The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032

The increasing number of commercial insurance carriers is propelling the market forward.

The global commercial insurance market size is expected to grow from $660.90 billion in 2022 to $715.87 billion in 2023 at a compound annual growth rate (CAGR) of 8.3%. The global commercial insurance market size is expected to reach $987.29 billion in 2027 at a CAGR of 8.3%.

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Global Commercial Insurance Market Segments Include:

• By Type: Commercial Motor Insurance, Commercial Property Insurance, Liability Insurance, Marine Insurance, Other Types
• By Enterprise Size: Large Enterprises, Small And Medium-Sized Enterprises
• By Distribution Channel: Agents And Brokers, Direct Response, Other Distribution Channels
• By Industry Vertical: Manufacturing, Construction, IT And Telecom, Healthcare, Energy And Utilities, Transportation And Logistics, Other Industry Verticals
• By Geography: The market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa. Among these regions, Asia Pacific is the largest region in the global commercial insurance market in 2021.

Major Market Players in the commercial insurance market include Allianz Life Insurance Company of North America, American International Group Inc., Aon PLC., Aviva PLC., AXA S.A., Chubb Corporation.

The use of modern technology is a crucial trend that is gaining traction in the business insurance sector. To maintain their market positions, major industry players are embracing technologies such as artificial intelligence and the Internet of Things (IoT). For example, NeuralMetrics, a US-based InsurTech company, launched MarketEdge in September 2022, a proprietary solution based on artificial intelligence and natural language processing (NLP) technology that assists insurance companies in researching and filtering US-based businesses that can be perceived as potential customers for their commercial insurance offerings. To uncover leads, the new product searches databases like OSHA, the Centres for Medicare and Medicaid Services, the Environmental Protection Agency, paycheck protection recipients, licences, permits, inspections, and others.

The Commercial Insurance Global Market Report 2023  provides a commercial insurance market overview for the time series: historic years (2010 – 2021) and ten years forecast (2023 – 2032). The commercial insurance market forecast analyzes commercial insurance market size, commercial insurance market share, leading competitor market positions. The regions covered in the report include Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa and the countries include Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

Commercial insurance is a plan that protects organisations from financial losses caused by accidents, theft, cyber-attacks, and other disasters. It is quite beneficial in terms of safeguarding the company’s assets.

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