According to the Business Research Company’s Commercial Insurance Global Market Report 2023, market size, drivers, trends, and competitors.
The Business Research Company’s global market studies now have the most up-to-date information about the size of the market for 2023 and forecasts for 2032.
LONDON, May 09, 2023 (GLOBE NEWSWIRE) — The Business Study Company’s study on the commercial insurance market shows that the market will grow at a compound annual growth rate (CAGR) of more than 8% from $660.9 billion in 2022 to $715.8 billion in 2023.
At the same CAGR, it is also projected to reach $987.2 billion in 2027. In the business insurance market in 2022, Asia-Pacific was the largest area.
In-Depth On The Commercial Insurance Market
One of the main reasons why the business insurance market is growing is that there are more and more insurance companies. Since there are more providers, businesses can choose from a bigger range of business coverage options. This gives companies more options and makes insurance more affordable for small businesses that might not have gotten it before because it was too expensive.
Some of the biggest commercial insurance companies are 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
Adopting advanced technologies like artificial intelligence and the Internet of Things (IoT) is another key trend in the business insurance market. Major businesses are using these technologies to keep their market position.
For example, NeuralMetrics released MarketEdge in September 2022. It is a proprietary solution built on artificial intelligence and natural language processing (NLP) technology. It helps insurance companies find and sort US-based businesses that could be possible customers for their commercial insurance services.
The new approach uses databases like OSHA, the Centers for Medicare and Medicaid Services, the Environmental Protection Agency, paycheck protection recipients, licenses, permits, inspections, and others to find leads.
Global Commercial insurance market
The business insurance market around the world is divided into:
1) By Type: Commercial Motor Insurance, Commercial Property Insurance, Liability Insurance, Marine Insurance, and Other Types
2) By Enterprise Size: Large Enterprises, Small And Medium-Sized Enterprises
3) By Channel of Distribution: Direct Response, Agents and Brokers, and Other Channels of Distribution.
4) By Industry Vertical: Manufacturing, IT and Telecom, Construction, Transportation and Logistics, Healthcare, Energy and Utilities, and Other Industry Verticals
This global commercial insurance market study also goes into detail about the factors that are expected to drive the market’s growth, such as the growing number of insurance companies, the use of new technologies, and the market’s biggest players.
The Business Research Company’s Commercial Insurance Global Market Report 2023 gives information about the size of the commercial insurance market, its segments, its trends, its drivers and restraints, its major competitors’ market positioning, revenues, and market shares.
The Business Research Company has put out more than 4,500 business reports that cover more than 2,500 market segments and 60 countries. The reports are based on 1.5 million data sets, a lot of secondary research, and interviews with leaders in the business.
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