PUBLISHER: IMARC | PRODUCT CODE: 1291606
PUBLISHER: IMARC | PRODUCT CODE: 1291606
Commercial Insurance Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028
The global commercial insurance market size reached US$ 793.6 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 1,203.7 Billion by 2028, exhibiting a growth rate (CAGR) of 6.86% during 2023-2028.
Commercial insurance refers to a type of coverage for businesses and corporations designed to protect the organization, its employees, and its ownership. Some commonly offered commercial insurance policies include property insurance, general liability, commercial auto insurance, workers' compensation insurance, business interruption insurance, cyber liability insurance, and crime coverage. It covers the company against losses and risks, such as property damage, injury to the employees, cyberattacks, thefts, natural disasters, data breaches, and liability lawsuits that could potentially disrupt the business operations. In recent years, commercial insurance has rapidly gained traction among startups and enterprises as it protects the assets of the insured business from unexpected events and covers the financial losses incurred.
Commercial Insurance Market Trends:
Commercial insurance offers security for business operations, protects the company's reputation, and ensures the wellbeing of its employees and financial situation. As a result, the rising awareness regarding the benefits of commercial insurance policies among enterprises represents the primary factor driving the market growth. Besides this, the increasing number of small- and medium-sized enterprises (SMEs) and the growing need to protect businesses against unexpected losses are augmenting the demand for commercial insurance. Additionally, regional governments of various countries are taking favorable initiatives to encourage employers and business owners to purchase different types of coverage, such as workers' compensation insurance for employees and commercial auto insurance for business-owned vehicles. Along with this, the rising number of commercial insurance providers is catalyzing the market growth. Furthermore, the leading players are adopting advanced technologies, such as artificial intelligence (AI) and machine learning (ML), to offer enhanced services like personalized and convenient insurance plans with lower premium costs to improve customer loyalty and gain a competitive edge. Other factors, including the growing usage of telematics devices across various industries, rising competition among businesses, technological advancements, and rapid industrialization, are also creating a favorable outlook for the market.
Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the global commercial insurance market report, along with forecasts at the global, regional and country level from 2023-2028. Our report has categorized the market based on type, enterprise size, distribution channel and industry vertical.
Breakup by Type:
Liability Insurance
Commercial Motor Insurance
Commercial Property Insurance
Marine Insurance
Others
Breakup by Enterprise Size:
Large Enterprises
Small and Medium-sized Enterprises
Breakup by Distribution Channel:
Agents and Brokers
Direct Response
Others
Breakup by Industry Vertical:
Transportation and Logistics
Manufacturing
Construction
IT and Telecom
Healthcare
Energy and Utilities
Others
Breakup by Region:
North America
United States
Canada
Asia-Pacific
China
Japan
India
South Korea
Australia
Indonesia
Others
Europe
Germany
France
United Kingdom
Italy
Spain
Russia
Others
Latin America
Brazil
Mexico
Others
Middle East and Africa
Competitive Landscape:
The competitive landscape of the industry has also been examined along with the profiles of the key players being Allianz SE, American International Group Inc., Aon plc, Aviva plc, Axa S.A., Chubb Limited, Direct Line Insurance Group plc, Marsh & McLennan Companies Inc., Willis Towers Watson Public Limited Company and Zurich Insurance Group Ltd.
