Yahoo Finance Commercial Insurance Market Expected to Garner $1,613.34 Billion By 2030: Allied Market Research
Rise in need for insurance policies among enterprises, increased competition among small & medium-sized businesses, and presence of huge number of insurance providers drive the growth of the global commercial insurance market. The demand for commercial insurance has been affected during the Covid-19 pandemic due to surge in claim payments and motor liability premium rates, increase in pricing, and severity of losses across various industry verticals.
Portland,OR, Oct. 19, 2021 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global commercial insurance market generated $692.33 billion in 2020, and is estimated to garner $1,613.34 billion by 2030, witnessing a CAGR of 9.7% from 2021 to 2030. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chain, regional landscape, and competitive scenario.
Rise in need for insurance policies among enterprises, increased competition among small & medium-sized businesses, and presence of huge number of insurance providers drive the growth of the global commercial insurance market. However, high premium of insurance and lack of awareness in small-sized enterprises hinder the market growth. On the other hand, increase in usage of telematics devices in the retail, construction, and healthcare industries along with adoption of advanced technologies create new opportunities in the coming years.
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COVID-19 Scenario:
The demand for commercial insurance has been affected during the Covid-19 pandemic due to surge in claim payments and motor liability premium rates, increase in pricing, and severity of losses across various industry verticals.
There has been surge in the number of fraudulent claim attempts and lack of appropriate IT infrastructure between the distribution channels. This, in turn, impacted the commercial insurance market growth.
Insurance providers adopted different technologies such as chatbots, online applications and approvals, and others to speed up the processes of settling claims, availing new policies, and addressing issues of customers.
The report offers detailed segmentation of the global commercial insurance market based on type, distribution channel, enterprise size, industry vertical, and region. Based on type, the liability insurance segment held the highest share in 2020, accounting for more than one-fourth of the total share, and is projected to maintain its lead position during the forecast period. Moreover, this segment is expected to portray the highest CAGR of 10.7% from 2021 to 2030. The report also analyzes the segment including commercial motor insurance, commercial, property insurance, marine insurance, and others.
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Based on industry vertical, the transportation & logistics segment contributing to the highest share in 2020, holding nearly one-fourth of the total share of the global commercial insurance market, and is estimated to maintain its leadership status during the forecast period. However, the energy & utilities segment is expected to witness the largest CAGR of 11.9% from 2021 to 2030.
Based on region, North America accounted for the highest share in 2020, holding nearly half of the total market share, and is expected to maintain its dominance by 2030. However, Asia-Pacific is projected to register the highest CAGR of 12.3% during the forecast period.
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Leading players of the global commercial insurance market analyzed in the research include Allianz, Aon plc, American International Group Inc., AXA, Aviva, Direct Line Insurance Group plc, Chubb, Willis Towers Watson, Marsh, and Zurich. These market players have adhered to several strategies including partnership, expansion, collaboration, joint ventures, and others to prove their flair in the industry.
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