Commercial Insurance Market by Type (Commercial Motor Insurance, Commercial Property Insurance, Cyber Insurance, Liability Insurance, Marine Insurance, and Others), Distribution Channel (Direct and Indirect Channel), Enterprise Size (Large Enterprise, Medium Enterprise, and Small Enterprise), and Regional Analysis (North America, Europe, Asia-Pacific, and LAMEA): Global Opportunity Analysis and Industry Forecast, 2021–2028

Global Commercial Insurance Market Analysis

The global commercial insurance market size is predicted to garner a revenue of $661,743.0 million in the 2021–2028 timeframe, growing from $349,127.3 million in 2020, at a healthy CAGR of 8.1%.

Market Synopsis

Increase in the demand for insurance policies among small and large enterprises might drive the global commercial insurance market growth.

However, the high premium of commercial insurance might restrain the market growth during the forecast period. 

According to the regional analysis of the market, the Asia-Pacific commercial insurance market share is anticipated to grow at a CAGR of 9.1%, by generating a revenue of $2,11,029.8 million during the review period.

Commercial Insurance Market Overview

Commercial insurance is a type of insurance that provides insurance to large, small and medium businesses and protect them from unwanted risks. This insurance might include property damages, decrease in income due to other businesses, robbery, legal issues, and employee grievances. It also provides solutions to offer safety to business operations at the time of requirement. Moreover, commercial insurance provides coverage for different industrial sectors like manufacturing, IT & telecom, logistics, retail, construction, and healthcare. 

Covid-19 Impact on Commercial Insurance Market 

In March 2020, the World Health Organization declared COVID-19 as a pandemic, which resulted into restrictions on travel and disturbances in financial markets, resulting in an impact on supply chains and production levels. The coronavirus pandemic has unleashed a series of unprecedented events affecting every industry. Individuals, society, industry, and the global economy continue to be impacted by the COVID-19 situation around the world. Although the insurance business has not been spared, insurers have reacted fast to the crisis. Insurers are expected to confront a variety of hurdles while the broader economy recovers and responds to the pandemic, but they might find numerous new opportunities in the medium to long term. Therefore COVID-19 has a moderate impact on the global commercial insurance market. 

Increase in the Need for Commercial Insurance is Anticipated to Drive the Market Growth

The increase in the demand for commercial insurance policies among small and medium sized organizations is anticipated to drive the growth of the market. Moreover, due to the significant effect of COVID-19 on business firms, the need for insurance policies has increased gradually and has become an important factor for boosting the global commercial insurance market. Also, due to the large number of commercial insurance providers, the market is expected to have a positive impact during the forecast period. With such a large number of insurance companies to choose from, there is fierce rivalry among them to provide a wide range of coverages for businesses of all kinds.

To know more about global commercial insurance market trends, get in touch with our analysts here.

High Premiums of Commercial Insurance Might Restrict the Market Growth

High commercial insurance premiums and a lack of commercial insurance knowledge among small businesses are two factors impeding market growth. To the maximum extent, small and micro enterprises are not aware of the commercial insurances and the coverage it provides for their businesses. This drawback is expected to limit the market growth during the upcoming years.

Technological Advancements are Expected to Increase the Opportunities of Commercial Market Growth

The growing number of small firms and technology improvements in the insurance industry are likely to propel the commercial insurance market to new heights. Predictive analytics is used by several commercial insurers to collect a variety of data in order to fully understand and estimate corporate risks and losses. By delivering advanced services, such as quick and convenient insurance policies with reduced premium rates, the use of technology is aimed to promote client loyalty and expand the company's market position. Moreover, the commercial insurance sector is predicted to develop as a result of government regulation necessitating commercial insurance.

To know more about global commercial insurance market opportunities, get in touch with our analysts here.

[TYPEGRAPH]

Source: Research Dive Analysis

The commercial property insurance sub-segment is predicted to have a dominating market share in the global market and register a revenue of $2,22,228.0 million during the forecast period. The market is expected to grow due to the expansion of small and medium businesses (SMEs) and increased foreign direct investment in real estate. Furthermore, the commercial property insurance market has benefited from lucrative investment opportunities and government programs encouraging firms to purchase commercial property insurance. Workers' compensation insurance, liability insurance, and other types of insurances may be required depending on the state laws in which a firm operates.