Key Questions Answered in This Report
1. What was the size of the global commercial insurance market in 2022?
2. What is the expected growth rate of the global commercial insurance market during 2023-2028?
3. What are the key factors driving the global commercial insurance market?
4. What has been the impact of COVID-19 on the global commercial insurance market?
5. What is the breakup of the global commercial insurance market based on the type?
6. What is the breakup of the global commercial insurance market based on the enterprise size?
7. What is the breakup of the global commercial insurance market based on the distribution channel?
8. What is the breakup of the global commercial insurance market based on the industry vertical?
9. What are the key regions in the global commercial insurance market?
10. Who are the key players/companies in the global commercial insurance market?
Table of Contents
1 Preface
2 Scope and Methodology
- 2.1 Objectives of the Study
- 2.2 Stakeholders
- 2.3 Data Sources
- 2.3.1 Primary Sources
- 2.3.2 Secondary Sources
- 2.4 Market Estimation
- 2.4.1 Bottom-Up Approach
- 2.4.2 Top-Down Approach
- 2.5 Forecasting Methodology
3 Executive Summary
4 Introduction
- 4.1 Overview
- 4.2 Key Industry Trends
5 Global Commercial Insurance Market
- 5.1 Market Overview
- 5.2 Market Performance
- 5.3 Impact of COVID-19
- 5.4 Market Forecast
6 Market Breakup by Type
- 6.1 Liability Insurance
- 6.1.1 Market Trends
- 6.1.2 Market Forecast
- 6.2 Commercial Motor Insurance
- 6.2.1 Market Trends
- 6.2.2 Market Forecast
- 6.3 Commercial Property Insurance
- 6.3.1 Market Trends
- 6.3.2 Market Forecast
- 6.4 Marine Insurance
- 6.4.1 Market Trends
- 6.4.2 Market Forecast
- 6.5 Others
- 6.5.1 Market Trends
- 6.5.2 Market Forecast
7 Market Breakup by Enterprise Size
- 7.1 Large Enterprises
- 7.1.1 Market Trends
- 7.1.2 Market Forecast
- 7.2 Small and Medium-sized Enterprises
- 7.2.1 Market Trends
- 7.2.2 Market Forecast
8 Market Breakup by Distribution Channel
- 8.1 Agents and Brokers
- 8.1.1 Market Trends
- 8.1.2 Market Forecast
- 8.2 Direct Response
- 8.2.1 Market Trends
- 8.2.2 Market Forecast
- 8.3 Others
- 8.3.1 Market Trends
- 8.3.2 Market Forecast
9 Market Breakup by Industry Vertical
- 9.1 Transportation and Logistics
- 9.1.1 Market Trends
- 9.1.2 Market Forecast
- 9.2 Manufacturing
- 9.2.1 Market Trends
- 9.2.2 Market Forecast
- 9.3 Construction
- 9.3.1 Market Trends
- 9.3.2 Market Forecast
- 9.4 IT and Telecom
- 9.4.1 Market Trends
- 9.4.2 Market Forecast
- 9.5 Healthcare
- 9.5.1 Market Trends
- 9.5.2 Market Forecast
- 9.6 Energy and Utilities
- 9.6.1 Market Trends
- 9.6.2 Market Forecast
- 9.7 Others
- 9.7.1 Market Trends
- 9.7.2 Market Forecast
10 Market Breakup by Region
- 10.1 North America
- 10.1.1 United States
- 10.1.1.1 Market Trends
- 10.1.1.2 Market Forecast
- 10.1.2 Canada
- 10.1.2.1 Market Trends
- 10.1.2.2 Market Forecast
- 10.1.1 United States
- 10.2 Asia-Pacific
- 10.2.1 China
- 10.2.1.1 Market Trends
