Commercial Insurance Market Size, Share, Opportunities, And Trends By Type (Commercial Motor Insurance, Commercial Property Insurance, Liability Insurance, Marine Insurance, Others), By Distribution Channel (Agents & Brokers, Direct Response, Others), By Enterprise Size (Large Enterprises, Medium-sized Enterprises, Small-sized Enterprises), By Industry Vertical (Manufacturing, Construction, IT & Telecom, Healthcare, Energy & Utilities, Transportation & Logistics, Others), And By Geography - Forecasts From 2023 To 2028

  • Published : Jan 2024
  • Report Code : KSI061616425
  • Pages : 149

The commercial insurance market is anticipated to grow at a significant rate over the forecast period.

The commercial insurance market is at the vanguard of the global risk management environment, seeing rapid expansion as a result of a confluence of factors. Businesses are understanding the critical importance of comprehensive insurance coverage in an era symbolized by increased business complexities, severe regulatory requirements, and altering risk landscapes. The market's growth is being driven by the need for businesses to protect their operations from a wide range of risks. This includes from cyber-attacks and natural catastrophes to growing liabilities connected with technology breakthroughs and environmental concerns. Furthermore, as businesses manage globalization and the obstacles posed by economic changes, the demand for customized insurance solutions grows. The expansion of the commercial insurance market demonstrates its critical role in providing financial resilience to enterprises in an ever-changing and linked environment.

Introduction:

Commercial insurance is a type of coverage that is aimed to protect organizations and enterprises against financial losses caused by a variety of risks and obligations. It is an important safety for enterprises, protecting them from financial catastrophe. Commercial insurance provides a variety of coverage options, each designed to meet specific needs. Property insurance, which protects physical assets such as buildings and equipment from damage; liability insurance, which addresses legal fees and settlements in cases of third-party claims; and workers' compensation, which offers benefits to employees injured on the job, are common types. Commercial insurance has several benefits, including lowering financial risks associated with unanticipated catastrophes, accidents, or litigation and supporting business continuity even in the face of hardship. The worldwide commercial insurance industry is being driven by increased knowledge of company hazards and the demand for protection. Furthermore, the globalization of enterprises needs coverage for overseas activities, which boosts market growth. This is strengthened further by regulatory reforms and compliance needs. With this, rising technologies such as the Internet of Things (IoT) and artificial intelligence (AI) enable more precise risk assessment. This in turn boosts market development. Aside from that, economic volatility and rising commercial insurance expenditures are fueling market expansion.

Market Drivers:

  • Regulatory compliance and risk management: Increasing regulatory requirements push firms to get various forms of insurance coverage to meet legal requirements. Furthermore, businesses appreciate the necessity of effective risk management techniques, fueling demand for comprehensive commercial insurance solutions.
  • Globalization and increased business complexity: The internationalization of enterprises and the increasing complexity of commercial operations increase the demand for specialist insurance solutions. Companies are looking for coverage that tackles the particular risks involved with international commerce, supply networks, and a wide range of commercial operations.
  • Recent technological advancement is propelling the market demand: The growing digitalization of corporate operations exposes firms to cyber dangers. As a result, there is a rising need for cyber insurance to safeguard against data breaches, ransomware attacks, and other digital dangers.
  • Natural disasters and climate change are promoting the market prospects: Natural catastrophes are becoming more frequent and severe, and concerns about climate change are causing businesses to review their risk exposure. This increased awareness increases demand for commercial property insurance and other climate-related coverage.
  • Employee benefits and talent acquisition: Employee benefits packages that are competitive are critical for attracting and keeping top personnel. This promotes the business insurance market's demand for group health insurance, life insurance, and other employee benefits.

Products offered by key companies:

  • Aviation Insurance Allianz SE: Allianz Commercial has been at the center of aviation insurance since the beginning of the powered flight, giving them one of the world's biggest and most competent aviation insurance teams. They have an extensive tradition and an established track record of dependability, security, and service. They provide a broad range of aviation insurance options to everyone from large fleets, manufacturers, and airports to private pilots, ground handlers, and niche component makers.

Prominent growth is projected in the transportation and logistics sector under the industry vertical segment

The transportation and logistics sector is poised to expand significantly at a high CAGR over the forecast period. The transportation and logistics area in the commercial insurance market is driven by numerous main aspects. This includes overall economic circumstances, which affect the number of commodities moved and the demand for logistical services. Furthermore, regulatory changes and safety requirements, particularly as a result of emerging technology and environmental concerns, have a substantial impact on this industry. Moreover, increased cargo theft and accident rates highlight the significance of adequate insurance coverage. The globalization of supply chains and the rise of e-commerce have resulted in a greater reliance on efficient transportation and logistics, hence increasing the demand for specialist insurance solutions. Following this, the industry's continuous digital revolution, including the use of telematics and data analytics, is changing risk assessment and pricing methods.