[ENTERPRISESIZEGRAPH]

Source: Research Dive Analysis

The small enterprises sub-segment is anticipated to have the fastest market growth during the forecast period. It is predicted that the market shall generate a revenue of $2,29,351.2 million by 2028, growing from $1,15,686.2 million in 2020, with a CAGR of 8.7%. Small businesses are increasingly in need of commercial insurance plans to safeguard themselves from unforeseen losses. Commercial small business insurance protects them against lawsuits, property damage, liabilities, and workers' compensation claims. These factors are anticipated to increase the growth of the small enterprises sub-segment during the upcoming years.

[DISTRIBUTIONCHANNELGRAPH]

Source: Research Dive Analysis

The direct channel sub-segment is predicted to have a dominating market share in the global market and register a revenue of $4,07,518.2 million during the forecast period. Direct response marketing includes advertising through traditional media, telemarketing, or the use of the internet to solicit business. Consumers may easily compare policy advantages and pricing on the internet, especially on numerous sites dedicated to comparing insurance prices, for instance, India has sites such as policybazaar.com and more. As the marketing of insurance services is far cheaper to be marketed via direct channels than an agency network, and the competition is much larger, the direct response approach is the most cost effective for the consumer. 

The indirect sub-segment is anticipated to have the fastest market growth during the forecast period. It is predicted that the market shall generate a revenue of $2,54,224.8 million by 2028, growing from $1,32,328.3 million in 2020, with a CAGR of 8.2%. Agents and brokers make up the indirect channel. Insurance agents and brokers are investing in digital technologies like cloud computing to help customers operate online while also growing sales and margins. These internet portals and other mobile platforms are designed to increase the efficiency of corporate processing while lowering expenses. This integration of technology into existing services is expected to increase the sub-segment growth. 

[REGIONGRAPH]

Source: Research Dive Analysis

The Market for Commercial Insurance in Asia-Pacific to be the Fastest Growing

Asia-Pacific is anticipated to be the fastest growing market during the forecast time period and reach $2,11,029.8 million by 2028, with a CAGR of 9.1%. The Asia-Pacific region plays a vital role in the insurance industry's future. It is responsible for nearly one-third of the world's population, and it comprises of several of the quickest growing economies. With the increase in the number of small business, the demand for commercial insurance is also gradually increasing in Asia-Pacific region. The increase in the number of SMEs, combined with the coverages provided by insurance companies in the region is expected to boost the growth of the commercial insurance market. 

Competitive Scenario in the Global Commercial Insurance Market

Product launches and mergers & acquisitions are common strategies followed by major market players.

Source: Research Dive Analysis

Some of the leading commercial insurance market players are Allianz, American International Group, Inc., Aon plc, Aviva, AXA, Chubb Limited, Direct Line Insurance Group plc, Marsh, Willis Towers Watson, and Zurich.

Porter’s Five Forces Analysis for the Global Commercial Insurance Market:

• Bargaining Power of Suppliers: Commercial insurance market contains huge concentration of distributors & suppliers and therefore, the distributors & suppliers’ control is predicted to be reasonable, resulting in moderate bargaining power of dealers.
  Thus, the bargaining power of the suppliers is considered to be moderate.
• Bargaining Power of Buyers: Buyers might have great bargaining power, significantly because of high players functioning in the commercial insurance market.
  Therefore, the bargaining power of the buyer is high.
• Threat of New Entrants: Companies entering the commercial insurance market are adopting technological innovations such as predictive data analytics to attract clients. But since the investment cost is high,
  the threat of the new entrants is moderate.
• Threat of Substitutes: There are fewer products for commercial insurance. For instance, property & casualty insurance.
  Thus, the threat of substitutes is moderate.
• Competitive Rivalry in the Market: The competitive rivalry among industry leaders is rather intense, especially between the global players including Chubb limited, Marsh, and AON plc. These companies are strengthening their footprint worldwide. 
  Therefore, competitive rivalry in the market is high.