- 10.2.1.2 Market Forecast
- 10.2.2 Japan
- 10.2.2.1 Market Trends
- 10.2.2.2 Market Forecast
- 10.2.3 India
- 10.2.3.1 Market Trends
- 10.2.3.2 Market Forecast
- 10.2.4 South Korea
- 10.2.4.1 Market Trends
- 10.2.4.2 Market Forecast
- 10.2.5 Australia
- 10.2.5.1 Market Trends
- 10.2.5.2 Market Forecast
- 10.2.6 Indonesia
- 10.2.6.1 Market Trends
- 10.2.6.2 Market Forecast
- 10.2.7 Others
- 10.2.7.1 Market Trends
- 10.2.7.2 Market Forecast
- 10.2.1 China
- 10.3 Europe
- 10.3.1 Germany
- 10.3.1.1 Market Trends
- 10.3.1.2 Market Forecast
- 10.3.2 France
- 10.3.2.1 Market Trends
- 10.3.2.2 Market Forecast
- 10.3.3 United Kingdom
- 10.3.3.1 Market Trends
- 10.3.3.2 Market Forecast
- 10.3.4 Italy
- 10.3.4.1 Market Trends
- 10.3.4.2 Market Forecast
- 10.3.5 Spain
- 10.3.5.1 Market Trends
- 10.3.5.2 Market Forecast
- 10.3.6 Russia
- 10.3.6.1 Market Trends
- 10.3.6.2 Market Forecast
- 10.3.7 Others
- 10.3.7.1 Market Trends
- 10.3.7.2 Market Forecast
- 10.3.1 Germany
- 10.4 Latin America
- 10.4.1 Brazil
- 10.4.1.1 Market Trends
- 10.4.1.2 Market Forecast
- 10.4.2 Mexico
- 10.4.2.1 Market Trends
- 10.4.2.2 Market Forecast
- 10.4.3 Others
- 10.4.3.1 Market Trends
- 10.4.3.2 Market Forecast
- 10.4.1 Brazil
- 10.5 Middle East and Africa
- 10.5.1 Market Trends
- 10.5.2 Market Breakup by Country
- 10.5.3 Market Forecast
11 SWOT Analysis
- 11.1 Overview
- 11.2 Strengths
- 11.3 Weaknesses
- 11.4 Opportunities
- 11.5 Threats
12 Value Chain Analysis
13 Porters Five Forces Analysis
- 13.1 Overview
- 13.2 Bargaining Power of Buyers
- 13.3 Bargaining Power of Suppliers
- 13.4 Degree of Competition
- 13.5 Threat of New Entrants
- 13.6 Threat of Substitutes
14 Price Analysis
15 Competitive Landscape
- 15.1 Market Structure
- 15.2 Key Players
- 15.3 Profiles of Key Players
- 15.3.1 Allianz SE
- 15.3.1.1 Company Overview
- 15.3.1.2 Product Portfolio
- 15.3.1.3 Financials
- 15.3.1.4 SWOT Analysis
- 15.3.2 American International Group Inc.
- 15.3.2.1 Company Overview
- 15.3.2.2 Product Portfolio
- 15.3.2.3 Financials
- 15.3.2.4 SWOT Analysis
- 15.3.3 Aon plc
- 15.3.3.1 Company Overview
- 15.3.3.2 Product Portfolio
- 15.3.3.3 Financials
- 15.3.3.4 SWOT Analysis
- 15.3.4 Aviva plc
- 15.3.4.1 Company Overview
- 15.3.4.2 Product Portfolio
- 15.3.4.3 Financials
- 15.3.4.4 SWOT Analysis
- 15.3.5 Axa S.A.
- 15.3.5.1 Company Overview
- 15.3.5.2 Product Portfolio
- 15.3.5.3 Financials
- 15.3.5.4 SWOT Analysis
- 15.3.6 Chubb Limited
- 15.3.6.1 Company Overview
- 15.3.6.2 Product Portfolio
- 15.3.6.3 Financials
- 15.3.6.4 SWOT Analysis
- 15.3.7 Direct Line Insurance Group plc
- 15.3.7.1 Company Overview
- 15.3.7.2 Product Portfolio
- 15.3.7.3 Financials
- 15.3.8 Marsh & McLennan Companies Inc.
- 15.3.8.1 Company Overview
- 15.3.8.2 Product Portfolio
- 15.3.8.3 Financials
- 15.3.8.4 SWOT Analysis
- 15.3.9 Willis Towers Watson Public Limited Company
- 15.3.9.1 Company Overview
- 15.3.9.2 Product Portfolio
- 15.3.9.3 Financials
- 15.3.9.4 SWOT Analysis
- 15.3.10 Zurich Insurance Group Ltd.
