The Worldwide Business Income Insurance Industry is Expected to Reach $33.5 Billion by 2031

DUBLIN, Nov. 15, 2022 /PRNewswire/ -- The "Business Income Insurance Market By Type, By Coverage, By Loss Type, By Distribution Channel, By Industry Vertical: Global Opportunity Analysis and Industry Forecast, 2021-2031" report has been added to ResearchAndMarkets.com's offering.

According to the report the business income insurance market was valued at $14.93 billion in 2021, and is estimated to reach $33.54 billion by 2031, growing at a CAGR of 8.8% from 2022 to 2031.

Business income insurance coverage offers a variety of coverage, including property and casualty insurance, insurance for business structures, insurance for IT equipment and laptops, stock insurance, commercial insurance, and insurance for plant and machinery, all while protecting multiple stakeholders and employees. In addition, business income coverage aids in minimizing monetary losses for a company in the event of bad occurrences such as fire and theft.

Furthermore, key players in the global business income insurance market are improving their services and trying to provide a better support and services to insurers. For instance, possible effects on the insurance sector of ongoing war in Ukraine are increasingly being questioned. In addition to the fact that hundreds of leased aircraft are grounded in Russia, the combat in Ukraine has also damaged or destroyed businesses, factories, and residential areas.

In May 2022, Allianz Global Corporate & Specialty (AGCS) announced that it will provide its services by relying on publicly-available satellite imagery, photos & videos, and information provided by customers and its local staff to assess the situation on a preliminary basis.

By distribution channel, the agents & brokers segment acquired a major share in the business income insurance market in 2021. This is attributed to the fact that purchasers prefer agents & brokers to acquire business income insurance as consumers have little understanding of appropriate plans to buy for their industry.

Region wise, North America dominated the business income insurance market in 2021. It is attributed to the fact that collaboration between traditional insurance companies and InsurTech firms has led to rise in newer models and revenue streams, higher profitability, and reduced operational costs in the North America.

The demand for business income insurance industry has increased considerably during the COVID-19 pandemic. This is attributed to increased awareness toward business income insurance among various businesses. However, business income insurance had a negative impact of pandemic as there were business interruptions experienced by a number of worldwide industries.

On the contrary, digitalization in the insurance sector is expected to help the business income insurance market growth in upcoming years. The market is anticipated to have a number of opportunities in the future, owing to increase in adoption of advanced technologies such as artificial intelligence, machine learning, and predictive analysis that are intended to increase consumer loyalty and strengthen the market presence of business income insurance by providing advanced services at reduced premium costs.

Key Findings of the Study

By coverage, the profits/lost revenue segment led the highest business income insurance market share, in terms of revenue in 2021.
On the basis of industry vertical, the healthcare segment is expected to exhibit the fastest growth rate during the forecast period.
Region wise, North America generated the highest revenue in business income insurance market size in 2021.
The key players operating in the Business income insurance market analysis include American International Group, Inc., Allianz, Allstate Insurance Company, AmTrust Financial, ASSURANT, INC., AXA, Chubb, - Employers Mutual Casualty Company, Farmers, Liberty Mutual Insurance Company, Munich RE, Nationwide Mutual Insurance Company, Next Insurance, Inc., State Farm Mutual Automobile Insurance Company, Swiss Re, The Hartford, The Travelers Indemnity Company, and Zurich. These players have adopted various strategies to increase their market penetration and strengthen their position in the industry.

Key Topics Covered:

CHAPTER 1: INTRODUCTION

CHAPTER 2: EXECUTIVE SUMMARY

CHAPTER 3: MARKET OVERVIEW
3.1.Market definition and scope
3.2.Key findings
3.2.1.Top investment pockets
3.3.Porter's five forces analysis
3.4.Top player positioning
3.5.Market dynamics
3.5.1.Drivers
3.5.2.Restraints
3.5.3.Opportunities
3.6.COVID-19 Impact Analysis on the market

CHAPTER 4: BUSINESS INCOME INSURANCE MARKET, BY TYPE
4.1 Overview
4.1.1 Market size and forecast
4.2 Standard Business Income Insurance
4.2.1 Key market trends, growth factors and opportunities
4.2.2 Market size and forecast, by region
4.2.3 Market analysis by country
4.3 Extended Business Income Insurance
4.3.1 Key market trends, growth factors and opportunities
4.3.2 Market size and forecast, by region
4.3.3 Market analysis by country

CHAPTER 5: BUSINESS INCOME INSURANCE MARKET, BY COVERAGE
5.1 Overview
5.1.1 Market size and forecast
5.2 Profits/Lost Revenue
5.2.1 Key market trends, growth factors and opportunities
5.2.2 Market size and forecast, by region
5.2.3 Market analysis by country
5.3 Taxes and Loan Payments
5.3.1 Key market trends, growth factors and opportunities
5.3.2 Market size and forecast, by region
5.3.3 Market analysis by country
5.4 Mortgage and Rent Payments
5.4.1 Key market trends, growth factors and opportunities
5.4.2 Market size and forecast, by region
5.4.3 Market analysis by country
5.5 Employee's Wages and Payroll
5.5.1 Key market trends, growth factors and opportunities
5.5.2 Market size and forecast, by region
5.5.3 Market analysis by country
5.6 Relocation Costs
5.6.1 Key market trends, growth factors and opportunities
5.6.2 Market size and forecast, by region
5.6.3 Market analysis by country
5.7 Others
5.7.1 Key market trends, growth factors and opportunities
5.7.2 Market size and forecast, by region
5.7.3 Market analysis by country

