Commercial Insurance Global Market Report 2024

The commercial insurance market size has grown strongly in recent years. It will grow from $717.04 billion in 2023 to $779.91 billion in 2024 at a compound annual growth rate (CAGR) of 8.8%. The historic growth of commercial insurance can be attributed to expanding economies, the global presence of businesses, a growing emphasis on risk management strategies, heightened awareness of cyber threats, evolving liability risks, and a focus on employee benefits and welfare programs.

The commercial insurance market size is expected to see strong growth in the next few years. It will grow to $1115.75 billion in 2028 at a compound annual growth rate (CAGR) of 9.4%. The anticipated growth in the forecast period for commercial insurance can be traced to several factors, including supply chain disruptions, challenges associated with remote work, the impact of climate change, evolving regulations and compliance standards, political uncertainties, advancements in coverage innovation, and concerns regarding data privacy. Major trends expected in this period encompass digitization and the integration of insurtech, the emergence of parametric insurance, emphasis on sustainability and climate risk management, leveraging data analytics for risk modeling, flexible product customization, and adapting to regulatory changes and compliance standards.

The increasing number of commercial insurance providers is a driving force in the growth of the commercial insurance market. As businesses seek insurance services, the expanding pool of insurance providers offers a greater variety of business coverage options. This increased competition not only provides businesses with more choices but also contributes to lower premium costs, making insurance more affordable for small businesses that might have avoided it due to high costs. In 2023, Ibisworld reported that there were approximately 420,056 insurance brokers and agencies in the US, representing a 0.3% increase from 2022. Additionally, in 2020, the Insurance Information Institute noted that the insurance industry employed around 2,853,000 individuals, compared to 2,802,300 individuals in 2019. The growth in the number of commercial insurance providers is a significant factor driving the commercial insurance market.

Globalization and the rise in business travel are expected to further support the growth of the commercial insurance market in the forecast period. Globalization, characterized by the interconnectedness of economies and societies on a global scale, has led to increased business travel for international collaboration and market expansion. The surge in national and international business travel is fostering the growth of the business travel insurance market, providing coverage for personal belongings, business equipment, and damages caused by the insured to a third person. According to the Global Business Travel Association (GBTA), 78% of travel managers globally expect an increase in business travel in 2023. In 2022, the GBTA reported that worldwide business travel expenditure reached $697 billion in 2021, marking a 5.5% increase from the pandemic-related low in 2020. Hence, globalization and the rise in business travel are poised to contribute to the growth of the business travel accident insurance market.

The adoption of advanced technologies is a key trend gaining popularity in the commercial insurance market. Major companies in the market are embracing technologies such as artificial intelligence and the Internet of Things (IoT) to maintain their positions in the market. For example, in September 2022, NeuralMetrics, a US-based InsurTech company, launched MarketEdge, a proprietary solution based on artificial intelligence and natural language processing (NLP) technology. This solution assists insurance companies in researching and filtering potential customers for their commercial insurance offerings. MarketEdge utilizes databases such as OSHA, the Centers for Medicare and Medicaid Services, the Environmental Protection Agency, paycheck protection recipients, licenses, permits, inspections, and other data sources to identify potential leads. The adoption of advanced technologies is a pivotal trend influencing the commercial insurance market.

Major players in the commercial insurance market are strategically launching new products to fortify their positions. In February 2023, WeSure Digital Insurance Services, Inc., the US Managing General Agency (MGA) subsidiary of the international insurance and technology group, WeSure Global Tech Ltd, announced the introduction of its fully digital insurance offering in the US. The initial offering includes a Business Owners Policy (BOP) packaged Property & Liability insurance product in the State of Ohio. WeSure Digital plans to expand its digital insurance offerings to additional US states throughout 2023, introducing more products to cater to various business needs.

In December 2022, World Insurance Associates, a prominent US-based insurance provider, completed the acquisition of DG and M Insurance Agency for an undisclosed amount. This strategic acquisition aligns with World Insurance Associates' commitment to delivering exceptional service by offering high-quality insurance products and services that not only meet but exceed consumer expectations. DG and M Insurance Agency, a US-based commercial insurance service provider, contributes to World Insurance Associates' objective of enhancing its portfolio and providing comprehensive insurance solutions to its clientele. The launch of new digital insurance products and strategic acquisitions underscores the proactive approach of major companies in strengthening their positions and meeting evolving market demands in the commercial insurance sector.

Major companies operating in the commercial insurance market report are Aon plc, Marsh LLC, Willis Towers Watson Public Limited Company, Direct Line Insurance Group plc, American International Group Inc., Chubb Limited, Zurich Insurance Group Ltd., Travelers Companies Inc., Berkshire Hathaway Inc., CNA Financial Corporation, The Hanover Insurance Group Inc., The Progressive Corporation, Hiscox Ltd., Markel Corporation, QBE Insurance Group Limited, Nationwide Mutual Insurance Company, Farmers Insurance Group Co. Inc., Erie Insurance Group, The Cincinnati Insurance Company, American Family Mutual Insurance Company S.I., Aflac Inc., Allstate Corporation, American National Insurance Company, Assurant Inc., AXA S.A., Beazley plc, Cigna Corporation, Crum & Forster Holdings Corp., Everest Re Group Ltd., Factory Mutual Insurance Company, Assicurazioni Generali S.p.A., The Hartford Financial Services Group Inc., Liberty Mutual Group Inc., Lloyd's Corp., Munich Reinsurance Company, New York Life Insurance Company, Pacific Life Insurance Company, The Penn Mutual Life Insurance Company, Principal Financial Group Inc., Prudential Financial Inc., Sompo International Holdings Ltd., State Farm Mutual Automobile Insurance Company, Swiss Re Ltd., Tokio Marine Holdings Inc., Transamerica Corporation, XL Catlin Inc..

Asia-Pacific was the largest region in the commercial insurance market in 2023. The regions covered in the commercial insurance market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the commercial insurance market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Diverse categories of commercial insurance include commercial motor insurance, commercial property insurance, liability insurance, marine insurance, among others. Commercial motor insurance specifically covers a business's vehicles against accidents and theft, available to enterprises of varying sizes. These insurance products are distributed through channels such as agents, brokers, and direct responses, catering to industries such as manufacturing, construction, IT, healthcare, energy, transportation, and logistics.

The commercial insurance market research report is one of a series of new reports that provides commercial insurance market statistics, including global market size, regional shares, competitors with a commercial insurance market share, detailed finishing lines for market segments, market trends and opportunities, and any further data you may need to thrive in the commercial insurance industry. This commercial insurance market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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