1.Research Methodology

1.1.Desk Research
1.2.Real time insights and validation
1.3.Forecast model
1.4.Assumptions and forecast parameters

1.4.1.Assumptions
1.4.2.Forecast parameters

1.5.Data sources

1.5.1.Primary
1.5.2.Secondary

2.Executive Summary

2.1.360° summary
2.2.By type trends
2.3.By enterprise size trends
2.4.By distribution channel trends 

3.Market overview

3.1.Market segmentation & definitions
3.2.Key takeaways

3.2.1.Top investment pockets
3.2.2.Top winning strategies

3.3.Porter’s five forces analysis

3.3.1.Bargaining power of consumers
3.3.2.Bargaining power of suppliers
3.3.3.Threat of new entrants
3.3.4.Threat of substitutes
3.3.5.Competitive rivalry in the market

3.4.Market dynamics

3.4.1.Drivers
3.4.2.Restraints
3.4.3.Opportunities

3.5.Technology landscape
3.6.Regulatory landscape
3.7.Patent landscape
3.8.Pricing overview

3.8.1.by type
3.8.2.by enterprise size
3.8.3.By distribution channel

3.9.Market value chain analysis

3.9.1.Stress point analysis
3.9.2.Raw material analysis
3.9.3.Manufacturing process
3.9.4.Distribution channel analysis
3.9.5.Operating vendors

3.9.5.1.Raw material suppliers
3.9.5.2.Product manufacturers
3.9.5.3.Product distributors

3.10.Strategic overview

4.Commercial insurance Market, by Type

4.1.Commercial Motor Insurance

4.1.1.Market size and forecast, by region, 2020-2028
4.1.2.Comparative market share analysis, 2020 & 2028

4.2.Commercial Property Insurance

4.2.1.Market size and forecast, by region, 2020-2028
4.2.2.Comparative market share analysis, 2020 & 2028

4.3.Liability Insurance

4.3.1.Market size and forecast, by region, 2020-2028
4.3.2.Comparative market share analysis, 2020 & 2028

4.4.Marine Insurance

4.4.1.Market size and forecast, by region, 2020-2028
4.4.2.Comparative market share analysis, 2020 & 2028

4.5.Cyber Insurance

4.5.1.Market size and forecast, by region, 2020-2028
4.5.2.Comparative market share analysis, 2020 & 2028

4.6.Others

4.6.1.Market size and forecast, by region, 2020-2028
4.6.2.Comparative market share analysis, 2020 & 2028

5.Commercial insurance Market, by Enterprise Size

5.1.Large Enterprise 

5.1.1.Market size and forecast, by region, 2020-2028
5.1.2.Comparative market share analysis, 2020 & 2028

5.2.Medium Enterprise

5.2.1.Market size and forecast, by region, 2020-2028
5.2.2.Comparative market share analysis, 2020 & 2028

5.3.Small Enterprise

5.3.1.Market size and forecast, by region, 2020-2028
5.3.2.Comparative market share analysis, 2020 & 2028

6.Commercial insurance Market, by Distribution Channel

6.1.Direct Channel

6.1.1.Market size and forecast, by region, 2020-2028
6.1.2.Comparative market share analysis, 2020 & 2028

6.2.Indirect Channel 

6.2.1.Market size and forecast, by region, 2020-2028
6.2.2.Comparative market share analysis, 2020 & 2028

7.Commercial insurance Market, by Region

7.1.North America

7.1.1.Market size and forecast, by type, 2020-2028
7.1.2.Market size and forecast, by enterprise size, 2020-2028
7.1.3.Market size and forecast, by distribution channel, 2020-2028
7.1.4.Market size and forecast, by country, 2020-2028
7.1.5.Comparative market share analysis, 2020 & 2028
7.1.6.U.S.

7.1.6.1.Market size and forecast, by type, 2020-2028
7.1.6.2.Market size and forecast, by enterprise size, 2020-2028
7.1.6.3.Market size and forecast, by distribution channel, 2020-2028
7.1.6.4.Market size and forecast, by country, 2020-2028
7.1.6.5.Comparative market share analysis, 2020 & 2028

7.1.7.Canada

7.1.7.1.Market size and forecast, by type, 2020-2028
7.1.7.2.Market size and forecast, by enterprise size, 2020-2028
7.1.7.3.Market size and forecast, by distribution channel, 2020-2028
7.1.7.4.Market size and forecast, by country, 2020-2028
7.1.7.5.Comparative market share analysis, 2020 & 2028

7.1.8.Mexico

7.1.8.1.Market size and forecast, by type, 2020-2028
7.1.8.2.Market size and forecast, by enterprise size, 2020-2028
7.1.8.3.Market size and forecast, by distribution channel, 2020-2028
7.1.8.4.Market size and forecast, by country, 2020-2028
7.1.8.5.Comparative market share analysis, 2020 & 2028

