LONDON, May 09, 2023 (GLOBE NEWSWIRE) -- The Business Research Company's research on the commercial insurance market forecasts the market size to increase from $660.9 billion in 2022 to $715.8 billion in 2023 at a compound annual growth rate (CAGR) of more than 8%. Furthermore, it is expected to reach $987.2 billion in 2027 at the same CAGR. In 2022, Asia-Pacific was the largest region in the commercial insurance market.
One of the primary drivers of growth in the commercial insurance market is the rising number of insurance providers. With an increase in the number of providers, there is a wider variety of business coverage options available to companies. This not only gives companies more choices but also makes insurance more affordable for small businesses that may have avoided it due to high costs.
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Major commercial insurance companies include Allianz Life Insurance Company of North America, American International Group Inc., Aon PLC., Aviva PLC., AXA S.A., Chubb Corporation, Direct Line Insurance Group PLC., Marsh Mclennan Agency, Willis Towers Watson Public Ltd., Zurich Insurance Group Ltd., The Travelers Companies Inc., Liberty Mutual Group, Nationwide Mutual Insurance Company, The Hartford Financial Services Group Inc., Tokio Marine Holdings Inc., State Farm Insurance, and Farmers Insurance Group.
Adopting advanced technologies, such as artificial intelligence and the Internet of Things (IoT), is another key trend in the commercial insurance market. Major companies are using these technologies to maintain their market position.
For example, NeuralMetrics launched MarketEdge in September 2022, a proprietary solution based on artificial intelligence and natural language processing (NLP) technology. It helps insurance companies research and filter US-based businesses that could be potential customers for their commercial insurance offerings. The new solution uses databases such as OSHA, the Centers for Medicare and Medicaid Services, the Environmental Protection Agency, paycheck protection recipients, licenses, permits, inspections, and other databases to find leads.
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The global commercial insurance market is segmented -
1) By Type: Commercial Motor Insurance, Commercial Property Insurance, Liability Insurance, Marine Insurance, Other Types
2) By Enterprise Size: Large Enterprises, Small And Medium-Sized Enterprises
3) By Distribution Channel: Agents And Brokers, Direct Response, Other Distribution Channels
4) By Industry Vertical: Manufacturing, Construction, IT And Telecom, Healthcare, Energy And Utilities, Transportation And Logistics, Other Industry Verticals
This global commercial insurance market report further offers in-depth insights into the expected growth drivers of the market, including the rising number of insurance providers, the adoption of advanced technologies, and major players in the market.
Commercial Insurance Global Market Report 2023 by The Business Research Company provides insights on the commercial insurance market size, commercial insurance market segments, commercial insurance market trends, drivers and restraints, major competitors' market positioning, revenues and market shares.
The Business Research Company has published over 4,500+ industry reports, covering more than 2,500+ market segments and 60 geographies. The reports draw on 1,500,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders.
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