The North American region is expected to hold a significant share of the commercial insurance market:

The North American region is expected to hold a major market share and is poised to grow significantly over the forecast period. The expansion of the commercial insurance industry in North America is linked to numerous main causes, including increased company awareness and knowledge of risk management strategies. Furthermore, legal developments and compliance mandates have prompted firms to seek out comprehensive insurance solutions. Data analytics, artificial intelligence, and automation have improved underwriting procedures. These results in more efficient and cost-effective services, and attract more firms. Furthermore, the growing environment of cyber risks and the necessity for cybersecurity coverage have played a critical role in the rise of commercial insurance. The rising frequency and complexity of cyberattacks have made organizations understand the need to protect their digital assets.

Key developments:

  • American International Group Inc. (AIG) and Stone Point reached an agreement in April 2023 to develop a high-net-worth Managing General Agency (MG). Stone Point is a private equity firm that invests in global financial services companies. With this collaboration, AIG used its capabilities and expanded product offerings to better serve the High and Ultra High Net Worth segments.

Segmentation:

  • By Type
    • Commercial Motor Insurance
    • Commercial Property Insurance
    • Liability Insurance
    • Marine Insurance
    • Others
  • By Distribution Channel
    • Agents & Brokers
    • Direct Response
    • Others  
  • By Enterprise Size
    • Large Enterprises
    • Medium-sized Enterprises
    • Small-sized Enterprises 
  • By Industry Vertical
    • Manufacturing
    • Construction
    • IT & Telecom
    • Healthcare
    • Energy & Utilities
    • Transportation & Logistics
    • Others 
  • By Geography
    • North America
      • United States
      • Canada
      • Mexico
    • South America
      • Brazil
      • Argentina
      • Others
    • Europe
      • United Kingdom
      • Germany
      • France
      • Spain
      • Others
    • Middle East and Africa
      • Saudi Arabia
      • UAE
      • Israel
      • Others
    • Asia Pacific
      • Japan
      • China
      • India
      • South Korea
      • Indonesia
      • Thailand

1.  INTRODUCTION

1.1. Market Overview

1.2. Market Definition

1.3. Scope of the Study

1.4. Market Segmentation

1.5. Currency

1.6. Assumptions

1.7. Base, and Forecast Years Timeline

2. RESEARCH METHODOLOGY  

2.1. Research Data

2.2. Research Process

3. EXECUTIVE SUMMARY

3.1. Research Highlights

4. MARKET DYNAMICS

4.1. Market Drivers

4.2. Market Restraints

4.3. Porter’s Five Force Analysis

4.3.1. Bargaining Power of Suppliers

4.3.2. Bargaining Power of Buyers

4.3.3. Threat of New Entrants

4.3.4. Threat of Substitutes

4.3.5. Competitive Rivalry in the Industry

4.4. Industry Value Chain Analysis

5. COMMERCIAL INSURANCE MARKET BY TYPE

5.1. Introduction

5.2. Commercial Motor Insurance

5.3. Commercial Property Insurance

5.4. Liability Insurance

5.5. Marine Insurance

5.6. Others

6. COMMERCIAL INSURANCE MARKET BY DISTRIBUTION CHANNEL

6.1. Introduction

6.2. Agents & Brokers

6.3. Direct Response

6.4. Others 

7. COMMERCIAL INSURANCE MARKET BY ENTERPRISE SIZE

7.1. Introduction

7.2. Large Enterprises

7.3. Medium-sized Enterprises

7.4. Small-sized Enterprises 

8. COMMERCIAL INSURANCE MARKET BY INDUSTRY VERTICAL

8.1. Introduction

8.2. Manufacturing

8.3. Construction

8.4. IT & Telecom

8.5. Healthcare

8.6. Energy & Utilities

8.7. Transportation & Logistics

8.8. Others 

9. COMMERCIAL INSURANCE MARKET BY GEOGRAPHY

9.1. Introduction

9.2. North America

9.2.1. United States

9.2.2. Canada

9.2.3. Mexico

9.3. South America

9.3.1. Brazil

9.3.2. Argentina

9.3.3. Others

9.4. Europe

9.4.1. United Kingdom

9.4.2. Germany

9.4.3. France

9.4.4. Spain

9.4.5. Others

9.5. Middle East and Africa

9.5.1. Saudi Arabia

9.5.2. UAE

9.5.3. Israel

9.5.4. Others

9.6. Asia Pacific

9.6.1. Japan

9.6.2. China

9.6.3. India

9.6.4. South Korea

9.6.5. Indonesia

9.6.6. Thailand

10. COMPETITIVE ENVIRONMENT AND ANALYSIS

10.1. Major Players and Strategy Analysis

10.2. Market Share Analysis

10.3. Mergers, Acquisitions, Agreements, and Collaborations

11. COMPANY PROFILES

11.1. Allianz SE

11.2. American International Group Inc.

11.3. Aon plc

11.4. Aviva plc

11.5. Axa S.A.

11.6. Chubb Limited (ACE Limited)

11.7. Direct Line Insurance Group plc

11.8. Marsh & McLennan Companies Inc.

11.9. Willis Towers Watson Public Limited Company

11.10. Zurich Insurance Group Ltd.


Allianz SE

American International Group Inc.

Aon plc

Aviva plc

Axa S.A.

Chubb Limited (ACE Limited)

Direct Line Insurance Group plc

Marsh & McLennan Companies Inc.

Willis Towers Watson Public Limited Company

Zurich Insurance Group Ltd.