7.2.Europe

7.2.1.Market size and forecast, by type, 2020-2028
7.2.2.Market size and forecast, by enterprise size, 2020-2028
7.2.3.Market size and forecast, by distribution channel, 2020-2028
7.2.4.Market size and forecast, by country, 2020-2028
7.2.5.Comparative market share analysis, 2020 & 2028
7.2.6.Germany 

7.2.6.1.Market size and forecast, by type, 2020-2028
7.2.6.2.Market size and forecast, by enterprise size, 2020-2028
7.2.6.3.Market size and forecast, by distribution channel, 2020-2028
7.2.6.4.Market size and forecast, by country, 2020-2028
7.2.6.5.Comparative market share analysis, 2020 & 2028

7.2.7.UK

7.2.7.1.Market size and forecast, by type, 2020-2028
7.2.7.2.Market size and forecast, by enterprise size, 2020-2028
7.2.7.3.Market size and forecast, by distribution channel, 2020-2028
7.2.7.4.Market size and forecast, by country, 2020-2028
7.2.7.5.Comparative market share analysis, 2020 & 2028

7.2.8.France

7.2.8.1.Market size and forecast, by type, 2020-2028
7.2.8.2.Market size and forecast, by enterprise size, 2020-2028
7.2.8.3.Market size and forecast, by distribution channel, 2020-2028
7.2.8.4.Market size and forecast, by country, 2020-2028
7.2.8.5.Comparative market share analysis, 2020 & 2028

7.2.9.Italy

7.2.9.1.Market size and forecast, by type, 2020-2028
7.2.9.2.Market size and forecast, by enterprise size, 2020-2028
7.2.9.3.Market size and forecast, by distribution channel, 2020-2028
7.2.9.4.Market size and forecast, by country, 2020-2028
7.2.9.5.Comparative market share analysis, 2020 & 2028

7.2.10.Spain

7.2.10.1.Market size and forecast, by type, 2020-2028
7.2.10.2.Market size and forecast, by enterprise size, 2020-2028
7.2.10.3.Market size and forecast, by distribution channel, 2020-2028
7.2.10.4.Market size and forecast, by country, 2020-2028
7.2.10.5.Comparative market share analysis, 2020 & 2028

7.2.11.Rest of Europe

7.2.11.1.Market size and forecast, by type, 2020-2028
7.2.11.2.Market size and forecast, by enterprise size, 2020-2028
7.2.11.3.Market size and forecast, by distribution channel, 2020-2028
7.2.11.4.Market size and forecast, by country, 2020-2028
7.2.11.5.Comparative market share analysis, 2020 & 2028

7.3.Asia-Pacific

7.3.1.Market size and forecast, by type, 2020-2028
7.3.2.Market size and forecast, by enterprise size, 2020-2028
7.3.3.Market size and forecast, by distribution channel, 2020-2028
7.3.4.Market size and forecast, by country, 2020-2028
7.3.5.Comparative market share analysis, 2020 & 2028
7.3.6.China

7.3.6.1.Market size and forecast, by type, 2020-2028
7.3.6.2.Market size and forecast, by enterprise size, 2020-2028
7.3.6.3.Market size and forecast, by distribution channel, 2020-2028
7.3.6.4.Market size and forecast, by country, 2020-2028
7.3.6.5.Comparative market share analysis, 2020 & 2028

7.3.7.Japan 

7.3.7.1.Market size and forecast, by type, 2020-2028
7.3.7.2.Market size and forecast, by enterprise size, 2020-2028
7.3.7.3.Market size and forecast, by distribution channel, 2020-2028
7.3.7.4.Market size and forecast, by country, 2020-2028
7.3.7.5.Comparative market share analysis, 2020 & 2028

7.3.8.India 

7.3.8.1.Market size and forecast, by type, 2020-2028
7.3.8.2.Market size and forecast, by enterprise size, 2020-2028
7.3.8.3.Market size and forecast, by distribution channel, 2020-2028
7.3.8.4.Market size and forecast, by country, 2020-2028
7.3.8.5.Comparative market share analysis, 2020 & 2028

7.3.9.South Korea 

7.3.9.1.Market size and forecast, by type, 2020-2028
7.3.9.2.Market size and forecast, by enterprise size, 2020-2028
7.3.9.3.Market size and forecast, by distribution channel, 2020-2028
7.3.9.4.Market size and forecast, by country, 2020-2028
7.3.9.5.Comparative market share analysis, 2020 & 2028