- 15.3.10.1 Company Overview
- 15.3.10.2 Product Portfolio
- 15.3.10.3 Financials
- 15.3.10.4 SWOT Analysis
- 15.3.1 Allianz SE
List of Figures
- Figure 1: Global: Commercial Insurance Market: Major Drivers and Challenges
- Figure 2: Global: Commercial Insurance Market: Sales Value (in Billion US$), 2017-2022
- Figure 3: Global: Commercial Insurance Market Forecast: Sales Value (in Billion US$), 2023-2028
- Figure 4: Global: Commercial Insurance Market: Breakup by Type (in %), 2022
- Figure 5: Global: Commercial Insurance Market: Breakup by Enterprise Size (in %), 2022
- Figure 6: Global: Commercial Insurance Market: Breakup by Distribution Channel (in %), 2022
- Figure 7: Global: Commercial Insurance Market: Breakup by Industry Vertical (in %), 2022
- Figure 8: Global: Commercial Insurance Market: Breakup by Region (in %), 2022
- Figure 9: Global: Commercial Insurance (Liability Insurance) Market: Sales Value (in Million US$), 2017 & 2022
- Figure 10: Global: Commercial Insurance (Liability Insurance) Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 11: Global: Commercial Insurance (Commercial Motor Insurance) Market: Sales Value (in Million US$), 2017 & 2022
- Figure 12: Global: Commercial Insurance (Commercial Motor Insurance) Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 13: Global: Commercial Insurance (Commercial Property Insurance) Market: Sales Value (in Million US$), 2017 & 2022
- Figure 14: Global: Commercial Insurance (Commercial Property Insurance) Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 15: Global: Commercial Insurance (Marine Insurance) Market: Sales Value (in Million US$), 2017 & 2022
- Figure 16: Global: Commercial Insurance (Marine Insurance) Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 17: Global: Commercial Insurance (Other Types) Market: Sales Value (in Million US$), 2017 & 2022
- Figure 18: Global: Commercial Insurance (Other Types) Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 19: Global: Commercial Insurance (Large Enterprises) Market: Sales Value (in Million US$), 2017 & 2022
- Figure 20: Global: Commercial Insurance (Large Enterprises) Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 21: Global: Commercial Insurance (Small and Medium-sized Enterprises) Market: Sales Value (in Million US$), 2017 & 2022
- Figure 22: Global: Commercial Insurance (Small and Medium-sized Enterprises) Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 23: Global: Commercial Insurance (Agents and Brokers) Market: Sales Value (in Million US$), 2017 & 2022
- Figure 24: Global: Commercial Insurance (Agents and Brokers) Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 25: Global: Commercial Insurance (Direct Response) Market: Sales Value (in Million US$), 2017 & 2022
- Figure 26: Global: Commercial Insurance (Direct Response) Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 27: Global: Commercial Insurance (Other Distribution Channels) Market: Sales Value (in Million US$), 2017 & 2022
- Figure 28: Global: Commercial Insurance (Other Distribution Channels) Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 29: Global: Commercial Insurance (Transportation and Logistics) Market: Sales Value (in Million US$), 2017 & 2022
- Figure 30: Global: Commercial Insurance (Transportation and Logistics) Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 31: Global: Commercial Insurance (Manufacturing) Market: Sales Value (in Million US$), 2017 & 2022
- Figure 32: Global: Commercial Insurance (Manufacturing) Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 33: Global: Commercial Insurance (Construction) Market: Sales Value (in Million US$), 2017 & 2022
- Figure 34: Global: Commercial Insurance (Construction) Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 35: Global: Commercial Insurance (IT and Telecom) Market: Sales Value (in Million US$), 2017 & 2022
- Figure 36: Global: Commercial Insurance (IT and Telecom) Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 37: Global: Commercial Insurance (Healthcare) Market: Sales Value (in Million US$), 2017 & 2022
- Figure 38: Global: Commercial Insurance (Healthcare) Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 39: Global: Commercial Insurance (Energy and Utilities) Market: Sales Value (in Million US$), 2017 & 2022
- Figure 40: Global: Commercial Insurance (Energy and Utilities) Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 41: Global: Commercial Insurance (Other Industry Verticals) Market: Sales Value (in Million US$), 2017 & 2022
- Figure 42: Global: Commercial Insurance (Other Industry Verticals) Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 43: North America: Commercial Insurance Market: Sales Value (in Million US$), 2017 & 2022
- Figure 44: North America: Commercial Insurance Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 45: United States: Commercial Insurance Market: Sales Value (in Million US$), 2017 & 2022
- Figure 46: United States: Commercial Insurance Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 47: Canada: Commercial Insurance Market: Sales Value (in Million US$), 2017 & 2022
