Global Commercial Insurance Market Expected to Grow Immensely Due to Businesses Opting to Secure their Operations - Exclusive Report [244 pages] by Research Dive
The global commercial insurance market is set to gain significant revenue in the forecast period. The Asia-Pacific region is predicted to dominate the market. Various key players are working on initiatives to help in the market growth.
NEW YORK, Aug. 11, 2021 /PRNewswire/ -- According to the latest report by Research Dive, the Global Commercial Insurance Market is anticipated to witness a rise in revenue from $6, 61,743.0 million by 2028, rising from $3,49,127.3 million in 2020 at a steady CAGR of 8.1% from 2021-2028.
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Regional Analysis: Commercial Insurance Market
The Asia-Pacific Commercial Insurance Market is expected to witness a tremendous rise in revenue of $2,11,029.8 million at a CAGR of 9.1% from 2021-2028. The region holds over one-third of the world's total population which has led to the presence of some of the fastest growing economies. To add further, a large number of small businesses have established themselves which has contributed to the requirement of commercial insurance. These factors have assisted in the growth of the region in the analysis period.
Key Market Segments
- By type, the commercial property insurance sub-segment expected to gain the highest market share of $2,22,228.0 million in the analysis period. The small and medium businesses have been growing immensely and real estate has been experiencing an increase in foreign direct investments as well. Also, the investment opportunities within the segment along with government initiatives have led to firms opting for commercial property insurance. These factors have further initiated the growth of the segment.
- By enterprise size, the small enterprises sub-segment is predicted to dominate the market with an increase in revenue from $1,15,686.2 million in 2020 to over $2,29,351.2 million by 2028 at a stable CAGR of 8.7%. Most small businesses require proper measures that can help safeguard them especially in cases of unexpected losses. This insurance helps small businesses recover from any property damage, compensation claim of workers as well as liabilities. These factors have ensured the growth of the segment in the forecast period.
- By distribution channel, the direct channel sub-segment is expected to gain the highest revenue of $4,07,518.2 million from 2021-2028. This segment consists of marketing techniques such as telemarketing, advertising via traditional media and more to seek business. This allows consumers to compare the pricing of different brands on the internet and then pick one that can suit their needs best. These factors have ensured the growth of the segment in the analysis period.
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Market Dynamic
Commercial insurance plays an extremely vital role in providing small business effective ways to secure themselves. The pandemic resulted in many firms being severely affected which propagated the necessity of having an appropriate insurance policy. To add further, several policies are being updated to suit the needs of businesses today while the presence of popular insurance companies has helped add to the growth of the global commercial insurance market.
On the other hand, a lot of small businesses do not have the required awareness about how commercial insurance provides them with coverage in times of news. Additionally, the exorbitant premiums of commercial insurances may be a barrier for small businesses. These factors are predicted to limit the growth of the market in the analysis period.
But, the global commercial insurance market is predicted to witness accelerated growth owing to changes in technology. Additionally, the use of predictive analysis in helping businesses figure out their chances of facing any losses has also been assisting them in figuring out the right kind of insurance. Also, most of the companies have made the process easier for new users by simplifying their policies and reducing the rates of the insurance premium. These factors are set to provide the commercial insurance market with an opportunity of growth in the expected timeframe.
Top 10 Key Players in Commercial Insurance Market, New Developments, and Strategies
As per the report, some of the renowned key players of the market are
1. American International Group, Inc
2. Aviva
3. Chubb Limited
4. Marsh
5. Zurich
6. Allianz
7. Aon plc
8. AXA
9. Direct Line Insurance Group plc
10. Willis Towers Watson.
For instance, in July 2021, Allianz Group, a global leader in asset management launched the global division of commercial insurance which will be led by Chris Townsend, who has been a member of the Allianz SE Board of Management. This initiative is expected to allow for more organic growth for the company while also coming up with additional resources for the benefit of consumers.
The report also summarizes many important aspects including financial performance of the key players, SWOT analysis, product portfolio, and recent strategic developments. - Inquire and Get Quick Access to Top Companies Development Strategies Summary Report [80 pages]
Impact of COVID-19 on the Global Commercial Insurance Market
The pandemic resulted in several businesses being negatively affected and also caused multiple changes in the way the society functioned. The World Health Organization provided guidelines that countries were asked to follow to reduce the spread of the coronavirus. The travel ban especially led to businesses facing a crisis as the supply chain was disrupted. Instances like these gave businesses an insight into how having insurance can help them sustain through crucial times. Thus, the commercial insurance market faced several challenges during the peak of the pandemic but gradually recovered owing to its increased demand among small businesses.
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