A commercial insurance plan offers various types of insurance policies such as liability insurance, fire insurance, burglary insurance, plant & machinery insurance, business insurance, and others. Moreover, these insurance policies are specially designed to cover any type of risk associated with business. In addition, commercial insurance helps minimize the financial losses of businesses and promotes business continuity. It further protects image of the business by managing risk and protecting the owners, customers, and shareholders associated to the business.
With an increased competition among the commercial insurance providers to offer better services in terms of coverage and polices along with premium rates, the demand for commercial insurance has increased in the market. In addition, business owners have a variety of polices from number of commercial insurance providers to choose, according to their needs & preferences. In addition, increase in competition among small & medium sized business and increase in need for insurance policies among the enterprises to protect business from pandemic scams are some of the factors propelling the market growth. However, high insurance premium of commercial insurance and lack of information among small-sized businesses about commercial insurance are some of the major factors limiting the growth of the commercial insurance market.
On the contrary, increase in adoption of advanced technologies such as artificial intelligence, machine learning, predictive analysis, and others aimed at gaining consumer loyalty and to strengthen the commercial insurance market presence by offering advanced services with decreased premium cost. Therefore, this is attributed to offer lucrative opportunities for the commercial insurance market in the upcoming years.
The commercial insurance market is segmented on the basis of type, distribution channel, enterprise size, industry vertical, and region. On the basis of type, the market is segmented into commercial motor insurance, commercial property insurance, liability insurance, marine insurance, and others. By distribution channel, it is segmented into agents & brokers, direct response, and others.
Based on enterprise size, it is segregated into large enterprises, medium-sized enterprises, and small-sized enterprises. By industry verticals, the market is segmented into manufacturing, construction, it & telecom, healthcare, energy & utilities, transportation & logistics, and others. By region, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The report analyzes the profiles of key players operating in the commercial insurance market such as Allianz, American International Group, Inc., Aon plc, Aviva, AXA, Chubb, Direct Line Insurance Group plc, Marsh, Willis Towers Watson, and Zurich. These players have adopted various strategies to increase their market penetration and strengthen their position in the commercial insurance industry.
Key Benefits For Stakeholders
The study provides in-depth analysis of the global commercial insurance market along with the current & future trends to illustrate the imminent investment pockets.
Information about key drivers, restrains, & opportunities and their impact analysis on the global commercial insurance market size are provided in the report.
Porter's five forces analysis illustrates the potency of buyers and suppliers operating in the industry.
The quantitative analysis of the global commercial insurance market from 2021 to 2028 is provided to determine the market potential.
Increase in need for insurance policies among the enterprises to protect business from pandemic scams
Increase in competition among the small & mediU.S.zed business
Availability of large number of insurance providers
High insurance premium
Lack of awareness among small sizes enterprises
Surge in usage of telematics device in the retail, construction and healthcare industries
Adoption of advanced technology in commercial insurance