CHAPTER 6: BUSINESS INCOME INSURANCE MARKET, BY LOSS TYPE
6.1 Overview
6.1.1 Market size and forecast
6.2 Fire
6.2.1 Key market trends, growth factors and opportunities
6.2.2 Market size and forecast, by region
6.2.3 Market analysis by country
6.3 Theft
6.3.1 Key market trends, growth factors and opportunities
6.3.2 Market size and forecast, by region
6.3.3 Market analysis by country
6.4 Wind
6.4.1 Key market trends, growth factors and opportunities
6.4.2 Market size and forecast, by region
6.4.3 Market analysis by country
6.5 Lightning
6.5.1 Key market trends, growth factors and opportunities
6.5.2 Market size and forecast, by region
6.5.3 Market analysis by country
6.6 Others
6.6.1 Key market trends, growth factors and opportunities
6.6.2 Market size and forecast, by region
6.6.3 Market analysis by country

CHAPTER 7: BUSINESS INCOME INSURANCE MARKET, BY DISTRIBUTION CHANNEL
7.1 Overview
7.1.1 Market size and forecast
7.2 Agents & Brokers
7.2.1 Key market trends, growth factors and opportunities
7.2.2 Market size and forecast, by region
7.2.3 Market analysis by country
7.3 Direct Response
7.3.1 Key market trends, growth factors and opportunities
7.3.2 Market size and forecast, by region
7.3.3 Market analysis by country
7.4 Others
7.4.1 Key market trends, growth factors and opportunities
7.4.2 Market size and forecast, by region
7.4.3 Market analysis by country

CHAPTER 8: BUSINESS INCOME INSURANCE MARKET, BY INDUSTRY VERTICAL
8.1 Overview
8.1.1 Market size and forecast
8.2 Manufacturing
8.2.1 Key market trends, growth factors and opportunities
8.2.2 Market size and forecast, by region
8.2.3 Market analysis by country
8.3 Retail
8.3.1 Key market trends, growth factors and opportunities
8.3.2 Market size and forecast, by region
8.3.3 Market analysis by country
8.4 Construction
8.4.1 Key market trends, growth factors and opportunities
8.4.2 Market size and forecast, by region
8.4.3 Market analysis by country
8.5 IT & Telecom
8.5.1 Key market trends, growth factors and opportunities
8.5.2 Market size and forecast, by region
8.5.3 Market analysis by country
8.6 Healthcare
8.6.1 Key market trends, growth factors and opportunities
8.6.2 Market size and forecast, by region
8.6.3 Market analysis by country
8.7 Energy & Utilities
8.7.1 Key market trends, growth factors and opportunities
8.7.2 Market size and forecast, by region
8.7.3 Market analysis by country
8.8 Transportation & Logistics
8.8.1 Key market trends, growth factors and opportunities
8.8.2 Market size and forecast, by region
8.8.3 Market analysis by country
8.9 Others
8.9.1 Key market trends, growth factors and opportunities
8.9.2 Market size and forecast, by region
8.9.3 Market analysis by country

CHAPTER 9: BUSINESS INCOME INSURANCE MARKET, BY REGION

CHAPTER 10: COMPANY LANDSCAPE
10.1. Introduction
10.2. Top winning strategies
10.3. Product Mapping of Top 10 Player
10.4. Competitive Dashboard
10.5. Competitive Heatmap
10.6. Key developments

CHAPTER 11: COMPANY PROFILES
11.1 American International Group, Inc.
11.1.1 Company overview
11.1.2 Company snapshot
11.1.3 Operating business segments
11.1.4 Product portfolio
11.1.5 Business performance
11.1.6 Key strategic moves and developments
11.2 Allianz
11.3 Allstate Insurance Company
11.4 AmTrust Financial
11.5 ASSURANT, INC.
11.6 AXA
11.7 Chubb
11.8 Employers Mutual Casualty Company
11.9 Farmers
11.10 Liberty Mutual Insurance Company
11.11 Munich RE
11.12 Nationwide Mutual Insurance Company
11.13 Next Insurance, Inc.
11.14 State Farm Mutual Automobile Insurance Company
11.15 Swiss Re
11.16 The Hartford
11.17 The Travelers Indemnity Company
11.18 Zurich

For more information about this report visit https://www.researchandmarkets.com/r/kpaq8x

Media Contact:

Laura Wood, Senior Manager
[email protected]

For E.S.T Office Hours Call +1-917-300-0470
For U.S./CAN Toll Free Call +1-800-526-8630
For GMT Office Hours Call +353-1-416-8900

U.S. Fax: 646-607-1907
Fax (outside U.S.): +353-1-481-1716

Logo: https://mma.prnewswire.com/media/539438/Research_and_Markets_Logo.jpg

View original content:https://www.prnewswire.com/news-releases/the-worldwide-business-income-insurance-industry-is-expected-to-reach-33-5-billion-by-2031--301678256.html