7.3.10.Australia 

7.3.10.1.Market size and forecast, by type, 2020-2028
7.3.10.2.Market size and forecast, by enterprise size, 2020-2028
7.3.10.3.Market size and forecast, by distribution channel, 2020-2028
7.3.10.4.Market size and forecast, by country, 2020-2028

Comparative market share analysis, 2020 & 2028

7.3.11.Rest of Asia Pacific

7.3.11.1.Market size and forecast, by type, 2020-2028
7.3.11.2.Market size and forecast, by enterprise size, 2020-2028
7.3.11.3.Market size and forecast, by distribution channel, 2020-2028
7.3.11.4.Market size and forecast, by country, 2020-2028
7.3.11.5.Comparative market share analysis, 2020 & 2028

7.4.LAMEA

7.4.1.Market size and forecast, by type, 2020-2028
7.4.2.Market size and forecast, by enterprise size, 2020-2028
7.4.3.Market size and forecast, by distribution channel, 2020-2028
7.4.4.Market size and forecast, by country, 2020-2028
7.4.5.Comparative market share analysis, 2020 & 2028
7.4.6.Latin America  

7.4.6.1.Market size and forecast, by type, 2020-2028
7.4.6.2.Market size and forecast, by enterprise size, 2020-2028
7.4.6.3.Market size and forecast, by distribution channel, 2020-2028
7.4.6.4.Market size and forecast, by country, 2020-2028
7.4.6.5.Comparative market share analysis, 2020 & 2028

7.4.7.Middle East 

7.4.7.1.Market size and forecast, by type, 2020-2028
7.4.7.2.Market size and forecast, by enterprise size, 2020-2028
7.4.7.3.Market size and forecast, by distribution channel, 2020-2028
7.4.7.4.Market size and forecast, by country, 2020-2028
7.4.7.5.Comparative market share analysis, 2020 & 2028

7.4.8.Africa

7.4.8.1.Market size and forecast, by type, 2020-2028
7.4.8.2.Market size and forecast, by enterprise size, 2020-2028
7.4.8.3.Market size and forecast, by distribution channel, 2020-2028
7.4.8.4.Market size and forecast, by country, 2020-2028
7.4.8.5.Comparative market share analysis, 2020 & 2028

8.Company profiles

8.1.Allianz

8.1.1.Business overview
8.1.2.Financial performance
8.1.3.Product portfolio
8.1.4.Recent strategic moves & developments
8.1.5.SWOT analysis

8.2.American International Group, Inc.

8.2.1.Business overview
8.2.2.Financial performance
8.2.3.Product portfolio
8.2.4.Recent strategic moves & developments
8.2.5.SWOT analysis

8.3.AON plc

8.3.1.Business overview
8.3.2.Financial performance
8.3.3.Product portfolio
8.3.4.Recent strategic moves & developments
8.3.5.SWOT analysis

8.4.Aviva

8.4.1.Business overview
8.4.2.Financial performance
8.4.3.Product portfolio
8.4.4.Recent strategic moves & developments
8.4.5.SWOT analysis

8.5.AXA

8.5.1.Business overview
8.5.2.Financial performance
8.5.3.Product portfolio
8.5.4.Recent strategic moves & developments
8.5.5.SWOT analysis

8.6.Chubb Limited

8.6.1.Business overview
8.6.2.Financial performance
8.6.3.Product portfolio
8.6.4.Recent strategic moves & developments
8.6.5.SWOT analysis

8.7.Direct Line Insurance Group plc

8.7.1.Business overview
8.7.2.Financial performance
8.7.3.Product portfolio
8.7.4.Recent strategic moves & developments
8.7.5.SWOT analysis

8.8.Marsh

8.8.1.Business overview
8.8.2.Financial performance
8.8.3.Product portfolio
8.8.4.Recent strategic moves & developments
8.8.5.SWOT analysis

8.9.Willis Towers Watson

8.9.1.Business overview
8.9.2.Financial performance
8.9.3.Product portfolio
8.9.4.Recent strategic moves & developments
8.9.5.SWOT analysis

8.10.Zurich

8.10.1.Business overview
8.10.2.Financial performance
8.10.3.Product portfolio
8.10.4.Recent strategic moves & developments
8.10.5.SWOT analysis

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