AXA, Aviva, Direct Line Insurance Group plc, Chubb, Marsh, Willis Towers Watson, and Zurich.
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