- Figure 48: Canada: Commercial Insurance Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 49: Asia-Pacific: Commercial Insurance Market: Sales Value (in Million US$), 2017 & 2022
- Figure 50: Asia-Pacific: Commercial Insurance Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 51: China: Commercial Insurance Market: Sales Value (in Million US$), 2017 & 2022
- Figure 52: China: Commercial Insurance Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 53: Japan: Commercial Insurance Market: Sales Value (in Million US$), 2017 & 2022
- Figure 54: Japan: Commercial Insurance Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 55: India: Commercial Insurance Market: Sales Value (in Million US$), 2017 & 2022
- Figure 56: India: Commercial Insurance Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 57: South Korea: Commercial Insurance Market: Sales Value (in Million US$), 2017 & 2022
- Figure 58: South Korea: Commercial Insurance Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 59: Australia: Commercial Insurance Market: Sales Value (in Million US$), 2017 & 2022
- Figure 60: Australia: Commercial Insurance Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 61: Indonesia: Commercial Insurance Market: Sales Value (in Million US$), 2017 & 2022
- Figure 62: Indonesia: Commercial Insurance Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 63: Others: Commercial Insurance Market: Sales Value (in Million US$), 2017 & 2022
- Figure 64: Others: Commercial Insurance Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 65: Europe: Commercial Insurance Market: Sales Value (in Million US$), 2017 & 2022
- Figure 66: Europe: Commercial Insurance Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 67: Germany: Commercial Insurance Market: Sales Value (in Million US$), 2017 & 2022
- Figure 68: Germany: Commercial Insurance Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 69: France: Commercial Insurance Market: Sales Value (in Million US$), 2017 & 2022
- Figure 70: France: Commercial Insurance Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 71: United Kingdom: Commercial Insurance Market: Sales Value (in Million US$), 2017 & 2022
- Figure 72: United Kingdom: Commercial Insurance Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 73: Italy: Commercial Insurance Market: Sales Value (in Million US$), 2017 & 2022
- Figure 74: Italy: Commercial Insurance Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 75: Spain: Commercial Insurance Market: Sales Value (in Million US$), 2017 & 2022
- Figure 76: Spain: Commercial Insurance Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 77: Russia: Commercial Insurance Market: Sales Value (in Million US$), 2017 & 2022
- Figure 78: Russia: Commercial Insurance Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 79: Others: Commercial Insurance Market: Sales Value (in Million US$), 2017 & 2022
- Figure 80: Others: Commercial Insurance Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 81: Latin America: Commercial Insurance Market: Sales Value (in Million US$), 2017 & 2022
- Figure 82: Latin America: Commercial Insurance Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 83: Brazil: Commercial Insurance Market: Sales Value (in Million US$), 2017 & 2022
- Figure 84: Brazil: Commercial Insurance Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 85: Mexico: Commercial Insurance Market: Sales Value (in Million US$), 2017 & 2022
- Figure 86: Mexico: Commercial Insurance Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 87: Others: Commercial Insurance Market: Sales Value (in Million US$), 2017 & 2022
- Figure 88: Others: Commercial Insurance Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 89: Middle East and Africa: Commercial Insurance Market: Sales Value (in Million US$), 2017 & 2022
- Figure 90: Middle East and Africa: Commercial Insurance Market: Breakup by Country (in %), 2022
- Figure 91: Middle East and Africa: Commercial Insurance Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 92: Global: Commercial Insurance Industry: SWOT Analysis
- Figure 93: Global: Commercial Insurance Industry: Value Chain Analysis
- Figure 94: Global: Commercial Insurance Industry: Porter's Five Forces Analysis
List of Tables
- Table 1: Global: Commercial Insurance Market: Key Industry Highlights, 2022 and 2028
- Table 2: Global: Commercial Insurance Market Forecast: Breakup by Type (in Million US$), 2023-2028
- Table 3: Global: Commercial Insurance Market Forecast: Breakup by Enterprise Size (in Million US$), 2023-2028
- Table 4: Global: Commercial Insurance Market Forecast: Breakup by Distribution Channel (in Million US$), 2023-2028
- Table 5: Global: Commercial Insurance Market Forecast: Breakup by Industry Vertical (in Million US$), 2023-2028
- Table 6: Global: Commercial Insurance Market Forecast: Breakup by Region (in Million US$), 2023-2028
- Table 7: Global: Commercial Insurance Market: Competitive Structure
- Table 8: Global: Commercial Insurance Market: Key Players
